Here are the slabs for the income tax for the income incurring in Financial Year 2014-2015. The assessment year for these slabs is 2015-2016.
Income tax slabs
For General tax payers | ||||
Yearly Income | Tax Rate | |||
Upto Rs. 2,50,000 | Nil | |||
Rs. 2,50,001 to Rs. 5,00,000 | 10%* | |||
Rs. 5,00,001 to Rs. 10,00,000 | 20% | |||
Above Rs. 10,00,000 | 30%** |
For Women(Below 60 Years of age) | ||||
Yearly Income | Tax Rate | |||
Upto Rs. 2,50,000 | Nil | |||
Rs. 2,50,001 to Rs. 5,00,000 | 10%* | |||
Rs. 5,00,001 to Rs. 10,00,000 | 20% | |||
Above Rs. 10,00,000 | 30%** |
For Senior Citizen (Above 60 years but below 60 Years of age) | ||||
Yearly Income | Tax Rate | |||
Upto Rs. 2,50,000 | Nil | |||
Rs. 2,50,001 to Rs. 5,00,000 | Nil | |||
Rs. 3,00,001 to Rs. 5,00,000 | 10%* | |||
Rs. 5,00,001 to Rs. 10,00,000 | 20% | |||
Above Rs. 10,00,000 | 30%** |
For Senior Citizen (Above 80 years of age) | ||||
Yearly Income | Tax Rate | |||
Upto Rs. 2,50,000 | Nil | |||
Rs. 2,50,001 to Rs. 5,00,000 | Nil | |||
Rs. 3,00,001 to Rs. 5,00,000 | Nil | |||
Rs. 5,00,001 to Rs. 10,00,000 | 20% | |||
Above Rs. 10,00,000 | 30%** |
NOTE:
1) *A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh. However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh.
2) **Surcharge of 10% will be payable, if income is above Rs 1 crore
3) Education Cess: 3% of the Income-tax for all.