2013-14 Income Tax Slab

This is an easy to use table of the latest income tax slab rate for individuals for year 2013-2014. It is per union budget 2013-2014 presented on 28 February 2013.

India Income tax slabs 2013-2014 for General tax payers and Women

Income tax slab (in Rs.)	Tax
0 to 2,00,000	No tax
2,00,001 to 5,00,000	10%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

India Income tax slabs 2013-2014 for Senior citizens (Aged 60 years but less than 80 years)

Income tax slab (in Rs.)	Tax
0 to 2,50,000	No tax
2,50,001 to 5,00,000	10%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

India Income tax slabs 2013-2014 for very senior citizens (Aged 80 and above)

Income tax slab (in Rs.)	Tax
0 to 5,00,000	No tax
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

- In addition an rebate of Rs 2000 will be available for income less than Rs 5 lakhs.
- Income above 1 crore to attract 10% tax surcharge.

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Income Tax - Section 80C

Section 80C of the Income Tax Act allows certain investments and expenditure to be deducted from total income up to the maximum of Rs 1,00,000.

• Contribution to approved superannuation fund/public provident fund/recognized provident fund/statutory provident fund. Provident fund contribution should not exceed 1/5th of salary & public provident fund.
• Payment of life insurance premium. It is allowed on premium paid on self, spouse and children even if they are not dependent on father or mother subject to a maximum of 20% of sum assured.
• Payment in respect of non-commutable deferred annuity.
• Unit linked Insurance policy of UTI/LIC.
• Subscriptions to National Savings Certificates VIII issues.
• Deposits with National Housing Bank.
• Principal part of loan taken for acquiring Residential House Property; provided that the house should not be transferred within 5 years. Loan for land cost for residential house is also qualified.
• Subscriptions to schemes of PSU's providing long term finance for housing, or of housing boards constituted in India for infrastructural development of cities/towns.
• Notified annuity plan of LIC or of any other approved insurer.
• Units of Mutual Fund or UTI.
• Notified pension fund by UTI or approved mutual fund.
• Tuition fees (not including donation or development fees) towards full-time education including play-school activities, pre-nursery & nursery classes, of any 2 children of an individual, paid to University, College or School in India.
• Investments in shares or debentures with a lock-in-period of 3 years, of approved public company exclusively engaged in infrastructure facility or power sector.
• Subscription to the bonds issued by NABARD as specified by Central Government.
• Any sum deposited as 5 years time deposit under Post Office Term Deposit.
• Any sum deposited in Senior Citizen Savings Scheme.
• Any sum deducted from salary of Government employee (subject to maximum 20% of salary) towards deferred annuity plan for benefit of self, spouse or any children.
• Term deposit with scheduled bank for a period of not less than 5 years as per scheme notified by Central Government.
• Investing in units of notified mutual fund investing in approved public companies engaged in infrastructure facility or power sector.

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2012-2013 Income Tax Slab

India Income tax slabs 2012-2013 for General tax payers

Income tax slab (in Rs.)	Tax
0 to 2,00,000	No tax
2,00,001 to 5,00,000	10%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

India Income tax slabs 2012-2013 for Female tax payers

Income tax slab (in Rs.)	Tax
0 to 2,00,000	No tax
2,00,001 to 5,00,000	10%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

India Income tax slabs 2012-2013 for Senior citizens (Aged 60 years but less than 80 years)

Income tax slab (in Rs.)	Tax
0 to 2,50,000	No tax
2,50,001 to 5,00,000	10%
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

India Income tax slabs 2012-2013 for very senior citizens (Aged 80 and above)

Income tax slab (in Rs.)	Tax
0 to 5,00,000	No tax
5,00,001 to 10,00,000	20%
Above 10,00,000	30%

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Types of Mutual Funds: VALUE FUNDS

Mutual funds that invest in the so-called 'overlooked gems'—firms with undistinguished earnings record but great potential for growth, or at the bottom phase of a cyclic business—with the hope that they will not remain overlooked for long. Value funds are those mutual funds that tend to focus on safety rather than growth, and often choose investments providing dividends as well as capital appreciation. They invest in companies that the market has overlooked, and stocks that have fallen out of favor with mainstream investors, either due to changing investor preferences, a poor quarterly earnings report, or hard times in a particular industry.

Investing in value fund involves identifying fundamentally sound stocks that are trading at a discount to their fair value. The fund manager buys these stocks and holds them until the stock bounce backs to its fair value. The fund managers identify undervalued stocks in the market on the basis of fundamental analysis techniques. In this process stocks with low price to earnings ratios are tagged. These stocks are then closely reviewed to see which ones have the greatest growth potential and are paying high dividends.

Value funds stocks can trade at discounted prices for an extended period of time, thereby reducing the amount of return relative to the risk associated with the investment. Value style of investing works particularly well during a bear phase in the stock markets. During this time, the fund manager has more opportunities to invest in stocks trading at a discount to their fair value. By buying low and selling high, value funds take on lower risk than growth funds, which tend to buy high and sell higher. Thus value funds are particularly suitable for investors with a moderate risk profile.

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