Income tax rates for financial year 2013-14 and analysis year 2014-15

Income tax rates for financial year 2013-14 and analysis year 2014-15


People always curious with income tax slabs on the budget dat as some change in income tax slabs and how much one gain with it. But there is no changes in the income tax slabs gfor the financial year 2013-14 and the analysis year 2014-15. There is minor relief to the middle class whose income range in between 200000-500000 bracket. A tax rebate of 2000 will be available to this bracket income. There is one surcharge has been imposed on the income above 1 crore and surcharge will be 10%.

Rebate of 2000
This rebate is only available to 200000-500000 income bracket. If the income level is above 5 lakh, this rebate will not implement. Suppose one has the income of 220000 in the financial year 2013-14, the tax slabs is 10% on the income range between 2 lakh to 5 lakh. So the liability of income tax is 2000 and this will exempted in this rebate. This rebate is maximum of income tax payable or 2000 rupees whichever is less. Section 87 of income tax act will be consequentially amended.


 The new income tax slabs for the financial year 2013-14 and the analysis year 2014-15 are as follows.

A. Normal Rates of tax:

Total Income
Rate of tax
Where the total income does not exceed Rs.   2,00,000/-.
      Nil
Where the total income exceeds Rs. 2,00,000
but does not exceed Rs. 5,00,000/-.                  
       10 per cent of the amount by which the total income exceeds Rs. 2,00,000/-
Where the total income exceeds Rs. 5,00,000/-        but does not exceed Rs. 10,00,000/-.
      Rs. 30,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
Where the total income exceeds Rs. 10,00,000/-.
    Rs. 1,30,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
B. Rates of tax for every individual, resident in India, who is of the age of sixty years or more but less than eighty years at any time during the financial year:

Sl. No
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 2,50,000/-.
Nil
2
Where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000/-.
   10 per cent of the amount by which the total income exceeds Rs. 2,50,000/-
3
Where the total income exceeds Rs. 5,00,000/-  but does not exceed Rs. 10,00,000/-.
        Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-.
4
Where the total income exceeds Rs. 10,00,000/-.
      Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
C. In case of every individual being a resident in India, who is of the age of eighty years or more at any time during the financial year:

Sl. No
Total Income
Rate of tax
1
Where the total income does not exceed Rs. 5,00,000/-.
 Nil
2
Where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000/-.
    20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3
Where the total income exceeds Rs. 10,00,000/-.
   Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-
-          Surcharge on Income tax:
There will be no surcharge on income tax payments by individual taxpayers during FY 2013-14 (AY 2014-15).

-          Education Cess on Income tax:
The amount of income-tax shall be increased by Education Cess on Income Tax at the rate of two per cent of the income-tax.

-          Secondary and Higher Education Cess on Income-tax:
From Financial Year 2007-08 onwards, an additional surcharge is chargeable at the rate of one per cent of income-tax (not including the Education Cess on income-tax).

-         There is a rebate of 2000 rupees for the income bracket of 200000-500000. This rebate is maximum of 2000 or income tax payable whichever is less.
-          
Education Cess, and Secondary and Higher Education Cess are payable by both resident and nonresident assessees.
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Union Budget highlights 2013

Union Budget highlights 2013

Union budget is presented by Finance Minister on 28 February 2013. The highlights of union budget 2013 are as follows.


General budget headlines:-
-The budget for foreign cars, exotic shoe, mobile, AC will eat at expensive.

-Defence budget has been increased 203672 million. previous budget in the fiscal year was 193460 crores.

-More than 10 million income on domestic companies with 10 per cent surcharge.

-More than a million income on the surcharge of 10 per cent.

-2 to 5 million income tax rebate of up to 2000 people.

-2012-13 revenue losses increased by 3.3 percent.

-A thousand crores capital separately for women from the Bank.

-XII plan plan to provide fifty million people skills.

-Calls for the well-being of a thousand crores capital will fund nirbhaya.

-Skill development for a thousand crores of rupees from the capital of the new Fund.

-Sports coaching Institute in Patiala for plans to build.

-Will private FM radio service in 294 cities.

-Ten percent or more from the investment of the foreign direct investment abroad.

– SEBI regulations for foreign investment easier.

- Will work like bank-insurance agent

-National health insurance scheme, taxi drivers and rickshaw auto rickshaw garbage picker who will also be covered.

- In all branches of private banks have ATMs.

-NABARD to cold storage to make 5000 crores.

- More than 10,000 people in LIC Office.

-Urban home building Fund will be created. 2000 million provision.

-National healthy insurance plan will also include the auto-rickshaws and drivers.

-Financial capacity increased to around ten thousand million.

From Leh to Srinagar-the cost of transmission line 1840 crores.

-PSU banks in addition to fourteen thousand crore rupees.

-First home 25 million loan interest on a million bucks on taking allowed.

-Laying of roads in Northeastern States plan. the World Bank will help out.

-Rural Infrastructure Development Fund for year 2013-14 allocated to twenty thousand crore rupees.
77236 crores for children

-Maulana Azad Education Association more than 160 crores on caprice

-Medical education and training to 4727 crores

-AIIMS-like entities to 1650 million rupees

-100 million or more to invest 15 per cent the company put money to detached.

-Infrastructure sector to allocate 55 million bucks.

-Tax free bonds to meet some 25,000 crores of rupees are estimated and institutions this feature.

-Oil and gas exploitation will review policy.

-Child protection and education to 17700 crores

-Plan to get mid-day 13215 crores

-National campaign for secondary education 3983 crores

-100 million credit guarantee fund

10000 crores food security bill has been proposed.

-Ten thousand new buses will run in rural areas.

-2012-13 and a half hundred food production in million tonnes estimated.

-North East States rice to increase the productivity of a thousand million allocated.

-Integrated water allocated to 5387 sambharan crores.

-National animal mission.

-National food security allocated ten thousand crores.

-Short term interest on loans given to agriculture.

-Wholesale price index inflation and seven phisad 42 infers.

-All ministries to meet the goals provided full funding.

-2012-13 to 16 in total expenditure, determine 65297 crores.

– 41561 crores for SC upyojna St upyojna to propose 24598 crores.

Minorities welfare budget allocation was increased to twelve phisad 1348 million.

-New national healthy 4727 million allocated for the mission.

-AYUSH to 767 million allocated.

-SSA 27258 million allocated for.

-Nalanda University to be created again.

-Gender discrimination to offer two hundred crores.

-Clean drinking water system to assign 15216 crores.

-33 thousand crores of NREGS and gram to 12700 crores.

-Global economy growth in the year 2012, 2011 3.2 it is 3.9.

-2012-13 projected five percent growth.

-Eight per cent of potential growth challenge.

-Increase in current deficit.

-Funding for 75 billion dollars would be needed
New ST-3 form of service tax

New ST-3 form of service tax

Service tax department has changed the format of quarterly form st3. Custom department has issued a notification no. 01/2013 dated 22 Febuary 2013 about change in st3 form of service tax. Full notification is as under.


Notification No.  01/2013-Service Tax

New Delhi, the  22nd February, 2013
 3 Phalguna, 1934 Saka
           
G.S.R (E).-In exercise of the powers conferred by sub-section (1) read with sub-section (2) of section 94 of the Finance Act, 1994 ( 32 of 1994), the Central Government hereby makes the following rules further to amend the Service Tax Rules, 1994,  namely:-

1.        (1) These rules may be called the Service Tax ( Amendment) Rules, 2013.
           (2)  They shall come into force on the date of their publication in the Official Gazette.

2.      In the Service Tax Rules, 1994, -
      (a) in rule 7, in sub-rule (2), after the proviso, the following proviso shall be inserted, namely:-

             “ Provided further that the Form ST- 3 for the period between the 1st day of  July 2012  to the 30th day of September 2012, shall be submitted by the 25th day of March, 2013”;

       (b)   for Form ST-3, the following Form shall be substituted, namely:-


“FORM ST-3”
(Return under section 70 of the Finance Act, 1994 read with rule 7 of Service Tax Rules, 1994)
(Please see the instructions carefully before filling the Form)

PART-A GENERAL INFORMATION
A1
ORIGINAL

REVISED

(Please tick whichever is applicable)

A2 STC Number: 
















A3  Name of the assessee:





















A4
Financial Year




-





A5  Return for the period (Please tick the appropriate period)

April – September


October - March




A6
A6.1
Has the assessee opted to operate as “Large Taxpayer” Unit [‘Y’/’N’](As defined under Rule 2(ea) of the Central Excise Rules, 2002 read with Rule 2 (1) (cc) of the Service Tax Rules, 1994)
Yes/No
A6.2
If reply to column A6.1 is Yes, name of Large Taxpayer Unit opted for  (choose from List)
Dropdown List of LTUs

A7  Premises Code Number:         












A8   Constitution of the assessee (Please tick the appropriate category)
A8.1 Individual/Proprietary

 A8.2 Limited liability Partnership

A8.3 Registered Public Ltd.    Company

 A8.4 Registered Private Ltd. Company

A.8.5 Registered Trust

A8.6 Society/Co-operative Society

A 8.7 A firm

A8.8 Hindu Undivided Family

A 8.9 Government

 A8.10 An association of persons or body of individuals, whether incorporated or not

A.8.11 A local authority

 A8.12 Every artificial juridical person, not falling within any of the preceding categories



A9  Taxable Service(s) for which tax is being paid












A10  Assessee is liable to pay service tax on this taxable service as –
(Please tick the appropriate category)
A10.1 A Service Provider under Section 68(1)

A10.2 A Service Receiver under Section 68(2)

A 10.3 A Service Provider  under partial reverse charge under proviso to Section 68(2)

A10.4 A Service Receiver under partial reverse charge under proviso to Section 68(2)

A 10.5 If covered by A10.3 above, then the percentage of service tax Payable as provider of service

A10.6 If covered by A10.4 above, then the percentage of service tax Payable  as recipient of service


A11 EXEMPTIONS
A11.1Has the assessee availed benefit of any exemption notification (‘Y’/‘N’)

A11.2If reply to A11.1 is ‘Y’, please furnish Notification Nos. and Sl. No. in the notification under which such exemption is availed

 .

A12 ABATEMENTS
A12.1  Has any abatement from the value of services been claimed (‘Y’/‘N’)

A12.2  If reply to A12.1 is ‘Y’, please furnish Notification Nos. and Sl. No. in the notification under which such abatement is availed:

 .




A13 PROVISIONAL ASSESSMENT
A13.1Whether provisionally assessed (‘Y’/‘N’)

A13.2 If reply to A13.1 is ‘Y’, please furnish Provisional Assessment Order No. &
         Date


PART-B VALUE OF TAXABLE SERVICE AND SERVICE TAX PAYABLE
(TO BE DISPLAYED SERVICE-WISE)

B1  FOR SERVICE PROVIDER

Month / Quarter
Apr/Oct
May/Nov
Jun/Dec
July/Jan
Aug/Feb
Sep/Mar
B1.1
Gross amount (excluding amounts received in advance, amounts taxable on receipt basis, for which bills/invoices/challans or any other document may not have been issued) for which bills/invoices/challans or any other documents are issued relating to service provided or to be provided (including export of service and exempted service)






B1.2
Amount received in advance for services for which bills/invoices/challans or any other documents have not been issued






B1.3
Amount taxable on receipt basis under third proviso to rule 6(1) of Service Tax Rules, 1994 for which bills/invoices/challans or any other documents have not been issued






B1.4
Amount taxable for services provided for which bills/invoices/challans or any other documents have not been issued






B1.5
Money equivalent of other considerations charged, if any, in a form other than money






B1.6
Amount on which service tax is payable under partial reverse charge






B1.7
Gross Taxable Amount
B1.7 = B1.1+B1.2+B1.3+B1.4+
            B1.5+B1.6






B1.8
Amount charged against export of service provided or to be provided






B1.9
Amount charged for exempted service provided or to be provided (other than export of service given at B1.8 above)






B1.10
Amount charged as pure agent






B1.11
Amount claimed as abatement






B1.12
Any other amount claimed as deduction, please specify.






B1.13
Total Amount claimed as Deduction 
B1.13=B1.8+B1.9+B1.10+B1.11+
             B1.12






B1.14
NET TAXABLE VALUE
B1.14=B1.7 - B1.13






B1.15
Service tax rate wise break up of NET TAXABLE VALUE (B1.14):
Ad-valorem rate






B1.16
Specific rate
(applicable as per rule 6 of STR)






B1.17
Service tax payable






B1.18
Less R&D cess payable






B1.19
Net Service Tax payable
(B1.19=B1.17-B1.18)






B1.20
Education Cess payable 






B1.21
Secondary & Higher Education Cess payable







B2 – FOR SERVICE RECEIVER


Month / Quarter
Apr/Oct
May/Nov
Jun/Dec
July/Jan
Aug/Feb
Sep/Mar
B2.1
Gross amount (excluding amounts paid in advance, amounts taxable on payment basis, for which bills/invoices/challans or any other document may not have been issued) for which bills/invoices/challans or any other documents are issued relating to service received or to be received






B2.2
Amount paid in advance for services for which bills/invoices/challans or any other documents have not been issued






B2.3
Amount taxable on receipt basis under third proviso to rule 6(1) of Service Tax Rules, 1994 for which bills/invoices/challans or any other documents have not been issued






B2.4
Money equivalent of other considerations paid, if any, in a form other than money






B2.5
Amount paid for services received from Non-Taxable territory - Imports






B2.6
Amount paid for services received from Non-Taxable territory – Other than Imports






B2.7
Amount on which service tax is payable under partial reverse charge






B2.8
Gross Taxable Amount
B2.8= B2.1+B2.2+B2.3+B2.4+
           B2.5+B2.6+B2.7






B2.9
Amount paid for exempted services received or to be received






B2.10
Amount paid as pure agent






B2.11
Amount claimed as abatement






B2.12
Any other amount claimed as deduction,  please specify






B2.13
Total Amount claimed as Deduction
 B2.13 = B2.9+B2.10+B2.11+B2.12






B2.14
NET TAXABLE VALUE
B2.14 = B2.8-B2.13






B2.15
Service tax rate wise break up of NET TAXABLE VALUE (B2.14):
Ad-valorem rate






B2.16
Specific rate
(applicable as per rule 6 of STR)






B2.17
Service tax payable






B2.18
Less R&D cess payable






B2.19
Net Service Tax payable
(B2.19=B2.17-B2.18)






B2.20
Education Cess payable






B2.21
Secondary & Higher Education Cess payable








PART-C SERVICE TAX PAID IN ADVANCE

Amount of Service Tax paid in advance under sub-rule (1A) of Rule 6 of ST Rules:

Month / Quarter
Apr/Oct
May/Nov
Jun/Dec
July/Jan
Aug/Feb
Sep/Mar
C1
Amount of service tax deposited in advance






C2
Amount of Education Cess deposited in advance






C3
A  Amount of Secondary & Higher Education     Cess deposited in advance






C4
ChallanNos., date & amount
(i)                                    
No.







Date







Amount








PART-D SERVICE TAX PAID IN CASH AND THROUGH CENVAT CREDIT
Service Tax, Education Cess, Secondary & Higher Education Cess and other amounts paid
(To be filled by a person liable to pay service tax and not to be filled by an Input Service Distributor):

Month / Quarter
Apr/Oct
May/Nov
Jun/Dec
July/Jan
Aug/Feb
Sep/Mar









D1
In cash






D2
By CENVAT credit
(not applicable where the service tax is liable to be paid by the Recipient of Service)






D3
By adjustment of amount paid as service tax inadvance under Rule 6(1A) of the ST Rules






D4
By adjustment of excess amount paid earlier as service tax and adjusted, by taking credit of such excess service tax paid, in this period under Rule 6(3) of the ST Rules






D5
By adjustment of excess amount paid earlier as service tax and adjusted in this period under Rule 6(4A) of the ST Rules






D6
By adjustment of excess amount paid earlier as service tax in respect of service of Renting of Immovable Property, on account of non-availmentof deduction of property tax paid and adjusted in this period under Rule 6(4C) of the ST Rules






D7
By book adjustment in the case of specified Government departments






D8
Total Tax paid
D8 = D1+D2+D3+D4+D5+D6+D7







PART-E  EDUCATION CESS PAID IN CASH AND THROUGH CENVAT CREDIT
E1
In cash






E2
By CENVAT credit (not applicable where the service tax is liable to be paid by the recipient of service)






E3
By adjustment of amount paid as service tax in advance under Rule 6(1A) of the ST Rules






E4
By adjustment of excess amount paid earlier as service tax and adjusted, by taking credit of such excess service tax paid, in this period under Rule 6(3) of the ST Rules






E5
By adjustment of excess amount paid earlier as service tax and adjusted in this period under Rule 6(4A) of the ST Rules






E6
By adjustment of excess amount paid earlier as service tax in respect of service of Renting of Immovable Property, on account of non-availmentof deduction of property tax paid and adjusted in this period under Rule 6(4C) of the ST Rules






E7
By book adjustment in the case of specified Government departments






E8
Total Education Cess paid E8=E1+E2+E3+E4+E5+E6+E7







PART-F  SECONDARY& HIGHER EDUCATION CESS PAID IN CASH AND THROUGH CENVAT CREDIT

F1
In cash






F2
By CENVAT credit (not applicable where the service tax is liable to be paid by the recipient of service)






F3
By adjustment of amount paid as service tax in advance under Rule 6(1A) of the ST Rules






F4
By adjustment of excess amount paid earlier as service tax and adjusted, by taking credit of such excess service tax paid, in this period under Rule 6(3) of the ST Rules






F5
By adjustment of excess amount paid earlier as service tax and adjusted in this period under Rule 6(4A) of the ST Rules






F6
By adjustment of excess amount paid earlier as service tax in respect of service of Renting of Immovable Property, on account of non-availmentof deduction of property tax paid and adjusted in this period under Rule 6(4C) of the ST Rules






F7
By book adjustment in the case of specified Government departments






F8
Total Tax paid
F8=F1+F2+F3+F4+F5+F6+F7







PART G - ARREARS, INTEREST, PENALTY, ANY OTHER AMOUNT ETC. PAID
G1
Arrears of revenue (Tax amount) paid in cash






G2
Arrears of revenue (Tax amount) paid by utilising CENVAT credit






G3
Arrears of Education Cess paid in cash






G4
Arrears of Education Cess paid by utilising CENVAT credit






G5
Arrears of Secondary & Higher Education Cess paid in cash






G6
Arrears of Secondary & Higher Education Cess paid by utilising CENVAT credit






G7
Amount paid in terms of section 73A of Finance Act, 1994






G8
Interest paid (in cash only)






G9
Penalty paid (in cash only)






G10
Amount of Late fee paid, if any.






G11
Any other amount paid (please specify)






G12
Total payment of arrears, interest, penalty and any other amount, etc. made G12=(G1+G2+G3+G4+G5+G6+G7+G8+G9+G10+G11)







PART-H
H1  DETAILS OF CHALLAN (vide which service tax education cess, secondary and higher education cess and other amounts have been paid in cash)

Challan Nos. with date and amount


(i)
No.







Date







Amt.






(ii)
No.







Date







Amt.






H2        Source documents details for payments made in advance / adjustment, for entries made at columns D3, D4, D5, D6, D7; E3, E4, E5, E6, E7; F3, F4, F5, F6, F7; & G1 to G11
S. No. and description of payment entry in this return
Month/
Quarter
Challan / Document / Credit Entry Reference Number etc.
Challan / Document
Date
Amount
















** (Assessee liable to pay service tax on quarterly basis may furnish details quarter wise i.e. Apr-Jun, Jul-Sep, Oct-Dec, Jan-Mar)
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