Income Tax
Rates & New Income Tax Slab for AY 2015-16 (FY 2014-15)
As a salaried
Professional ,Tax saving is one of the most important aspect in our investment
plannings & savings .As the new NDA govt has announced the Union budget for
FY 2014-15,I just wanted to share what is there for us w.r.t to Tax saving .
I am hoping for some effective changes in Tax slab & policies from Modi & NDA government thinking that "Acche Din aane walein hai "
Finger crossed for next few years !!
Income Tax Rates
applicable for Individuals, Hindu Undivided Family (HUF), Association of
Persons (AOP) and Body of Individuals (BOI) in India as proposed in the Union
Budget for FY 2014-15 is as under :
Assessment Year 2015-16, Relevant to Financial Year 2014-15
For Individuals below 60 years age (including Woman Assessees):
Income
|
Tax Rate
|
Upto 250,000
|
Nil
|
250,000 to 500,000
|
10% of the amount exceeding
250,000
|
500,000 to 1,000,000
|
Rs.25,000 + 20% of the amount
exceeding 500,000
|
1,000,000 & above
|
Rs.125,000 + 30% of the amount
exceeding 1,000,000
|
For Individuals aged 60 years and above but below 80 years (Senior Citizen):
Income
|
Tax Rate
|
Upto 300,000
|
Nil
|
300,000 to 500,000
|
10% of the amount exceeding
300,000
|
500,000 to 1,000,000
|
Rs.20,000 + 20% of the amount
exceeding 500,000
|
1,000,000 & above
|
Rs.120,000 + 30% of the amount
exceeding 1,000,000
|
For Individuals aged 80 years and above (Very Senior Citizen):
Income
|
Tax Rate
|
Upto 500,000
|
Nil
|
500,000 to 1,000,000
|
20% of the amount exceeding
500,000
|
1,000,000 & above
|
Rs.100,000 + 30% of the amount
exceeding 1,000,000
|
Tax Credit: Finance Bill 2014 is silent on the Section 87A, which was introduced by Finance Bill 2013 with effect from AY 2014-15 and provides a rebate of Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000. Hence this provision continues for AY 2015-16 as well.
Surcharge on Income Tax: 10% of the Income Tax
payable, in case the total taxable income exceeds Rs.10,000,000. Surcharge
shall not exceed the amount of income that exceeds Rs.10,000,000.
Education Cess: 3% of Income Tax plus Surcharge
Note: The above Income Tax rates have been proposed in the Union Budget for FY 2014-15 presented by the NDA government. These rates supersedes the proposal in the Vote On Account presented by the erstwhile UPA government pending Lok Sabha elections.
Education Cess: 3% of Income Tax plus Surcharge
Note: The above Income Tax rates have been proposed in the Union Budget for FY 2014-15 presented by the NDA government. These rates supersedes the proposal in the Vote On Account presented by the erstwhile UPA government pending Lok Sabha elections.
Reference : Google Images & http://www.smartpaisa.in/
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