Income Tax Rates / Tax Slab for FY 2014-2015 (AY 2015-2016)

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tax-slab-rates-india

Income Tax Slab / Rates applicable in India for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI):

For Individuals below 60 years age (including Woman Assessees)
   
upto Rs 2.50 Lakh NIL
Rs 2.50  lakh – Rs 5 Lakh 10% on amount exceeding Rs 2.50 lakh
Rs 5 lakh – 10 Lakh  Rs 25000 + 20% of amount exceeding Rs 5 Lakh
above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh

 

For Individuals aged 60 years and above but below 80 years (Senior Citizen)
   
upto Rs 3 Lakh NIL
Rs 3 lakh – Rs 5 Lakh 10% on amount exceeding Rs 3 lakh
Rs 5 lakh – 10 Lakh  Rs 20000 + 20% of amount exceeding Rs 5 Lakh
above Rs 10 Lakh Rs 120000 + 30% of amount exceeding Rs 10 lakh

 

For Individuals aged 80 years and above (Very Senior Citizen)
   
Upto 500,000 Nil
500,000 to 1,000,000 20% of the amount exceeding 500,000
1,000,000 & above Rs.100,000 + 30% of the amount exceeding 1,000,000

 

3.   Surcharge on Income Tax –  If the total taxable income exceeds Rs 1 crore ,  there will be sucharge of 10% of Tax payable ( not 10% of income)

4.  Education Cess:  3% of Income Tax plus Surcharge  (applicable for every assesse)

5. Check various deductions you can claim while computing your tax. Read Article here