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Rates of income tax for Financial Year 2014-15 (AY 2015-16)

If you are Income Tax payers, then this site will help you to calculate your liabilities towards income tax. Following is a snap detail of Income Tax Rates for Financial Year 2014-15 (AY 2015-16). It will be helpful for Individuals, Senior Citizens & others also.

Income Range

General (non-senior citizens) Category

Women (Below 60 years of age)

(This category is abolished from this year and is thus is same as that of  General Category

Senior Citizens (Men and Women above 60 years of age), but below 80 years

Very Senior Citizens (Men and Women above 80 years of age)

Upto Rs. 2,50,000

Nil

Nil

Nil

Nil

Rs. 2,50,001 to Rs. 3,00,000

10% *

10% *

Nil

Nil

Rs. 3,00,001 to Rs. 5,00,000

10% *

10% *

10% *

Nil

Rs. 5,00,001 to Rs. 10,00,000

20%

20%

20%

20%

Above Rs. 10,00,000

30% **

30% **

30% **

30%**



Income Tax rate for FY 2014-15 is as follows --



INCOME TAX RATES
INDIVIDUAL/HUF
NilUpto Rs. 250000 – Below 60years
Upto  Rs. 300000- Above 60 years
Upto Rs 500000- Above 80 Years
10% + 3% ECRs. 250000 to Rs. 500000
20% + 3% ECRs. 500000 to Rs. 1000000
30% + 3% ECAbove 1000000
 FIRMS/COMPANIES
 Income tax/MATSurchargeEdu Cess
Up to Rs. 1 Crore30%/18.5%-3
> Rs.1 Crore and up to Rs.10 Crore30%/18.5%53
> Rs.10 Crore30%/18.5%103


Some important decisions for financial year 2014-15 Income tax are given below. If you are planning your tax for ths year please keep these pints in your mind.
  • Taxable Income eligible for full exemption from income tax increased from Rs. 2 lakh to Rs. 2.5 lakh.
  • A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh. However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh. Thus we can say that tax payable in 10% slab will be maximum Rs23,000 (taking into account Rs 2000 tax credit), but for people who fall in income range of Rs5 lakh and above, the tax will be Rs25,000 + 20% tax on income above Rs 5 lakh;
  • The education cess to continue at 3 percent.
  • Surcharge of 10% will be payable, if income is above Rs 1 crore
  • Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs.1.5 lakh to Rs. 2 lakh.
  • Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. 1.5 lakh.
  • Personal Income-tax exemption limit raised by ` 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years.
  • Sec 80EE- un-availed tax benefit of FY 2013-2014 can be carry forwarded to FY 2014-2015.
  • Employees who are not getting House rent allowance can claim deduction towards Rent payment u/s 80GG.
  • Full amount of Employer’s contribution to NPS is tax free, which will be added to income and deducted u/s 80CCD(2).
  • Income Tax exemption on Interest paid on housing loan under Section 24 of the Income Tax Act increased from Rs. 1.5 lakh to Rs. 2 lakh


  • @ All the Income tax slabs details are collected from different information sources. There may be some difference in actual Tax calculation.

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