Income Tax Slab For FY 2014-15

By Tuesday, June 17, 2014 2 No tags Permalink 4

The new and revised income tax slabs and rates applicable for the financial year (FY) 2014-15 and assessment year (AY) 2015-16 are mentioned below:

 Common People

Income Slab Tax Rates
1 Up to Rs 2,00,000 No tax / exempt
2 2,00,001 to 5,00,000 10% of amount by which the total income exceeds Rs. 2,00,000/-.
3 5,00,001 to 10,00,000 Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Above 10,00,000 Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

 

 

Resident Senior Citizens above 80 years

. Income Slab Tax Rates
1 Up to Rs 5,00,000 No tax / exempt
2 5,00,001 to 10,00,000 20%
3 Above 10,00,000 Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

 

 

Resident Senior Citizens above 60 years

Income Slab Tax Rates
1 Up to Rs 2,50,000 No tax / exempt
2 2,50,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
4 Above 10,00,000 Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

 

 

Resident Women (below 60 years)

Income Slab Tax Rates
1 Up to Rs 2,00,000 No tax / exempt
2 2,00,001 to 5,00,000 10%
3 5,00,001 to 10,00,000 20%
4 Above 10,00,000 30%

 

 

Tax Credit: Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000

Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10, 000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10, 000,000.

Education Cess: 3% of Income Tax plus Surcharge

 

Note: In new tax structure

  1. Tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also maintained and there is no change in this as compared to previous year.
  2. Exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.
2 Comments
  • Rashmi Agarwal
    June 17, 2014

    Very useful information. Will definitely help.

    Thanks

  • Prithvi
    June 17, 2014

    Thanks for this information. This will be of great help for many.

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