Income Tax Rates for FY 2014-15 i.e. I.T. Rates for AY 2015-16 For Individuals

Income Tax Rates for financial year(F.Y.) 2014-15 i.e. I.T. Rates for Assessment Year( A.Y.) 2015-16  as per the Finance (No. 2) Act, 2014 for Individuals (Male & Female Including Senior Citizens and Super Senior Citizens)

Rate of Income Tax A.Y.2015-16 (Due Date of Filling Income Tax Return is 31st July 2015) for Individual age below 60 yrs

S.No.Total Income LimitsRate of Tax for Individual Below 60 yrs includes Female
1Total Income below Rs. 2,50,000/-Nil
2Total Income between Rs. 2,50,000 -Rs. 5,00,000/-10 per cent of the amount by which the total income exceeds Rs. 2,50,000/
3Total Income between Rs. 500,000 -Rs. 10,00,000/-Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
4Total Income above Rs. 10,00,000/-Rs. 1,25,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/

Rate of Income Tax A.Y.2015-16 for senior citizens age above 60 Yrs but below 80 Yrs

S.No.Total Income LimitsIndividual Above 60 Yrs but Less than 80 Yrs of age
1Total Income below Rs. 3,00,000/-Nil
2Total Income between Rs. 3,00,000 -Rs. 5,00,000/-10 per cent of the amount by which the total income exceeds Rs. 3,00,000/
3Total Income between Rs. 500,000 -Rs. 10,00,000/-Rs. 20,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
4Total Income above Rs. 10,00,000/-Rs. 1,20,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/-

Rate of Income Tax A.Y.2015-16 for super senior citizens age above 80 Yrs

S.NoTotal Income LimitsIndividual Above 80Yrs of age
1Total Income below Rs. 5,00,000/-Nil
2Total Income between Rs. 5,00,000 -Rs. 10,00,000/-20 per cent of the amount by which the total income exceeds Rs. 5,00,000/-
3Total Income above Rs. 10,00,000/-Rs. 1,00,000/- plus 30 per cent of the amount by which the total income exceeds Rs. 10,00,000/
  • Surcharge@10% is applicable only if total income is above Rs 1Crs during FY 2014-15.
  • Education Cess of 2% & Secondary and Higher Education Cess of 1% is payable on Income Tax .

For Calculating Taxable Salary: How to Calculate Your Income from salary for Income Tax

DOWNLOAD ITR 1: INCOME TAX RETURN FOR SALARIED INDIVIDUAL FOR AY 2014-15

Income Tax Department has issued the updated schema for ITR 1 (INCOME TAX RETURN 1) for Assessment year 2014-15 i.e. Income Tax Return for Financial Year 2013-14 (For period 1st April 2013-31st March 2014). ITR-1 Scheme is applicable for online filing of Income Tax Return as now its compulsory to file to online Income tax return for Income above Rs 5 lakhs. Also Download the ITR-1 in PDF Format for physical filing with Income Tax Department.

ITR-1 Form is to be used by an individual whose total income for the assessment year 2012-13 includes:- 

  • (a) Income from Salary/ Pension; or
  • (b) Income from One House Property (excluding cases where loss is brought forward from previous years); or
  • (c) Income from Other Sources (excluding Winning from Lottery and Income from Race Horses)

 

Download (PDF)

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Income Tax Slab: Income Tax Rates for FY 2013-14, AY 2014-15

Income Tax Slab Rate for Year F.Y. 2013-14 (A.Y 2014-15). Finance Act, 2013 has made no changes in the Income tax slab rates for Individual, Woman,Senior Citizen, Super Senior Citizen and HUF/AOP/BOI/artificial juridical person and Companies (including partnership firms and LLP’s) as compared to FY 2012-13 i.e. AY 2013-14.  Income Tax liability depends on the Income tax rates applicable to the assessee so assessee must be aware about the applicable income tax rates and also based on the tax liability  person can plan his Income Tax saving strategy in advance. As individual with Total income of Rs.6 Lac can plan the tax saving investment for AY 2014-15 in Year 2013-14 and invest in tax saving investment options like ELSS Mutual Fund or Provident Fund or Invest in Rajiv Gandhi Equity Scheme and Save Rs 22000 (20% of  Rs 1 Lac plus additional income tax benefit of Rs 2000/- allowed in Finance Act 2013 available only to person with income of less than Rs 5 Lac). 

As per Finance Act, 2013 section 87A of the Income Tax Act, 1961 additional rebate of Rs.2000/- will be given to the individual tax payer whose total does not exceed Rs 5 lakhs or we can say that Individual Tax Payer whose total income doesn’t exceed Rs 5 Lakhs is eligible for deduction of Rs 20000/- from income. Finance Act, 2013 has levied the Surcharge of 10 percent on persons (other than companies) whose taxable income exceed Rs.1 crore to augment revenues. Also government has increase the dividend distribution tax or tax on distributed income, current surcharge increased from 5 to 10 percent. Reductions made in rates of Securities Transaction Tax in respect of certain transaction.

Income Tax Rates for Assessment Year 2014-15

Income Tax Rates for a resident woman (who is below 60 years):

Net income range
Income tax ratesEducation cessSecondary and higher education cess
Up to Rs. 2,00,000NilNilNil
Rs. 2,00,000 – 5,00,00010% of (total income – 2,00,000)2% of income tax1% of income tax
Rs. 5,00,000 – 10,00,00030000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,000130000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax

Income Tax Rates for a resident senior citizen(who is above 60 years but below 80 years): 

Net income rangeIncome tax ratesEducation cessSecondary and higher education cess
Up to Rs. 2,50,000NilNilNil
Rs. 2,50,000 – 5,00,00010% of (total income – 2,50,000)2% of income tax1% of income tax
Rs. 5,00,000 – 10,00,00025,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,0001,25,000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax

Income Tax Rates for a resident super senior citizen(who is above 80 years): 

Net income rangeIncome tax ratesEducation cessSecondary and higher education cess
Up to Rs. 5,00,000NilNilNil
Rs. 5,00,000 – 10,00,00020% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,0001,00,000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax

Income Tax Rates for any other individual i.e. every HUF/AOP/BOI/artificial juridical person: 

Net income rangeIncome tax ratesEducation cessSecondary and higher education cess
Up to Rs. 2,00,000NilNilNil
Rs. 2,00,000 – 5,00,00010% of (total income – 2,00,000)2% of income tax1% of income tax
Rs. 5,00,000 – 10,00,00030,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,0001,30,000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax

Income Tax Rates for Partnership Firm including LLP:

  • Income Tax Rate: 30%
  • Education Cess: 3%

Income Tax Rates for Domestic Companies:

  • Income Tax Rate : 30%
  • Surcharge: 5% ( surcharge @ 10 percent on domestic companies whose taxable income exceed Rs.10 crore).
  • Education Cess: 3%

Income Tax Slab Rates for 2013-14 and 2014-15

Income Tax Slab Rate for Year 2013-14(A.Y.) and Income Tax Rates for F.Y. 2013-14 (A.Y 2014-15) are same as Year 2012-13. Finance Act, 2013 has made no changes in the Income tax slab rates for Individual, Woman,Senior Citizen, Super Senior Citizen and HUF/AOP/BOI/artificial juridical person and Companies (including partnership firms and LLP’s). Income Tax payer must be aware about the applicable Income Tax slab rate to him as it will help him to plan his income tax liability and also he can plan the Income Tax saving strategy in advance. Also tax Payer with higher tax liability has to plan his advance tax payment based on Income tax rates applicable to him. So its better to plan in advance your saving strategies and save your money.

As per Finance Act, 2013 section 87A of the Income Tax Act, 1961 rebate of Rs.2000/- will be given to the individual tax payer whose total does not exceed Rs 5 lakhs or we can say that Individual Tax Payer whose total income doesn’t exceed Rs 5 Lakhs is eligible for deduction of Rs 20000/- from income.

Income Tax Rates for Assessment Year 2013-14 and 2014-15

  • Income Tax Rates for a resident woman (who is below 60 years):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,00,000Nil NilNil
Rs. 2,00,000 – 5,00,00010% of (total income – 2,00,000)2% of income tax1% of income tax
Rs. 5,00,000 – 10,00,00030000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,000130000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax
  • Income Tax Rates for a resident senior citizen(who is above 60 years but below 80 years):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,50,000Nil NilNil
Rs. 2,50,000 – 5,00,00010% of (total income – 2,50,000)2% of income tax1% of income tax
Rs. 5,00,000 – 10,00,00025,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,0001,25,000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax
  • Income Tax Rates for a resident super senior citizen(who is above 80 years):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 5,00,000Nil NilNil
Rs. 5,00,000 – 10,00,00020% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,0001,00,000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax
  • Income Tax Rates for any other individual i.e. every HUF/AOP/BOI/artificial juridical person:

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,00,000Nil NilNil
Rs. 2,00,000 – 5,00,00010% of (total income – 2,00,000)2% of income tax1% of income tax
Rs. 5,00,000 – 10,00,00030,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 10,00,0001,30,000 + 30% of (total income – 10,00,000)2% of income tax1% of income tax

Income Tax Rates for Partnership Firm including LLP:

  • Income Tax Rate: 30% 
  • Education Cess: 3% 

Income Tax Rates for Domestic Companies:

  • Income Tax Rate : 30% 
  • Surcharge: 5% ( surcharge from 5 to 10 percent on domestic companies whose taxable income exceed Rs.10 crore).
  • Education Cess: 3% 

Income Tax Slab Rates 2012-13

Income Tax Slab Rate for A.Y. 2012-13(.i.e FY 2011-12.) and Income Tax Rates for F.Y. 2011-12 as per  Finance Act, 2011. Income tax slab rates for Individual, Woman,Senior Citizen, Super Senior Citizen and HUF/AOP/BOI/artificial juridical person and Companies (including partnership firms and LLP’s). Minimum tax exemption limit for individual is Rs 180,000/- and for resident women below age of 60 Yrs is Rs 190,000/- and for individual age between 60Yr to 80 Yrs .i.e senior citizen is Rs 250,000/- and individual with age above 80 yrs is Rs 500,000/-.

Income Tax Rates Assessment Year 2012-13

Income Tax Rates for a resident woman (who is below 60 years):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 1,90,000Nil NilNil
Rs. 1,90,000 – 5,00,00010% of (total income – 1,90,000)2% of income tax1% of income tax
Rs. 5,00,000 – 8,00,00031000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 8,00,00091000 + 30% of (total income – 8,00,000)2% of income tax1% of income tax

Income Tax Rates for a resident senior citizen(who is above 60 years but below 80 years):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,50,000Nil NilNil
Rs. 2,50,000 – 5,00,00010% of (total income – 2,50,000)2% of income tax1% of income tax
Rs. 5,00,000 – 8,00,00025,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 8,00,00085,000 + 30% of (total income – 8,00,000)2% of income tax1% of income tax

Income Tax Rates for a resident super senior citizen(who is above 80 years):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 5,00,000Nil NilNil
Rs. 5,00,000 – 8,00,00020% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 8,00,00060,000 + 30% of (total income – 8,00,000)2% of income tax1% of income tax

Income Tax Rates for any other individual i.e. every HUF/AOP/BOI/artificial juridical person:

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 1,80,000Nil NilNil
Rs. 1,80,000 – 5,00,00010% of (total income – 1,80,000)2% of income tax1% of income tax
Rs. 5,00,000 – 8,00,00032,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 8,00,00092,000 + 30% of (total income – 8,00,000)2% of income tax1% of income tax


Tax Slab Rates 2011-12 FY 2010-11

Income Tax Slab Rate for A.Y. 2011-12(.i.e FY 2010-11.) and Income Tax Rates for F.Y. 2010-11 as per  Finance Act, 2010. Income tax slab rates for Individual, Woman,Senior Citizen, Super Senior Citizen and HUF/AOP/BOI/artificial juridical person and Companies (including partnership firms and LLP’s). Minimum tax exemption limit for individual is Rs 160,000/- and for resident women below age of 65 Yrs is Rs 190,000/- and for individual age between 65 Year and above .i.e senior citizen is Rs 240,000/-

Assessment Year 2011-12

  • For a resident woman (who is below 65 years):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 1,90,000Nil NilNil
Rs. 1,90,000 – 5,00,00010% of (total income – 1,90,000)2% of income tax1% of income tax
Rs. 5,00,000 – 8,00,00031000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 8,00,00091000 + 30% of (total income – 8,00,000)2% of income tax1% of income tax
  • For a resident senior citizen(who is above 65 years ):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,40,000Nil NilNil
Rs. 2,40,000 – 5,00,00010% of (total income – 2,40,000)2% of income tax1% of income tax
Rs. 5,00,000 – 8,00,00026,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 8,00,00086,000 + 30% of (total income – 8,00,000)2% of income tax1% of income tax
  • For any other individual (i.e. every HUF/AOP/BOI/artificial juridical person):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 1,60,000Nil NilNil
Rs. 1,60,000 – 5,00,00010% of (total income – 1,60,000)2% of income tax1% of income tax
Rs. 5,00,000 – 8,00,00034,000 + 20% of (total income – 5,00,000)2% of income tax1% of income tax
Above Rs. 8,00,00094,000 + 30% of (total income – 8,00,000)2% of income tax1% of income tax


Tax Slab Rates 2010-11

Income Tax Slab Rate for A.Y. 2010-11(.i.e FY 2009-10.) and Income Tax Rates for F.Y. 2009-10 as per  Finance Act, 2009. Income tax slab rates for Individual, Woman,Senior Citizen, Super Senior Citizen and HUF/AOP/BOI/artificial juridical person and Companies (including partnership firms and LLP’s). Minimum tax exemption limit for individual is Rs 160,000/- and for resident women below age of 65 Yrs is Rs 190,000/- and for individual age between 65 Year and above .i.e senior citizen is Rs 240,000/-

Assessment Year 2010-11

  • For a resident woman (who is below 65 years):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 1,90,000Nil NilNil
Rs. 1,90,000 – 3,00,00010% of (total income – 1,90,000)2% of income tax1% of income tax
Rs. 3,00,000 – 5,00,00011000 + 20% of (total income – 3,00,000)2% of income tax1% of income tax
Above Rs. 5,00,00051000 + 30% of (total income – 5,00,000)2% of income tax1% of income tax
  • For a resident senior citizen(who is above 65 years ):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,40,000Nil NilNil
Rs. 2,40,000 – 3,00,00010% of (total income – 2,40,000)2% of income tax1% of income tax
Rs. 3,00,000 – 5,00,0006,000 + 20% of (total income – 3,00,000)2% of income tax1% of income tax
Above Rs. 5,00,00046,000 + 30% of (total income – 5,00,000)2% of income tax1% of income tax
  • For any other individual (i.e. every HUF/AOP/BOI/artificial juridical person):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 1,60,000Nil NilNil
Rs. 1,60,000 – 3,00,00010% of (total income – 1,60,000)2% of income tax1% of income tax
Rs. 3,00,000 – 5,00,00014,000 + 20% of (total income – 3,00,000)2% of income tax1% of income tax
Above Rs. 5,00,00054,000 + 30% of (total income – 5,00,000)2% of income tax1% of income tax


Tax Slab Rates 2009-10

Income Tax Slab Rate for A.Y. 2009-10(.i.e FY 2008-09.) and Income Tax Rates for F.Y. 2008-09 as per  Finance Act, 2008. Income tax slab rates for Individual, Woman,Senior Citizen, Super Senior Citizen and HUF/AOP/BOI/artificial juridical person and Companies (including partnership firms and LLP’s). Minimum tax exemption limit for individual is Rs 150,000/- and for resident women below age of 65 Yrs is Rs 180,000/- and for individual age between 65 Year and above .i.e senior citizen is Rs 225,000/-

Assessment Year 2009-10

  • For a resident woman (who is below 65 years):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 1,80,000Nil NilNil
Rs. 1,80,000 – 3,00,00010% of (total income – 1,80,000)2% of income tax1% of income tax
Rs. 3,00,000 – 5,00,00012000 + 20% of (total income – 3,00,000)2% of income tax1% of income tax
Above Rs. 5,00,00052000 + 30% of (total income – 5,00,000)2% of income tax1% of income tax
  • For a resident senior citizen(who is above 65 years ):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 2,25,000Nil NilNil
Rs. 2,25,000 – 3,00,00010% of (total income – 2,25,000)2% of income tax1% of income tax
Rs. 3,00,000 – 5,00,0007500 + 20% of (total income – 3,00,000)2% of income tax1% of income tax
Above Rs. 5,00,00047,500 + 30% of (total income – 5,00,000)2% of income tax1% of income tax
  • For any other individual (i.e. every HUF/AOP/BOI/artificial juridical person):

Net income range

Income tax rates

Education cess

Secondary and higher education cess

Up to Rs. 1,50,000Nil NilNil
Rs. 1,50,000 – 3,00,00010% of (total income – 1,60,000)2% of income tax1% of income tax
Rs. 3,00,000 – 5,00,00015,000 + 20% of (total income – 3,00,000)2% of income tax1% of income tax
Above Rs. 5,00,00055,000 + 30% of (total income – 5,00,000)2% of income tax1% of income tax

How to Compute Tax from Tax Slab Rates

Computation of Taxable Income for AY 2012-13.

Assessment Year 2012 -13

If person is individual and below 60 years and his total income after deductions is 12,00,000 :

Step 1: on calculator (12,00,000 – 8,00,000) = 4,00,000 *30% = Rs. 1,20,000

Step 2: then (8,00,000 – 5,00,000) = 3,00,000 *20% = Rs. 60,000

Step 3: then (5,00,000 – 1,80,000) = 3,20,000*10% = Rs. 32,000

Step 4: then add (Rs. 1,20,000+ Rs. 60,000+ Rs. 32,000) = Rs. 2,12,000

Step 5: then Rs. 2,12,000 *3% = Rs.
6360

Step 6: then (Rs. 2,12,000 + Rs.
6360) = Rs. 2,18,360

  • Net tax payble = Rs. 2,18,360

If person is a resident woman and below 60 years and her total income after deductions is 7,00,000 :

Step 1: On calculator (7,00,000 – 5,00,000) = 2,00,000 *20% = Rs. 40,000

Step 2: then (5,00,000 – 1,90,000) = 3,10,000*10% = Rs. 31,000

Step 3: then add ( Rs. 40,000+ Rs. 31,000) = Rs. 71,000

Step 4: then Rs. 71,000 *3% = Rs.
2130

Step 5: then (Rs. 71,000 + Rs.
2130) = Rs. 73,130

  • Net tax payble = Rs. 73,130

If person is a resident senior citizen (either man or woman) and above 60 years and his total income after deductions is 4,50,000 :

Step 1: then (4,50,000 – 2,50,000) = 2,00,000*10% = Rs. 20,000

Step 2: then Rs. 20,000 *3% = Rs.
600

Step 3: then (Rs. 20,000 + Rs.
600) = Rs. 20600

Net tax payble = Rs. 20600