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Income Tax Slabs for FY 2014-2015

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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.


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