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Income Tax Slabs and Rates for Assessment Year 2014-15

Income Tax Slabs and Rates for Assessment Year 2014-15

  1. Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI/ HUF/ AOP/ BOI/ AJP*Income Tax :Tax Calculator : AY 2014-15

    Income SlabsTax Rates
    i.Where the taxable income does not exceed Rs. 2,00,000/-.NIL
    ii.Where the taxable income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.10% of amount by which the taxable income exceeds Rs. 2,00,000/-.
    Less (in case of Resident Individuals only) : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
    iii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 30,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
    iv.Where the taxable income exceeds Rs. 10,00,000/-.Rs. 130,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

    Surcharge : 10% of the Income Tax, where 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.

    * Abbreviations used :
    NRI – Non Resident Individual; HUF – Hindu Undivided Family; AOP – Association of Persons; BOI – Body of Individuals; AJP – Artificial Judicial Person

  2. Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year i.e. born on or after 1st April 1934 but before 1st April 1954)Income Tax :Tax Calculator : AY 2014-15

    Income SlabsTax Rates
    i.Where the taxable income does not exceed Rs. 2,50,000/-.NIL
    ii.Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-10% of the amount by which the taxable income exceeds Rs. 2,50,000/-.
    Less : Tax Credit u/s 87A – 10% of taxable income upto a maximum of Rs. 2000/-.
    iii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
    iv.Where the taxable income exceeds Rs. 10,00,000/-Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

    Surcharge : 10% of the Income Tax, where 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.

  3. Super Senior Citizen (Individual resident who is of the age of 80 years or more at any time during the previous year i.e. born before 1st April 1934)

    Income Tax :Tax Calculator : AY 2014-15

    Income SlabsTax Rates
    i.Where the taxable income does not exceed Rs. 5,00,000/-.NIL
    ii.Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
    iii.Where the taxable income exceeds Rs. 10,00,000/-Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

    Surcharge : 10% of the Income Tax, where 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.

Income Tax Slabs and Rates for Assessment Year 2014-15

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