Income Tax Slabs 2014-15 announced in Budget 2014

| July 10, 2014

Income Tax Slabs 2014-15 announced in Budget 2014

Finance Minister presented Budget 2014 today. As far as Income Tax slabs 2014 -15 is concerned, it was announced in the Budget Speech there is no change in the income tax rate for the year 2014-15 (Assessment Year 2015-16)

 

(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below)

Upto Rs. 2, 50,000 Nil.
Rs. 2,50,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.

(ii)  In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,-

Upto Rs. 3,00,000 Nil.
Rs.3,00,001 to Rs. 5,00,000 10 per cent.
Rs. 5,00,001 to Rs.10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.

(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,-

Upto Rs. 5,00,000 Nil.
Rs. 5,00,001 to Rs. 10,00,000 20 per cent.
Above Rs. 10,00,000 30 per cent.

Other Budget 2014 highlights relating to Income tax 2014-15

  • Personal tax exemption limit raised to Rs 2.5 lakh from current Rs 2 lakh for taxpayers below 60 years
  • Senior citizens’ tax exemption limit hiked from Rs 2.5 lakh to Rs 3 lakh
  • No change in surcharge for corporates, individuals
  • Education Cess to stay at current 3%
  • Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh
  • Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh

Category: Finance Ministry, Income Tax

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