New Government, New Taxes ............. Amendments are made in Finance Bill 2013 through Finance Act 2013. Some important changes are given below: 1. New Salary tax slabs: S # Income slabs Tax rate 1. Up-to Rs 400,000 0 2. Rs 400,001 - Rs 750,000 5% of excess over Rs 400,000 3. Rs 750,001 – Rs 1,400,000 Rs 17,500 + 10% of excess over Rs 750,000 4. Rs 1,400,001 – Rs 1,500,000 Rs 82,500 + 12.5% of excess over Rs 1,400,000 5. Rs 1,500,001 – Rs 1,800,000 Rs 95,500 + 15% of excess over Rs 1,500,000 6. Rs 1,800,001 – Rs 2,500,000 Rs 140,000 + 17.5% of excess over Rs 1,800,000 7. Rs 2,500,001 – Rs 3,000,000 Rs 262,500 + 20% of excess over Rs 2,500,000 8. Rs 3,000,001 – Rs 3,500,000 Rs362,500 + 22.5% of excess over Rs 3,000,000 9. Rs 3,500,001 – Rs 4,000,000 Rs 475,000 + 25% of excess over Rs 3,500,000 10. Rs 4,000,001 – Rs 7,000,000 Rs 600,000 + 27.5% of excess over Rs 4,000,000 11. Over Rs 7,000,000 Rs 1,412,500 + 30% of excess over Rs 7,000,000 2. WHT on Rent: Individual: Upto 150,000 0% 150,001 to 1,000,000 10% of the amount exceeding Rs 150,000 Above 1,000,000 Rs 85,000 + 15% of the amount exceeding Rs 1,000,000 Companies: 15% of the gross amount. 3. Minimum Tax section 113 1% 4. Tax credits and adjustments Employer empowered to give tax credits and adjustment to employees. 5. Teachers and researchers reduction in tax liability increased from 0% to 40%. Sales Tax: 1. Further tax on supplies to unregistered persons reduced from 2% to 1%
Posted on: Wed, 03 Jul 2013 04:47:52 +0000
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