give me the income tax 2014-15 slab
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The slab for the financial year 2014-15 is as follows for Resident Indians
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 3,00,000 -- 10% for General Citizen and 'NIL" For Senior Citizen and Super Senior Citizen
Rs. 3,00,001 to Rs. 5,00,000 _-- 10% for General Citizen and Senior Citizen ' NIL ' for Super Senior Citizen
Rs. 5,00,001 to Rs. 10,00,000 ---20% for All Category Individuals
Above Rs. 10,00,000- 30 % for all category Individuals
There is no discrimination for Women .Companies , firms and C-operative Societies are taxed at 30% for their Taxable income in flat rate.
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The slab for the financial year 2014-15 is as follows for Resident Indians
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 3,00,000 -- 10% for General Citizen and 'NIL" For Senior Citizen and Super Senior Citizen
Hie Rakesh,
**The Income tax slabs for A.Y. 2015.16 (F.Y. 2014-15) for Individual / HUF are as Follows :-**
- Basic Exemption Limit is 250000 after that 10% upto 500000. And after 500000 to 1000000 the tax rate is 20%. And if the Income is above 1000000 then the rate is 30%.
- Basic exemption limit for Senior citizens (Age more than 60 less than 80) are 300000 and 500000 for Super Senior citizens (Age more than 80).
- For Firms the rate is flat 30%.
- For Corporates the tax rate is 25%.
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 Slabs Tax 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
Dear Rakesh
The slab for the financial year 2014-15 is as follows for Resident Indians
Upto Rs. 2,50,000 Nil
Rs. 2,50,001 to Rs. 3,00,000 -- 10% for General Citizen and 'NIL" For Senior Citizen and Super Senior Citizen
Rs. 3,00,001 to Rs. 5,00,000 _-- 10% for General Citizen and Senior Citizen ' NIL ' for Super Senior Citizen
Rs. 5,00,001 to Rs. 10,00,000 ---20% for All Category Individuals
Above Rs. 10,00,000- 30 % for all category Individuals
There is no discrimination for Women .Companies , firms and C-operative Societies are taxed at 30% for their Taxable income in flat rate.
Kind Regards
Vinod.P
Dear Rakesh,
For individual and huf : 2500,000 nil
next 250,000 10%
next 500000 20%
Balance 30%
Cess: 3%
Surcharge 10% if total income exceed one core.
For senior citizen such exemption is rs 250,000 and rest are same
Rebate u/s 87A of rs 2000 is avilable if total income does not exceed 500,000/-
For such exemption (250000) for super senior citizen is 500,000 rest are same.
For comapny, pertnership firm etc are liable to pay tax @ 30%
Any other query feel free to contact us.
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CA Chitranjan Agarwal