09/08/2014

Income Tax Slab for FY 2014-15 AY 2015-16

Summary INCOME TAX SLAB FOR FY 2014-15 AY 2015-16, INCOME TAX SLAB AFTER BUDGET 2014
If you are searching for the income tax slab or income tax rates for A.Y. 2014-15 or A.Y. 2015-16 then you are on right place as we are going to list here income tax slab in a very simple manner. So that every layman can understand and calculate income tax in a very easy way even you will enjoy to find out other persons income tax. 
Income Tax Slab for A.Y. 2015-16 (F.Y. 2014-15)

Income
Tax Rates
i)
Income up to 2.5 lakh
NIL
ii)
Income From 2.5 Lakh to 5 Lakh
10% on income over Rs. 2.5 Lakh
iii)
Income from 5 Lakh to 10 Lakh
Rs. 25,000/- plus 20% on above income 5 lakh
iv)
Income above 10 lakh
Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v)
Surcharge will be applicable @ 10% when total taxable income is over 1 crore
vi)
3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

Income Tax Slabs for Indviduals for 60 years or above but below 80 years A.Y.2015-16

Income
Tax Rates
i)
Income up to 3 lakh
NIL
ii)
Income From 3 Lakh to 5 Lakh
10% on income over Rs. 3 Lakh
iii)
Income from 5 Lakh to 10 Lakh
Rs. 20,000/- plus 20% on above income 5 lakh
iv)
Income above 10 lakh
Rs. 1 lakh 20 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals Over 80 Years A.Y.2015-16

Income
Tax Rates
i)
Income up to 5 Lakh
NIL
ii)
Income From 5 Lakh to 10 Lakh
20% on income over Rs.5 Lakh
iii)
Income above 10 lakh
Rs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge



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