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Tax And Finance >> Planning

Taxafin >> Income Tax >> Tax Rates >> ITR-FY-14-15

Income Tax Slabs: Rates for FY 2014-15 (AY 2015-16)

Income Tax Rates : FY 2014-15 >>> Note -

The new government has presented the budget for AY 2015-16 on 10.7.2014.


This page contains:-

  • Individuals (Below 60 years) & HUF
  • Senior Citizens (Age 60 or above but below 80 years)
  • Super Senior Citizens (Above 80 years)
  • Cooperative Societies
  • Firm
  • Local Authority
  • Domestic Company
  • Company other than a Domestic Company

  • Individuals for Men & Women (Below 60 years) and HUF

    Net income range Income-tax rates
    Upto Rs. 2,50,000 Nil
    Rs. 2,50,000 - 5,00,000 Rs. 10% of (total income minus Rs. 2,00,000)
    Less** :Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
    Rs. 5,00,000 - Rs. 10,00,000 Rs. 25,000 + 20% of (total income minus Rs. 5,00,000)
    Above Rs. 10,00,000 Rs. 1,25,000 + 30% of (total income minus Rs.10,00,000)
  • Surcharge - 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
  • Education cess - 2% of income-tax.
  • Secondary and higher education cess - 1% of income-tax. Total Cess = 3% of Income-Tax.

  • **Applicable in case of Resident Individuals only.

  • Senior Citizens (Age 60 or above but below 80 years)

    Individual resident who is 60 years or more at any time during the previous year but not more than 80 years on the last day of the previous year (i.e. born during 1st April, 1934 and 31st March, 1954)

    Net income range / Income Slabs Income-tax rates
    Upto Rs. 3,00,000 Nil
    Rs. 3,00,000 - 5,00,000 Rs. 10% of (total income minus Rs. 3,00,000)
    Less** :Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
    Rs. 5,00,000 - Rs. 10,00,000 Rs. 20,000 + 20% of (total income minus Rs. 5,00,000)
    Above Rs. 10,00,000 Rs. 1,20,000 + 30% of (total income minus Rs.10,00,000)
  • Surcharge - 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
  • Education cess - 2% of income-tax.
  • Secondary and higher education cess - 1% of income-tax. Total Cess = 3% of Income-Tax.

  • Super Senior Citizens (Age 80 or above)

    Individual resident who is 80 years or more at any time during the previous year (i.e. born before 1st April, 1934)

    Net income range / Income Slabs Income-tax rates
    Upto Rs. 500,000 Nil
    Rs. 5,00,000 - Rs. 10,00,000 20% of (total income minus Rs. 5,00,000)
    Above Rs. 10,00,000 Rs. 1,00,000 + 30% of (total income minus Rs.10,00,000)
  • Surcharge - 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
  • Education cess - 2% of income-tax.
  • Secondary and higher education cess - 1% of income-tax. Total Cess = 3% of Income-Tax.

  • Cooperative Societies

    Net income range / Income Slabs Income-tax rates
    Upto Rs. 10,000 10% of the income
    Rs. 10,000 - Rs. 20,000 Rs. 1000 + 20% of (total income minus Rs. 10,000)
    Above Rs. 20,000 Rs. 3,000 + 30% of (total income minus Rs.20,000)
  • Surcharge - 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
  • Education cess - 2% of income-tax.
  • Secondary and higher education cess - 1% of income-tax. Total Cess = 3% of Income-Tax.

  • Firm Income-tax: 30% of total income.

  • Surcharge - 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
  • Education cess - 2% of income-tax.
  • Secondary and higher education cess - 1% of income-tax. Total Cess = 3% of Income-Tax.

  • Local Authority Income-tax: 30% of total income.

  • Surcharge - 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
  • Education cess - 2% of income-tax.
  • Secondary and higher education cess - 1% of income-tax. Total Cess = 3% of Income-Tax.

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    Domestic Company Income-tax: 30% of total income.

  • Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a
    >> surcharge at the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore.
    >> surcharge at the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 crore.
  • Education cess - 2% of income-tax.
  • Secondary and higher education cess - 1% of income-tax. Total Cess = 3% of Income-Tax.

  • Company other than a Domestic Company Income-tax:

  • @ 50% of on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.
  • @ 40% of the balance

  • Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a
    >> surcharge at the rate of 2% of such income tax, provided that the total income exceeds Rs. 1 crore.
    >> surcharge at the rate of 5% of such income tax, provided that the total income exceeds Rs. 10 crore.
  • Education cess - 2% of income-tax.
  • Secondary and higher education cess - 1% of income-tax. Total Cess = 3% of Income-Tax.


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