Latest Income Tax Slabs FY 2014-15
IT Slabs for FY 2014-15 AY 2015-16
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Income Tax:
According to new budget 2014 , Income Tax slabs are changed. These slabs are applicable for the financial year 2014-15 or AY 2015-16.
No relaxation in tax paying for Women.
As per the section 4 of the income tax act, Tax should be paid in annual income. The tax paid on annual income is called Income Tax.
The total income from the sources Salaries, profits and gains of business, house property, Capital Gains, Income from other sources taking into the consideration to for income tax on the first day of April of any assessment year.
Income Tax Slabs FY 2014-15
| Revised Income Tax Slabs for Financial Year 2014-15 |
|---|
| Tax Slabs for Assessment Year 2015-16 |
|---|
| Every individual (Less than of the age 60years) |
|---|
| SNO | Income Range(In Rupees) | Amount of Tax |
|---|
| 1 | Total income Up to Rs.2,50,000 | -NIL-(Exemption) |
| 2 | Total income Between Rs.2,50,001 to 5,00,000 | 10% Income in excess of Rs.2,00,000 |
| 3 | Total income Between Rs.5,00,001 to 10,00,000 | Rs.30,000+ 20% of income in excess of Rs.5,00,000 lakhs |
| 4 | Total income Above Rs.10,00,000 | Rs.1,30,000+30% of income in excess of Rs.1,00,000 |
| Resident individual who's is the age of 60 year or more but less than 80 years |
|---|
| SNO | Income Range(In Rupees) | Amount of Tax |
|---|
| 1 | Total income Up to Rs.3,00,000 | -NIL-(Exemption) |
| 2 | Total income Between Rs.3,00,001 to 5,00,000 | 10% Income in excess of Rs.2,50,000 |
| 3 | Total income Between Rs.5,00,001 to 10,00,000 | Rs.25,000+ 20% of income in excess of Rs.5,00,000 lakhs |
| 4 | Total income Above Rs.10,00,000 | Rs.1,28,000+30% of income in excess of Rs.1,00,000 |
| Resident individual whos is the age of 80 years or more |
|---|
| SNO | Income Range(In Rupees) | Amount of Tax |
|---|
| 1 | Total income Up to Rs.5,00,000 | -NIL-(Exemption) |
| 2 | Total income Between Rs.5,00,001 to 10,00,000 | 20% of income in excess of Rs.5,00,000 lakhs |
| 3 | Total income Above Rs.10,00,000 | Rs.1,00,000+30% of the income excess Rs.10,00,000. |
Note: There is no separate slab for male and female
Education Cess: 3% of the total income tax
Latest Information:
Government has given relief to income tax payers , whose income is less than Rs.5 lakhs.
Income means gross income minus deductions. The person will get a tax credit of Rs.2000/-
as per section 87A in Income Tax Act. If person income is below Rs.5lkhs excluding deductions
he will get relief on tax payments.
87A: An assessee, being an individual resident in India, whose total income does not exceed
five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax
(as computed before allowing the deductions under this Chapter) on his total income with which
he is chargeable for any assessment year, of an amount equal to hundred per cent of such
income-tax or an amount of two thousand rupees, whichever is less.
Advance Tax: The due dates for various installments of advance tax are given below.
| DUE Date | Amount Payable |
|---|
| On or before 15th September of the previous year | Amount not less than 30% of such advance tax payable. |
| On or before 15th December of the previous year. | Amount not less than 60% of such advance tax payable. |
| or before 15th March of the previous year. | Entire balance amount of such advance tax payable. |
Income Tax Slabs FY 2013-15 Click here
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