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

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