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Sunday, 2 February 2014

Income Tax Slabs & Rates for Assessment Year 2014-15



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 However if the income exceeds `5,00,000/- the rebate is withdrawn.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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