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INCOME TAX SLAB FOR A.Y. 2014-15 FOR INDIVIDUAL


INCOME TAX SLAB FOR A.Y. 2014-15 FOR INDIVIDUAL

India has four income slabs groupsIncome tax slab

  • income not taxed at all,
  • income  taxed at 10%,
  • income taxed at 20% and
  • income taxed at 30%.

The income tax slab rates for A.Y. 2014-15  for individuals are as follows :

INCOME————————–RATES

Upto 2,00,000————–NIL

2,00,001- Rs.5,00,000—– 10% on amount above 2,00,000

5,00,001/- upto Rs.10,00,000——–20% on amount above 5,00,000

Above 10,00,000——— 30% on amount above 10,00,000

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

The income tax slab rates for A.Y. 2014-15 for Senior citizens i.e who are above 60 years of age but below the age of  80 years are as follows :

INCOME————————–RATES

Upto 2,50,000————–NIL

2,50,001- 5,00,000—– 10% on amount above 2,50,000

5,00,001/- upto Rs.10,00,000——–20% on amount above 5,00,000

Above 10,00,000——— 30% on amount above 10,00,000

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

The income tax slab rates for A.Y. 2014-15 for Super Senior Citizens i.e who are above the age of 80 years are as follows :

INCOME————————–RATES

Upto 5,00,000————–NIL

5,00,001- 10,00,000—– 20% on amount above 5,00,000

Above 10,00,000——— 30% on amount above 10,00,000.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

 

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