Highlights of Tax for the Financial Year 2013-14 - Less My Tax

Every year Finance Minister of India presents a new budget for the country which is implemented for one complete accounting year starting 1^st April and ending on 31^st March. Like every year, Budget 2013-14 has been presented as well as implemented in the country. P. Chidambaram, the Finance Minister of India has presented the most suitable budget to the country according to him. As usual, tax is the most important component of Budget this time and only a few changes have been brought to taxation as Chidambaram has preferred keeping it simple yet tricky. By keeping the slabs almost same as of last year?s tax slab, he has brought some changes which may prove to be a relief for one part of the society but a matter of worry for the other part.

Although income tax slabs has been left unchanged, there are many individuals and firms who are confused when asked about the slabs that have been implemented for the financial year 2013-14. Hence, before proceeding further, it is worth discussable the slabs as income tax is an important constituent of every taxable income earner as well as government. Starting with tax slabs for women and general tax payers, people earning less than 2 lakhs rupees per year do not need to pay income tax. Those, whose income is more than Rs 2 lakhs but less than Rs 5 lakhs are charged to pay 10% tax. Taxable income earners of more than 5 lakhs rupees but less than Rs 10 lakhs will be charged 20% tax and 30% tax has been imposed on individuals earning more than Rs 10 lakhs per annum. Same tax slabs is applicable for senior citizen, i.e. individuals of more than 60 years of age but less than 80 years. For individuals aged more than 80 i.e. very senior citizen, no tax is imposed on the ones who earn less than Rs 5 lakhs but those earning more than Rs 5 lakhs but less than Rs 10 lakhs and more than 10 lakhs rupees need to pay 20% and 30% tax respectively. However, it should be noted that people having taxable income less than enjoy rebate of Rs 2000 whereas rich individuals i.e. who earn more than Rs 1 crore per annum need to pay 10% surcharge.

Apart from income tax slabs, here are some highlights of taxes in this year?s budget. 100% tax relief has been provided to the amount that will be donated to national children fund. Power plants will enjoy tax holiday till March 2014. Dividend from overseas arms will be charged 15% tax i.e. the same tax rate as that of last year.? DTC Bill is scheduled to be introduced before this Budgeting year finishes. Standard rate of excise duty and service tax has been retained and also no amendment has been made on non-agri goods? custom duty rate. Service tax will be charged on all AC-restaurants but no service tax has been imposed on films running in theatres.? No export duty is to be paid on oil cakes and rice bran oil. Excise duty will not be charged on cotton, fibre, handmade jute and coir carpets. Thus, government has offered relief to multiple groups of individuals but rich individuals have been targeted to pay more tax in this financial year.

Source: http://www.lessmytax.com/highlights-of-tax-for-the-financial-year-2013-14/

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