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There is no change in 10%, 20% and 30% slab rates they remain the same. The 10% slab is
from Rs 2,00,000 to Rs 5,00,000. The 20% slab is from 5,00,001 to Rs 10,00,000 and 30% tax
slab starts from Rs 10,00,001
There is no change in tax structure for women and senior citizens. The much talked about DTC
(Direct tax code) to modernize the tax laws implementation has also been delayed and new
government will decide on this.
In new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure
bonds is also maintained and there is no change in this as compared to previous year. This is in
addition to exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.
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In income Tax Slab for ay 15-16 / fy 14-15, basic tax exemption limits are the same.
The new and revised income tax slabs and rates applicable for the financial year (FY) 2014-15
and assessment year (AY) 2015-16 are mentioned below:
Income Range
Tax percentage
Up to Rs 2,50,000
No tax / exempt
2,50,001 to 5,00,000
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%
New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 80 years (FY 2014-15)
S. No.
Income Range
Tax percentage
Up to Rs 5,00,000
No tax / exempt
5,00,001 to 10,00,000
20%
Above 10,00,000
30%
New Income Tax Slabs for ay 14-15 for Resident Women (below 60 years) (FY 2014-15)
1
Up to Rs 2,00,000
No tax / exempt
2,00,001 to 5,00,000
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%
New Income Tax Slabs for ay 14-15 for Others & Men (FY 2014-15)
1
Up to Rs 2,00,000
No tax / exempt
2,00,001 to 5,00,000
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%
Related Articles
1. Income Tax Exemptions for Salaried Employees
Every year most of the people eagerly wait for the budget proposals to be announced for various reasons. The most important one is on
the Exemptions permitted for salaried employees and individuals. As income tax is major component of the salary, the change in income
tax rates has major impact on the savings and expenses...
http://www.yourmoney.co.in/income-tax-slab-for-fy-2014-15.htm
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5/14/2014
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BL Suri
Nikhil A. Shravane
http://www.yourmoney.co.in/income-tax-slab-for-fy-2014-15.htm
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