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5/14/2014

Income tax slab for fy 2014-15

Income tax slab for fy 2014-15


The Income Tax Slab for fy 2014-15 / ay 2015-16 are no different from Income tax slab for fy 13-14.
As per the interim union budget present by finance minister P Chidambaram on 17th Feb 2014
there is no change in income rates and slabs as compared to previous year.

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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.

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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:

New Income tax slab for fy 2014-15 / ay 2014-15


New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 60 years (FY 2014-15)
S. No.

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%

For normal category the simple calculation is as follows


Taxable Income in 10% slab maximum tax will be Rs 28000 ( taking 2000 tax credit into consideration)
Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000 ( no tax credit for income above Rs 5,00,000)
Taxable Income in 30% slab minimum tax will be Rs Rs 1,30,000
Education and other cess will be in addition to this

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5/14/2014

Income tax slab for fy 2014-15

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3 comments to Income tax slab for fy 2014-15

B.vijayakumar

April 22, 2014 at 5:33 pm Reply


if the details are given about other exemptions like medical expenses vehicle repairs and limitations to senior citizens it might have been
better.Those who crossed 60 are prone for many chronic diseases and ever day they need to spend money on that If such exemptions
are there pl include in the table with a separate column When ever arrears are being drawn for previous year income that should be counted as
income of that particular year and tax should be calculated. some times if arrears of 2004 is rs 5000 during that year the income attained by the
individual including this arrears might have not attracted the provisions of IT. when the arrears are drawn in bulk we are being taxed there is no
natural justice
it may pl be looked in to
Thank you

BL Suri

April 7, 2014 at 3:54 pm Reply


I have deposited National Saving Scheme 1987 .My annual income estimated from other sources is Rs 10 lacs. My amount under this
scheme is now Rs 11.6 Lacs. How much I have to pay on withdrawal of 11.6 lacs from Post Office. If I dont withdraw , what my heirs
has to pay after my death as Tax . I want advice.

Nikhil A. Shravane

March 6, 2014 at 1:44 pm Reply


Is there any additional exemptions on home loan interest apart from Rs.1,50,000/- this year too? Mr. P. Chidambaram has given very
good and brilliant option to deduct Rs.1,00,000/- under section 80EE last year i.e. for FY13-14.
So one could have save additional Rs.10,000/- in tax slab 2L to 5L.

Public and bank holidays in Tamil Nadu 2014

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