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Income Tax  is a tax imposed by the Government of India on any body who earns income in India. This tax is levied on the strength of an Act called Income tax Act which was passed by the Parliament of India.Any Individual or group of Individual or artificial bodies who/which have earned income during the previous years are required to pay Income tax on it.
The Income Tax  Act recognizes the earners of income under seven  categories.These are :

1.  Hindu Undivided Family [HUF]

2.  Association of Persons [AOP]

3.  Body of individuals [BOI]
4.  Firms

5.  Companies

6.  Local authority

7.  Artificial juridical person
Income earned in the twelve months contained in the period from 1st April to 31st March (commonly called Financial Year [FY])  is taken into account for purposes of calculating Income Tax. Under the income tax Act this period is called a Previous year . It is the twelve-month period 1st April to 31st March immediately following the previous year In the Assessment year a person files his return for the income earned in the previous year.

Rates of income-tax in respect of income liable to tax for the year 2013-14 – Assessment Year 2014-15

i)  The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided 
 family or every association of persons or body of individuals , whether incorporated or not, or every artificial juridical person
Upto Rs. 2,00,000
Nil      
Rs. 2,00,001 to Rs. 5,00,000
10 per cent
Rs. 5,00,001 to Rs. 10,00,000
20 per cent
Above Rs. 10,00,000
30 per cent

ii)  In the case of every individual, being a resident in India, who is of  the age of sixty years or more but less than eighty years at

   any time during the previous year

Upto Rs. 2,50,000
Nil
Rs. 2,50,001 to Rs. 5,00,000
10 per cent
Rs. 5,00,001 to Rs.10,00,000
20 per cent
Above Rs. 10,00,000
30 per cent


iii) In the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year

Upto Rs. 5,00,000
Nil
Rs. 5,00,001 to Rs. 10,00,000
20 per cent
Above Rs. 10,00,000
30 per cent

Education Cess:  3% of the Income-tax

Salary  Income  Includes :  PAY, DP, Band pay, Grade pay, DA, OTA, BONUS, CCA, Honorarium, Children Education Allowance Received, Pension, Subsistence Allowance, Government’s Contribution in New Pension Scheme, Transport Allowance above Rs.800/- per month

 House Rent Allowance : to the extent not exempted under Section 10 (13A) of Income Tax Act.





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