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
- 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.
- Exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.
June 17, 2014
Very useful information. Will definitely help.
Thanks
June 17, 2014
Thanks for this information. This will be of great help for many.