Income Tax Rates for Individuals and HUFs for the Assessment Year 2015-16 (FY 2014-15) - As Proposed in Budget 2014 by Finance Minister Shri Arun Jaitly on 10.07.2014

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    A. Individuals and HUFs

    In case of individual (other than II, III and IV below) and HUF:-

     Income Level / SlabsIncome Tax Rate
    i. Where the total income does not exceed Rs.250,000/-. NIL
    ii. Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-. 10% of 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/-.

    Education Cess:3% of the Income-tax.

    II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-

     Income Level / SlabsIncome Tax Rate
    i. Where the total income does not exceed Rs.2,50,000/-. NIL
    ii. Where 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/-.

    Education Cess:3% of the Income-tax.

    III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-

     Income Level / SlabsIncome Tax Rate
    i. Where the total income does not exceed Rs.3,00,000/-. NIL
    ii. Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/- 10% of the amount by which the total income exceeds Rs.3,00,000/-.
    iii. Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/- Rs.20,000/- + 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.120,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.

    Surcharge : 10% On Taxpayers with annual income of more than one Crore rupee a year.

    Education Cess:3% of the Income-tax.

    IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-

     Income Level / SlabsIncome Tax Rate
    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/-.
    iv. 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/-.
    Education Cess:3% of the Income-tax. Calculations Made Easy Calculator


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