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Income Tax Slab Rates

Income Tax Slab Rates

  1. FOR INDIVIDUALS & HUF

The following Income Tax Slabs are applicable for the Financial Year 2014-15 i.e. Assessment Year 2015-16 as well as Financial Year 15-16 i.e. Assessment Year 16-17. Education Cess @ 2% and SHEC @ 1% shall be levied on the Tax computed using the Income Tax Rates given below while filing the Income Tax Return. No Surcharge is applicable in case of Individuals and HUF’s.

It is pertinent to be noted that Budget 2013 introduced Section 87A which provides Income Tax Rebate of Rs. 2000 for all Individuals earning Income less than Rs. 5 Lakh in a Year.

  1. For Male Individuals below 60 years of age & HUF
Income Tax SlabsIncome Tax Rates
Where Total Income does not exceed Rs. 2,50,000NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,00010% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,00030% of the Amount by which it exceeds Rs. 10,00,000
  1. For Female Individuals below 60 years of Age

Income Tax Slabs for Males and Females are the same and are as follows:-

Income Tax SlabsIncome Tax Rates
Where Total Income does not exceed Rs. 2,50,000NIL
Where the Total Income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,00010% of the Amount by which it exceeds Rs. 2,50,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,00030% of the Amount by which it exceeds Rs. 10,00,000
  1. For all Senior Citizens above 60 years of Age
Income Tax SlabsIncome Tax Rates
Where Total Income does not exceed Rs. 3,00,000NIL
Where the Total Income exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,00010% of the Amount by which it exceeds Rs. 3,00,000
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020% of the Amount by which it exceeds Rs. 10,00,000
Where the Total Income exceeds Rs. 10,00,00030% of the Amount by which it exceeds Rs. 10,00,000
  1. For all Senior Citizens above 80 Years of Age
Income Tax SlabsIncome Tax Rates
Where Total Income does not exceed Rs. 5,00,000NIL
Where the Total Income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,00020% of the Amount by which it exceeds Rs. 5,00,000
Where the Total Income exceeds Rs. 10,00,00030% of the Amount by which it exceeds Rs. 10,00,000

If an Individual attains the age of 60 years or 80 years during the financial year, his age shall be regarded as 60/80 (as the case may be), for that whole Financial Year.

After the computation of Total Tax Payable computed as per the Income Tax Slabs, the Balance Income Tax payable after the deduction of TDS as shown in Form 16/Form 16A and reflected in Form 26AS shall be payable vide Challan No. 280 in the form of Advance Tax in Installments before the specified Due Dates or else Interest on delay in payment of Income Tax would be liable to be paid.

Income Tax Slab Rates

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