Income Tax Slabs & Rates
for Assessment Year 2014-15 - India
Please click on the links below
to view the Income Tax (also written shortly as I. tax or Inc. tax) Slabs and
Rates for Next Assessment Year 2014-15 (applicable on income earned
during 01.04.2013 to 31.03.2014) for various categories of Indian Income Tax
payers.
Individual resident who is of the age of 60 years or more but below the age of
80 years at any time during the previous year (i.e. born on or
after 1st April 1934 but before 1st April 1954)
1.
Individual resident who is of the age of 80 years or more at
any time during the previous year (i.e. born before 1st April
1934)
2.
Co-operative Society
3.
Firm
4.
Local Authority
5.
Domestic Company
6.
Company other than a Domestic Company
Marginal Relief : When an assessee's taxable income
exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed rates
mentioned above on Income Tax payable by him. However, the amount of Income Tax
and Surcharge shall not increase the amount of income tax payable on a taxable
income of Rs. 1 crore by more than the amount of increase in taxable income.
Example :
In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-
Disclaimer
:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
Regards
Kshitij Yelkar
www.yelkar.com
Mumbai- India
for Assessment Year 2014-15 - India
Please send us your
suggestions / feedback to enable us to make this page more user-friendly and
useful.
Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI / HUF / AOP /
BOI / AJP*
Income Tax :Calculate Tax Liability for AY
2014-15
|
Income Slabs
|
Tax Rates
|
|
|
i.
|
Where the total income does not exceed Rs. 2,00,000/-.
|
NIL
|
|
ii.
|
Where the total income exceeds Rs. 2,00,000/- but does
not exceed Rs. 5,00,000/-.
|
10% of amount by which the total income exceeds Rs.
2,00,000/-.
Less : Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-. |
|
iii.
|
Where the total income exceeds Rs. 5,00,000/- but does
not exceed Rs. 10,00,000/-.
|
Rs. 30,000/- + 20% of the amount by which the total
income exceeds Rs. 5,00,000/-.
|
|
iv.
|
Where the total income exceeds Rs. 10,00,000/-.
|
Rs. 130,000/- + 30% of the amount by which the total
income exceeds Rs. 10,00,000/-.
|
Surcharge : 10%
of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge,
if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
* Abbreviations
used :
NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person
NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person
Individual resident who is of the age of 60 years or more but below the age of
80 years at any time during the previous year (i.e. born on or
after 1st April 1934 but before 1st April 1954)
Income Tax :Calculate Tax Liability for AY
2014-15
|
Income Slabs
|
Tax Rates
|
|
|
i.
|
Where the total income does not exceed Rs. 2,50,000/-.
|
NIL
|
|
ii.
|
Where the total income exceeds Rs. 2,50,000/- but does
not exceed Rs. 5,00,000/-
|
10% of the amount by which the total income exceeds Rs.
2,50,000/-.
|
|
iii.
|
Where the total income exceeds Rs. 5,00,000/- but does
not exceed Rs. 10,00,000/-
|
Rs. 25,000/- + 20% of the amount by which the total
income exceeds Rs. 5,00,000/-.
|
|
iv.
|
Where the total income exceeds Rs. 10,00,000/-
|
Rs. 125,000/- + 30% of the amount by which the total
income exceeds Rs. 10,00,000/-.
|
Surcharge : 10% of the Income
Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge,
if applicable)
Education Cess : 3% of the total
of Income Tax and Surcharge.
1.
Individual resident who is of the age of 80 years or more at
any time during the previous year (i.e. born before 1st April
1934)
Income Tax :Calculate Tax Liability for AY
2014-15
|
Income Slabs
|
Tax Rates
|
|
|
i.
|
Where the total income does not exceed Rs. 5,00,000/-.
|
NIL
|
|
ii.
|
Where the total income exceeds Rs. 5,00,000/- but does
not exceed Rs. 10,00,000/-
|
20% of the amount by which the total income exceeds Rs.
5,00,000/-.
|
|
iii.
|
Where the total income exceeds Rs. 10,00,000/-
|
Rs. 100,000/- + 30% of the amount by which the total
income exceeds Rs. 10,00,000/-.
|
Surcharge : 10% of the Income
Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge,
if applicable)
Education Cess : 3% of the total
of Income Tax and Surcharge.
2.
Co-operative Society
Income Tax :Calculate Tax Liability for AY
2014-15
|
Income Slabs
|
Tax Rates
|
|
|
i.
|
Where the total income does not exceed Rs. 10,000/-.
|
10% of the income.
|
|
ii.
|
Where the total income exceeds Rs. 10,000/- but does not
exceed Rs. 20,000/-.
|
Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
|
|
iii.
|
Where the total income exceeds Rs. 20,000/-
|
Rs. 3.000/- + 30% of the amount by which the total income
exceeds Rs. 20,000/-.
|
Surcharge : 10% of the Income
Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge,
if applicable)
Education Cess : 3% of the total
of Income Tax and Surcharge.
3.
Firm
Income Tax : 30% of total
income.Calculate Tax
Liability for AY 2014-15
Surcharge : 10% of the Income
Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge,
if applicable)
Education Cess : 3% of the total
of Income Tax and Surcharge.
4.
Local Authority
Income Tax : 30% of total
income.Calculate Tax
Liability for AY 2014-15
Surcharge : 10% of the Income
Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge,
if applicable)
Education Cess : 3% of the total
of Income Tax and Surcharge.
5.
Domestic Company
Income Tax : 30% of total
income.Calculate Tax
Liability for AY 2014-15
Surcharge : The amount of
income tax as computed in accordance with above rates, and after being reduced
by the amount of tax rebate shall be increased by a surcharge
o At the rate of 5%
of such income tax, provided that the total income exceeds Rs. 1 crore. (Marginal Relief in Surcharge,
if applicable)
o At the rate of 10%
of such income tax, provided that the total income exceeds Rs. 10 crores.
Education Cess : 3% of the total
of Income Tax and Surcharge.
6.
Company other than a Domestic Company
Income Tax :Calculate Tax Liability for AY
2014-15
o @ 50% of on so
much of the total income as consist of (a) royalties received from Government
or an Indian concern in pursuance of an agreement made by it with the
Government or the Indian concern after the 31st day of March, 1961 but before
the 1st day of April, 1976; or (b) fees for rendering technical services
received from Government or an Indian concern in pursuance of an agreement made
by it with the Government or the Indian concern after the 29th day of February,
1964 but before the 1st day of April, 1976, and where such agreement has, in
either case, been approved by the Central Government.
o @ 40% of the
balance
Surcharge :
The amount of income tax as computed in accordance with above
rates, and after being reduced by the amount of tax rebate shall be increased
by a surcharge as under
o At the rate of 2%
of such income tax, provided that the total income exceeds Rs. 1 crore. (Marginal Relief in Surcharge,
if applicable)
o At the rate of 5% of
such income tax, provided that the total income exceeds Rs. 10 crores.
Education Cess : 3% of the total
of Income Tax and Surcharge.
Example :
In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-
|
1.
|
Income Tax
|
Rs. 28,30,300
|
|
2.
|
Surcharge @10% of Income Tax
|
Rs. 2,83,030
|
|
3.
|
Income Tax on income of Rs. 1 crore
|
Rs. 28,30,000
|
|
4.
|
Maximum Surcharge payable
(Income over Rs. 1 crore less income tax on income over Rs. 1 crore) |
Rs. 700/- (1000 - 300)
|
|
5.
|
Income Tax + Surcharge payable
|
Rs. 28,31,000
|
|
6.
|
Marginal Relief in Surcharge
|
Rs. 2,82,330/- (2,83,030 - 700)
|
No
change in existing Tax Rates (as shown above) has been proposed in the Interim
Budget for the Fiscal Year 2014-15.
Disclaimer
:
All efforts are made to keep the content of this site correct and up-to-date. But, this site does not make any claim regarding the information provided on its pages as correct and up-to-date. The contents of this site cannot be treated or interpreted as a statement of law. In case, any loss or damage is caused to any person due to his/her treating or interpreting the contents of this site or any part thereof as correct, complete and up-to-date statement of law out of ignorance or otherwise, this site will not be liable in any manner whatsoever for such loss or damage.
Reference website :
http://finotax.com/income-tax/slabs-next
Kshitij Yelkar
www.yelkar.com
Mumbai- India
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