Personal Income Tax Rates for AY 2014-15



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Resident Senior Citizen Personal Income Tax Rates

Born during April 1,1934 and March 31,1954 (60 - 80 years old)


Taxable Income Range or Slab Income Tax Rates Education Cess Secondary and Higher Education Cess Calculation
Up to Rs2,50,000 Nil Nil Nil Nil
Rs2,50,000 - Rs5,00,000 10% 2% of Income tax 1% of Income tax (Taxable Income - 2,50,000) * 10%
Rs5,00,000 - Rs10,00,000 20% 2% of Income tax 1% of Income tax 25,000 + (Taxable Income - 5,00,000) * 20%
Above Rs10,00,000 30% 2% of Income tax 1% of Income tax 1,25,000 + (Taxable Income - 10,00,000) * 30%

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Income Tax Bracket for Resident Super Senior Citizen

Born before April 1,1934 (80 years or more)


Taxable Income Range or Slab Income Tax Rates Education Cess Secondary and Higher Education Cess Calculation
Up to Rs5,00,000 Nil Nil Nil Nil
Rs5,00,000 - Rs10,00,000 20% 2% of Income tax 1% of Income tax (Taxable Income - 5,00,000) * 20%
Above Rs10,00,000 30% 2% of Income tax 1% of Income tax 1,00,000 + (Taxable Income - 10,00,000) * 30%

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Tax rates for any other Individuals & HUF/AOP/BOI/artificial juridical person


Taxable Income Range or Slab Income Tax Rates Education Cess Secondary and Higher Education Cess Calculation
Up to Rs2,00,000 Nil Nil Nil Nil
Rs2,00,000 - Rs5,00,000 10% 2% of Income tax 1% of Income tax (Taxable Income - 2,00,000) * 10%
Rs5,00,000 - Rs10,00,000 20% 2% of Income tax 1% of Income tax 30,000 + (Taxable Income - 5,00,000) * 20%
Above Rs10,00,000 30% 2% of Income tax 1% of Income tax 1,30,000 + (Taxable Income - 10,00,000) * 30%

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Surcharge

The above are the Normal Personal Income tax rates AY 2014-15. Surcharge at the rate of 10% would be added if the total income of the non-corporate assessee exceeds Rs. 1 Crore.

** Applicable only if the Total Income exceeds Rs.1 Crore.

Marginal relief is available while computing surcharge, which is given hereunder: -

Tax on Total Income (including Surcharge but excluding Education cess) xxx
Less:
Tax on Total Income of Rs.1,00,00,000 xxx
Total Income minus Rs.1,00,00,000 xxx
---
xxx
---
Marginal Relief (if positive) xxx
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Relief to Individuals

A small relief has been provided for Individual, resident in India, whose total income is upto Rs.5,00,000 to the extent of 100% of the Tax Payable or Rs.2,000, whichever is less.

Therefore, if the Total Income is upto Rs.2,20,000, then there is no tax liability. If, the Total Income exceeds Rs.2,20,000 but is upto Rs.5,00,000, then a sum of Rs.2,000 is eligible for deduction. This will be applicable from 01,April 2014 (i.e) from AY 2014-15 onwards.

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