Tax Slab in India 2014-15-Individual

Assessment Year: 2014-2015

Previous Year     : 2013-2014

A)  In case of Individual (including women) whose age is not more than sixty years.

Total income up to 2,00,000

Nil

Total income in excess of  2,00,000 up to 5,00,000

10 % of the amount in excess of 2,00,000

Less

Tax credit (10% of taxable income up to a maximum of Rs. 2,000 for residents)

Total income in excess of 5,00,000 up to 10,00,000

20 % of the amount in excess of 5,00,000 + 30000

Total income in excess of 10,00,000

30 % of the amount in excess of 10,00,000 + 130000

 

B) In case of resident individual who is of the age of sixty years or more but not more than the age of eighty years during the previous year.

Total income up to 2,50,000

Nil

Total income in excess of 2,50,000 up to 5,00,000

10 % of the amount in excess of 2,50,000

Total income in excess of 5,00,000 up to 10,00,000

20 % of the amount in excess of 5,00,000 + 25,000

Total income in excess of 10,00,000

30 % of the amount in excess of 10,00,000 + 1,25,000

 

C) In case of individual who is of the age of eighty years or more at any time during the previous year.

Total income up to 5,00,000

Nil

Total income in excess of 5,00,000 up to 10,00,000

20 % of the amount in excess of 5,00,000

Total income in excess of 10,00,000

30 % of the amount in excess of 10,00,000 + 1,00,000

 

Surcharge and Education Cess applicable to above mentioned persons

  • Surcharge: 10 % of income tax, where taxable income exceeds Rs 1 crore(Marginal Relief in surcharge may be available)
  • Education cess: 3 % of income tax&surcharge,if any

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