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Saturday, 6 September 2014

Income Tax Slabs & Rates For Assessment Year 2015-16



INCOME SLABS (INDIVIDUALS BELOW 60 YRS)
TAX RATES
1.)
Total Income not exceeding `2,50,000/-
Nil
2.)
`2,50,001 but not exceeding `5,00,000/-
10% of Amount above `2,00,000/-*
3.)
`5,00,001-`10,00,000/-
`25,000/- Plus 20% of the amount exceeding `5,00,001/-
4.)
Above 10,00,001/-
`1,25,000/- Plus 30% of the amount exceeding `10,00,001/-**

NOTE:
 *A Tax Rebate of 10% (`2000/- maximum) is available to Resident Individuals whose earning is in the range of 2,50,001-5,00,000/-. However if the income exceeds `5,00,000/- the rebate is withdrawn.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  `3,00,000/-.

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 available for individuals would be discussed in the upcoming blogs on Tax Planning for AY 2015-16.

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