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Income Tax Rates / Tax Slab for AY 2014-2015 (FY 2013-2014)

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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 Lakh NIL
Rs 2 lakh – Rs 5 Lakh 10% on amount exceeding Rs 2 lakh
Rs 5 lakh – 10 Lakh  Rs 30000 + 20% of amount exceedng Rs 5 Lakh
above Rs 10 akh Rs 130000 + 30% of amount exceeding Rs 10 lakh

 

For Individuals aged 60 years and above but below 80 years (Senior Citizen)
   
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 exceedng Rs 5 Lakh
above Rs 10 akh Rs 125000 + 30% of amount exceeding Rs 10 lakh

 

Also Read:   Further Extension - Income Tax Return Filing Deadline for FY 2020-21 (AY 2021-22)
Also Read:   Further Extension - Income Tax Return Filing Deadline for FY 2020-21 (AY 2021-22)
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

 

2. Tax Rebate u/s 87A –  Claim upto Rs 2000 tax rebate , if the taxable income doesnot exceed Rs 5 lakh .  Read more details here

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

If you have any tax related queries, please enter the comments below or ask in our forum

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