Finance Act, 2013Re-read 2 September 2026Previous year 2012-13
Income-tax rates for assessment year 2013-14
The rates Finance Act, 2013 charged on the income of the previous year 2012-13, taken from the Act’s own charging section and First Schedule.
Independently re-read on 2 September 2026
A second pass went back to the department’s text at the sources listed at the foot of this page and read these figures again. That check is recorded in the record itself as verified_on: 2026-09-02.
Which Act set these rates
ActFinance Act, 2013
Assessment year2013-14
Income of the previous year2012-13
What was readthe charging section and the First Schedule
Finance Act, 2013 charged income-tax for the assessment year commencing 1 April 2013. What it charged was the income of the previous year 2012-13. The two are a year apart and the difference matters: a table headed by the wrong one is useless.
The slabs
Old
individual (other than resident individuals of sixty years or more), HUF, AOP, BOI, artificial juridical person
Maximum amount not chargeable to income-tax: Rs 2,00,000
| Total income | Rate of income-tax |
|---|
| Up to Rs 2,00,000 | Nil |
| Rs 2,00,001 – Rs 5,00,000 | 10% |
| Rs 5,00,001 – Rs 10,00,000 | 20% |
| Rs 10,00,001 and above | 30% |
First Schedule, Part I, Paragraph A, sub-paragraph (i). No separate table for women this year; section 2(2) has only two provisos.
Senior citizens, very senior citizens, and women
Only where the Act for this year set a separate threshold or a separate table. Where it did not, this page says so.
Resident senior citizens
resident individual of sixty years or more but less than eighty years (Paragraph A, sub-paragraph (ii))
Maximum amount not chargeable to income-tax: Rs 2,50,000
| Total income | Rate of income-tax |
|---|
| Up to Rs 2,50,000 | Nil |
| Rs 2,50,001 – Rs 5,00,000 | 10% |
| Rs 5,00,001 – Rs 10,00,000 | 20% |
| Rs 10,00,001 and above | 30% |
Resident very senior citizens
resident individual of the age of eighty years or more (Paragraph A, sub-paragraph (iii))
Maximum amount not chargeable to income-tax: Rs 5,00,000
| Total income | Rate of income-tax |
|---|
| Up to Rs 5,00,000 | Nil |
| Rs 5,00,001 – Rs 10,00,000 | 20% |
| Rs 10,00,001 and above | 30% |
Resident women
This year’s record carries no separate table or threshold under this head.
Surcharge
| Total income | Surcharge on the income-tax |
|---|
| Rs 1,00,00,000 and above | 10% |
Paragraph A: every individual, HUF, AOP, BOI or artificial juridical person having a total income exceeding one crore rupees, at 10 per cent of such income-tax (including tax computed under section 111A or 112). Co-operative societies, firms and local authorities also bear 10 per cent above one crore rupees; companies bear the different Paragraph E rates.
Cess
| Cess | Rate |
|---|
| Education Cess | 2% |
| Secondary and Higher Education Cess | 1% |
Section 2(11) and 2(12) compute both cesses on the income-tax as specified in sub-sections (1) to (10); sub-section (1) is within scope, so both apply to AY 2013-14.
Marginal relief
The total amount payable as income-tax and surcharge on a total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.
Companies, firms, co-operative societies and local authorities
Reproduced in the Act’s own words, because these rates carry conditions a single percentage cannot.
| Assessee | Rate as the Act states it |
|---|
| Domestic company | 30 per cent of the total income; surcharge 5 per cent where total income exceeds one crore rupees but does not exceed ten crore rupees, and 10 per cent where it exceeds ten crore rupees |
| Foreign company | 40 per cent, and 50 per cent on specified royalties and fees for technical services under approved pre-1976 agreements; surcharge 2 per cent where total income exceeds one crore rupees but does not exceed ten crore rupees, and 5 per cent where it exceeds ten crore rupees |
| Firms and limited liability partnerships | 30 per cent on the whole of the total income; surcharge 10 per cent where total income exceeds one crore rupees |
| Co-operative societies | up to Rs. 10,000: 10 per cent; Rs. 10,001 to Rs. 20,000: Rs. 1,000 plus 20 per cent of the excess over Rs. 10,000; above Rs. 20,000: Rs. 3,000 plus 30 per cent of the excess over Rs. 20,000; surcharge 10 per cent where total income exceeds one crore rupees |
| Local authorities | 30 per cent on the whole of the total income; surcharge 10 per cent where total income exceeds one crore rupees |
What changed from the year before
Worked out by comparing this record with the one for the preceding assessment year in this collection. Where a figure is absent from either record, that is said rather than guessed.
- Against assessment year 2012-13 (Finance Act, 2012): the old regime’s exemption limit moves from Rs 1,80,000 to Rs 2,00,000.
- The top slab rate is unchanged at 30%.
- A surcharge appears this year where the previous record had none: 1 tier, topping out at 10%.
- The cess is unchanged: Education Cess 2%; Secondary and Higher Education Cess 1%.
- The company rates are stated differently this year; read both years’ wording rather than taking a single number from either.
- The firm rate are stated differently this year; read both years’ wording rather than taking a single number from either.
- The co-operative society rates are stated differently this year; read both years’ wording rather than taking a single number from either.
- The local authority rate are stated differently this year; read both years’ wording rather than taking a single number from either.
- The separate threshold for resident senior citizens is unchanged at Rs 2,50,000.
- The separate threshold for resident very senior citizens is unchanged at Rs 5,00,000.
- The separate table for resident women in the previous record has no counterpart this year.
What this page is, and what it is not
The figures are the Finance Act’s own. Every rate, threshold and exemption on this page was taken out of the Income Tax Department’s own text of the Act that charged the year — the charging section and the First Schedule — and the records we read are linked under Sources on each year’s page. The writing around the figures is ours: the arrangement, the headings, the comparison with the year before and every sentence of explanation. Those are not the Act.
These tables are for orientation. The Act governs. A rate table is a finding aid, not the law. The Act, its First Schedule and the provisos in it decide what is payable, and a table cannot carry the provisos. If you are about to rely on a figure here — in a return, in a computation, in a reply to a notice — open the source linked on the year’s page and read the figure in the Act for yourself. Where a record did not reach a rate, this library says so rather than filling the gap.