Income Tax Slabs & Rates for Assessment Year 2014-15
- Posted By Amritesh
- On February 2nd, 2014
- Comments: 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 However if the income exceeds `5,00,000/- the rebate is withdrawn.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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