Income Tax Slabs & Rates for Assessment Year 2014-15
INCOME SLABS (INDIVIDUALS BELOW 60 YRS)
Total Income not exceeding `2,00,000/-
`2,00,001 but not exceeding `5,00,000/-
10% of Amount above `2,00,000/-*
`30,000/- Plus 20% of the amount exceeding `5,00,001/-
`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 However if the income exceeds `5,00,000/- the rebate is withdrawn.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.