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      Income Tax Slabs & Rates for Assessment Year 2014-15

      Sunday, February 2nd, 2014 Amritesh no responses

      INCOME SLABS (INDIVIDUALS BELOW 60 YRS) TAX RATES 1.) Total Income not exceeding `2,00,000/- Nil 2.) `2,00,001 but not exceeding `5,00,000/- 10% of Amount above `2,00,000/-* 3.) `5,00,001-`10,00,000/- `30,000/- Plus 20% of the amount exceeding `5,00,001/- 4.) Above 10,00,001/- `1,30,000/- Plus 30% of the amount exceeding `10,00,001/-** NOTE: *A Tax Rebate of 10% (`2000/- maximum) is available to individuals whose earning is in the range of 2,00,001-5,00,000/-. However if the income exceeds `5,00,000/- the rebate is withdrawn.**Surcharge of 10% if the Total Income exceeds 1 Crore.Education Cess of 3% is payable on Total Income Tax and Surcharge.Individual Residents who are above 60 yrs of age but below 80 yrs the Tax on Total Income is exempted upto  `2,50,000/-.Individual Residents who…