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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 However if the income exceeds `5,00,000/- the rebate is withdrawn.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 are above 80 yrs of age the Tax on Total Income is exempted upto `5,00,000/-.

Deductions under Sections 80 C-E are available for individuals which would be discussed in the upcoming blogs on Tax Planning.
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Amritesh is an experienced professional in the field of HR, Finance and Compliance. He is currently working in the IT Industry with an US based firm. He took up Blogging as a hobby which eventually turned into passion. He primarily focuses on topics related to Personal Finance, HR, Compliance and Technology.
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