The Finance Minister had placed union Budget 2014-15 by rising Tax Exemption Limit for Salaried Class Employee by Rs. 50000/- for Male and Female as well Pensions. By this extended exemption Salaried Employee can get relief in Tax by Rs. 5150.00 whose Taxable Salary below Rs. 500000/-. It is great benefit for middle class Taxpayee Salaried Employee. The Finance Minister further told that “I propose not to make any changes in the tax rate. However, with the
view to provide relief to small and marginal and senior citizen, I
propose to increase the personal income tax exemption limit by Rs 50,000
from Rs 2 lakh to Rs 2.50 lakh in case of all individual tax payer who
are below the ago of 60 years,”. As per Budget 2014-15 the Income Tax Slab is as bellow:
UPDATED INCOME TAX SLABS
1. Tax Slab for an Individual (resident & below 60 years) or HUF/AOP/BOI/AJP
Income Slabs
|
Tax Rates
|
Total income up to Rs. 2.5 Lac
|
0% Tax
|
Total income above Rs. 2.5 Lac and below Rs.5 Lac
|
10% on amount exceeding Rs. 2.5 Lac
|
Total income above Rs. 5 Lac and below Rs.10 Lac
|
20% on Income exceeding Rs. 5 Lac + Rs. 25,000
|
Total income more than Rs. 10 Lac
|
30% on Income exceeding Rs. 10 Lac + Rs. 1,25,000
|
- u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000
- Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable
2. Tax Slab for an Individual (resident & above 60 years but below 80 years)
Income Slabs
|
Tax Rates
|
Total income up to Rs. 3.00 Lac
|
0% Tax
|
Total income above Rs. 3.00 Lac and below Rs.5 Lac
|
10% on amount exceeding Rs. 3.00 Lac
|
Total income above Rs. 5 Lac and below Rs.10 Lac
|
20% on Income exceeding Rs. 5 Lac + Rs. 20,000
|
Total income more than Rs. 10 Lac
|
30% on Income exceeding Rs. 10 Lac + Rs. 1,20,000
|
- u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000
- Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable
3. Tax Slab for an Individual (resident & above 80 years)
Income Slabs
|
Tax Rates
|
Total income up to Rs. 5 Lac
|
0% Tax
|
Total income above Rs. 5 Lac and below Rs.10 Lac
|
20% on Income exceeding Rs. 5 Lac
|
Total income more than Rs. 10 Lac
|
30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac
|
- Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable
EDUCATION CESS
- The amount of Income-tax shall be increased by Education Cess of 3% on Income-tax.
Main Changes regarding Income Tax are as follows by this Budget :
- There is no change in income tax rates in Surcharge and educational cess.
- Kissan Vikas patra Reintroduced
- PPF Limit Increased to Rs 150000/-
- 2 % TDS on payment of Taxable Life insurance maturity amount.
- Dividend distribution tax Increased
Free Download Updated TDS (TAX) Calculator for Asstt. Year 2015-16
