Income Tax rates for FY 2014-15

Income Tax rates for FY 2014-15 (Financial Year 2014-15)and AY (Assessment Year)2015-16 as per Budget-II of 2014.

income tax rates for fy 2014-15

 

 

 

 

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.

 Disclaimer: Every effort has been made to provide quality contents  to avoid any errors and omissions however it is suggested for removal of any doubts ,user should take professional advice or should confirm with relevant Government laws, acts and notifications. FinanceFriend.in or its authors or publisher are not responsible for any loss or liability incurred by using above mentioned information.

Author

    by
  • CA. Kalpesh Karia

    CA. Kalpesh Karia is a Fellow Chartered Accountant . He founded and developed this blog ' FinanceFriend.in ' in 2012. He regularly posts articles related to finance and taxation on his blog. As the name suggests, he is trying to be a Finance Friend and wants to give back to society what he has learned over the years. He shares knowledge based on his 18 years of experiences in areas like Finance, Accounts, Taxation, Forex & Treasury , Wealth Management & Financial Planning, Costing, SAP and Digital Transformation .

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.