Income Tax rates 2014-2015

Income Tax Rates for Assessment year 2014-2015 (Previous year 2013-14)

Income Tax Rates/Slab for Assessment Year 2014-15 (Previous Year 2013-14) Rates/ %age
Up to 2,00,000
Up to 2,00,000 (for women)
Up to 2,50,000 (for resident individual of 60 years till 80 years)
Nil
200,001 – 5,00,000

Up to 500,000 (for resident individual of 80 years and above, Tax is nil)

10%

Nil

5,00,001 – 10,00,000 20%
10,00,001 upwards 30%

Tax rebate of Rs 2000/- to Resident Individuals whose Total Income is less than Rs 5,00,000/-

Surcharge: is 10% is Income tax payable on Individuals whose taxable income is above Rs 1 crore

Education Cess of 3% is also applicable to Income Tax computed as per above slab.

Download Income tax Calculator for free for previous year 2012-2013

 

4 Responses to Income Tax rates 2014-2015

  1. r verma says:

    1) i’ve started a new business in 2010. so please tell me , the tax paying rule. total income i have gained is less than 2 lakh.

    2) how much years back tax could be returned ??

    • Amit Kumar says:

      Dear Mr. Verma,

      1. Where the total income does not exceed Rs. 2,00,000/-. NIL
      2. 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/-.
      3. 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/-.
      4. 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/-.

      Note – If you are doing any business, as an individual or proprietor, other than the business of plying, hiring, or leasing of goods carriage as given in section 44AE then you can compute your gross total income @8% of total receipts from such business. for e.g. 2,00,000 * 8% = Rs. 16,000/- is your income on which you have to pay tax after deducting deductions u/c VIA (LIC,PF etc). In this case tax payable is NIL.

      Hope it would help u.
      for any other advise mail me at akg144@icai.org

      Amit Kumar

  2. Shiva says:

    Sir,
    I want to know whether I can file ITR-2 for the AY 2014-2015 in the same format of AY 2013-2014 ? Or any new form for AY 2014-2015 has been prescribed? If so can I download it from which web site?

  3. Sivaramakrishnan Krishnan says:

    I WANT ASST YEAR 2014-2015 manual application ple help

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>