29/01/2014
Income Tax Slabs & Rates
for Assessment Year 2014-15
• Individual resident (Age below 60 Yrs.) or any NRI / HUF / AOP / BOI / AJP • Firm
• Senior Citizen • Local Authority
• Super Senior Citizen • Domestic Company
• Co-operative Society • Other Company
Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI / HUF / AOP / BOI / AJP*
Income-tax:Calculate Tax Liability for AY 2014-15
Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 2,00,000/-. NIL
ii. Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the total income exceeds Rs. 2,00,000/-.
Less: Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
iii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv. Where the total income exceeds Rs. 10,00,000/-. Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.
Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1934 but before 1st April 1954)
Income-tax:Calculate Tax Liability for AY 2014-15
Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 2,50,000/-. NIL
ii. Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/- 10% of the amount by which the total income exceeds Rs. 2,50,000/-.
iii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv. Where the total income exceeds Rs. 10,00,000/- Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.
Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1934)
Income-tax:Calculate Tax Liability for AY 2014-15
Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 5,00,000/-. NIL
ii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iii. Where the total income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.
Co-operative Society
Income-tax:Calculate Tax Liability for AY 2014-15
Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 10,000/-. 10% of the income.
ii. Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-. Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii. Where the total income exceeds Rs. 20,000/- Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.
Firm
Income-tax: 30% of total income.Calculate Tax Liability for AY 2014-15
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.
Local Authority
Income-tax: 30% of total income.Calculate Tax Liability for AY 2014-15
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess: 3% of the total of Income Tax and Surcharge.
Domestic Company
Income-tax: 30% of total income.Calculate Tax Liability for AY 2014-15
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. (Marginal Relief in Surcharge, if applicable)
At the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 crores.
Education Cess: 3% of the total of Income Tax and Surcharge.
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