Income Tax rates for FY 2014-15 (Financial Year 2014-15)and AY (Assessment Year)2015-16 as per Budget-II of 2014.
A. Individuals/HUFs/AOPs/BOI/Artificial Judicial Person
A1. FOR RESIDENT MEN and WOMEN (Age less than or equal to 60 Years)
Income Slab Rates (INR) | Percentage | Remarks |
Upto 2,50,000 | NIL | |
2,50,001 to 5,00,000 | 10% | Tax Credit U/S 87A is available upto Rs.2000 |
5,00,001 to 10,00,000 | 20% | |
Above 10,00,000 | 30% |
A2.FOR SENIOR CITIZENS (Age 60-80 Years)
Income Slab Rates (INR) | Percentage | Remarks |
Upto Rs. 3,00,000 | NIL | |
3,00,001 to 5,00,000 | 10% | Tax Credit U/S 87A is available upto Rs.2000 |
5,00,001 to 10,00,000 | 20% | |
Above 10,00,000 | 30% |
A3.FOR VERY SENIOR CITIZENS (Age Above 80 Years)
Income Slab Rates (INR) | Percentage |
Upto 5,00,000 | NIL |
5,00,001 to 10,00,000 | 20% |
Above 10,00,000 | 30% |
Surcharge of 10% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable.
Education Cess is 2% on income-tax and surcharge.
Secondary and higher education cess is 1% of income-tax and surcharge.
B.Co-operative Societies
Income Slab Rates (INR) | Percentage |
Upto 10,000 | NIL |
10,000 to 20,000 | 20% |
Above 20,000 | 30% |
Surcharge of 10% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable.
Education Cess is 2% on income-tax and surcharge.
Secondary and higher education cess is 1% of income-tax and surcharge.
C.Firms
Income Tax 30%
Surcharge of 10% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable.
Education Cess is 2% on income-tax and surcharge.
Secondary and higher education cess is 1% of income-tax and surcharge.
D. Local Authority
Income Tax 30%
Surcharge of 10% on Income-tax where taxable income exceeds Rs.1 crore however margin relief in surcharge is available , if applicable.
Education Cess is 2% on income-tax and surcharge.
Secondary and higher education cess is 1% of income-tax and surcharge.