As per new Government of India, The Finance Minister had placed
union Budget 2014-15 and rising Tax Exemption Limit for Individuals by Rs. 50000/- each for Male and Female whether they are in Service or Pensioners. Due to this decision Taxpayee can get Tax Relief by Rs.
5150.00 whose Taxable Income below Rs. 500000/-. For Fin. Year 2014-15 more than 6 months are passed. Now Tax payee has only 5 months in hands and last month is for calculation. Therefore we are suggest to all Taxpayee (Specially Salaried Persons) to calculate TAX and deduct from OCT-2014 and avoide unwanted burden of TAX. 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
