Budget 2014 -Income tax exemption limit increased from Rs 2 lakh to Rs 2.5 lakh

Budget 2014 -Income tax exemption limit increased from Rs 2 lakh to Rs 2.5 lakh

The income tax exemption limit has been increased from Rs 2 lakh to Rs 2.5 lakh for citizens up to 60 years. For senior citizens below the Age of Sixty Years the limit was hiked to Rs 3 lakh from existing Rs. 2.50 Lakh. For Senior Citizens above the Age of 80 Years there in no Change in Income Tax Slabs.

Income Tax Rate Chart for AY 2015-16 / FY 2014-15

Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.

The rates of income-tax as applicable for Assessment Year 2015-16 in the case of every individual below the Age of Sixty Years or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or  artificial juridical person

1. Tax Slab for an Individual (resident & below 60 years) or HUF/AOP/BOI/AJP

Income Slabs

Tax Rates

Total income up to Rs. 2.5 Lac

0% Tax

Total income above Rs. 2.5 Lac and below Rs.5 Lac

10% on amount exceeding Rs. 2.5 Lac

Total income above Rs. 5 Lac and below Rs.10 Lac

20% on Income exceeding Rs. 5 Lac + Rs. 25,000

Total income more than Rs. 10 Lac

30% on Income exceeding Rs. 10 Lac + Rs. 1,25,000

* u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000 

Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable

2. Tax Slab for an Individual (resident & above 60 years but below 80 years)

Income Slabs

Tax Rates

Total income up to Rs. 3.00 Lac

0% Tax

Total income above Rs. 3.00 Lac and below Rs.5 Lac

10% on amount exceeding Rs. 3.00 Lac

Total income above Rs. 5 Lac and below Rs.10 Lac

20% on Income exceeding Rs. 5 Lac + Rs. 20,000

Total income more than Rs. 10 Lac

30% on Income exceeding Rs. 10 Lac + Rs. 1,20,000

* u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000 

Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable

3. Tax Slab for an Individual (resident & above 80 years)

Income Slabs

Tax Rates

Total income up to Rs. 5 Lac

0% Tax

Total income above Rs. 5 Lac and below Rs.10 Lac

20% on Income exceeding Rs. 5 Lac

Total income more than Rs. 10 Lac

30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac


Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable

EDUCATION CESS

For financial year 2014-2015, additional surcharge called the “Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent and one per cent respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. No marginal relief shall be available in respect of such Cess.

INCOME TAX RATES

INDIVIDUAL/HUF

Nil

Upto Rs. 250000 –Below 60years

Upto  Rs. 300000- Above 60 years

Upto Rs 500000- Above 80 Years

10% + 3% EC

Rs. 250000 to Rs. 500000

20% + 3% EC

Rs. 500000 to Rs. 1000000

30% + 3% EC

Above 1000000

 

Note : Subject to Errors and Omissions. Please refer relevant Income tax rules for authentic  and up to date data 

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