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Non Resident Individual Tax Payers for Assessment Year 2014 15

Non Resident Individual Tax Payers  for Assessment Year 2014 15

Income Tax Slabs & Rates for non-resident individual tax payers for Assessment Year 2014-15 (applicable on income earned during the period 1st April 2013 to 31st March 2014.)

Income Tax

Income SlabsTax Rates
Where the total income does not exceed Rs. 2,00,000/-.NIL
Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.10% of amount by which the total income exceeds Rs. 2,00,000/-.
Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
Where the total income exceeds Rs. 10,00,000/-.Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 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.

Marginal Relief in Surcharge :

When a non-resident individual’s taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

Example :

In case of an Non-Resident assesseee having taxable income of Rs. 1,00,01,000/-

1.Income TaxRs. 28,30,300
2.Surcharge @10% of Income TaxRs. 2,83,030
3.Income Tax on income of Rs. 1 croreRs. 28,30,000
4.Maximum Surcharge payable
(Income over Rs. 1 crore less income tax on income over Rs. 1 crore)
Rs. 700/- (1000 – 300)
5.Income Tax + Surcharge payableRs. 28,31,000
6.Marginal Relief in SurchargeRs. 2,82,330/- (2,83,030 – 700)

Non Resident Individual Tax Payers  for Assessment Year 2014 15

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