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Income tax budget 2014-15


Income tax budget 2014-15

Tax Proposals of Budget-2014 for Salaried and Retired People along with Automatic Income Tax Tax Calculator in Excel  format for Financial Year 2014-15 or Assessment Year 2015-16.

Finance Minister (FM) Arun Jaitley in his Budget presented on 10.07.2014 announced changes in Income tax Slab for Individual and HUF with effect from Assessment year 2015-16. In his Budget FM has raised the Income Tax Exemption Limit for Individual below 60 Years and HUF to Rs. 2,50,000 and for Senior Citizens below the Age of 80 Years to Rs. 3,00,000/- . 

Further FM has increased Limit of Deduction U/s. 80C to Rs. 1,50,000/-

In this article we have analyzed tax rate chart after giving effect to Budget proposals and possible tax saving from these changes.

We have also attached a Income Tax Calculator to calculate your tax liability for Assessment year 2015-16 i.e. Financial Year 2014-15.

Tax Proposals of Budget-2014 for Salaried and Retired People along with Tax Calculator

Budget – 2014 has proposed the following income tax rates

For Individuals below 60 years age (including Woman Assessees): 

IncomeTax Rate
Upto 2,50,000Nil
250,000 to 5,00,00010% of the amount exceeding 250,000
500,000 to 10,00,000Rs.25,000 + 20% of the amount exceeding 5,00,000
10,00,000 & aboveRs.1,25,000 + 30% of the amount exceeding 10,00,000


For Individuals aged 60 years and above but below 80 years (Senior Citizen):

IncomeTax Rate
Upto 3,00,000Nil
3,00,000 to 5,00,00010% of the amount exceeding 3,00,000
5,00,000 to 10,00,000Rs.20,000 + 20% of the amount exceeding 5,00,000
10,00,000 & aboveRs.1,20,000 + 30% of the amount exceeding 10,00,000


For Individuals aged 80 years and above (Very Senior Citizen):

IncomeTax Rate
Upto 5,00,000Nil
5,00,000 to 10,00,00020% of the amount exceeding 5,00,000
10,00,000 & aboveRs.1,00,000 + 30% of the amount exceeding 10,00,000

Plus 3% education cess on the tax calculated as above. Further, limit to get deduction under section 80C is increased to Rs. 1,50,000/- from Rs. 1,00,000/-

Now, we will study certain income scenarios based on above mentioned budget proposals.

Person with Age of less than 60 years
 scenario – 1scenario – 2scenario – 3scenario – 4
Gross Total Income2,70,0003,70,0004,20,0004,20,000
Less:Deductions u/s. 80C
Eligible upto Rs. 1,50,000/-
01,00,0001,00,0001,50,000
Taxable Income2,70,0002,70,0003,20,0002,70,000
Tax on above income2,0002,0007,0002,000
Less: Rebate u/s 87A2,0002,0002,0002,000
Tax after Rebate005,0000
Add: Education Cess 3%001500
Total Tax Liability005,1500
Person with Age of 60 years or more but less than 80 years
 scenario – 1scenario – 2scenario – 3scenario – 4
Gross Total Income3,20,0004,20,0004,70,0004,70,000
Less:Deductions u/s. 80C
Eligible upto Rs. 1,50,000/-
01,00,0001,00,0001,50,000
Taxable Income3,20,0003,20,0003,70,0003,20,000
Tax on above income2,0002,0007,0002,000
Less: Rebate u/s 87A2,0002,0002,0002,000
Tax after Rebate005,0000
Add: Education Cess 3%001500
Total Tax Liability005,1500
Person with Age of 80 years or more
 scenario – 1scenario – 2scenario – 3scenario – 4
Gross Total Income5,00,0005,10,0006,10,0006,60,000
Less:Deductions u/s. 80C
Eligible upto Rs. 1,50,000/-
001,00,0001,50,000
Taxable Income5,00,0005,10,0005,10,0005,10,000
Tax on above income02,0002,0002,000
Less: Rebate u/s 87A0000
Tax after Rebate02,0002,0002,000
Add: Education Cess 3%0606060
Total Tax Liability02,0602,0602,060

Income tax budget 2014-15

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