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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 – 5,00,000Up 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 2014-2015

 

Comments

13 responses to “Income Tax rates 2014-2015”

  1. r verma Avatar
    r verma

    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 ??

    Reply
    1. Amit Kumar Avatar
      Amit Kumar

      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

      Reply
  2. Shiva Avatar
    Shiva

    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?

    Reply
  3. Sivaramakrishnan Krishnan Avatar
    Sivaramakrishnan Krishnan

    I WANT ASST YEAR 2014-2015 manual application ple help

    Reply
  4. sanjay Kumar Avatar
    sanjay Kumar

    Its is a good site

    Reply
  5. Ujal singh Avatar
    Ujal singh

    Refund amount for the year 2009/20010 has not been received till date my ITO submitted so many fresh requests but all invain cheque was send to me but it was not properly delivered to me my pan no ACUPS3666C for the year mentioned above the cheque was not delivered to me which is still pending

    Reply
  6. ANANDHAKUMAR Avatar
    ANANDHAKUMAR

    What is the procedure to get IT refund for the FY 2014-2015

    Reply
    1. Tax Dost Avatar
      Tax Dost

      Sir file your income tax return and refund will be credited to your account within 4-5 months.

      Reply
  7. PRITHI SINGH Avatar
    PRITHI SINGH

    Sir I have filled my ITR-5
    Yet now ihave not received incom tax refund for
    A Y 2014-15
    PAN CFNPS8140B

    Reply
  8. neha Avatar
    neha

    i have one query about tax:-
    suppose in the family father has passed away and mother is not working .if elder sister is working and she is paying School fees for his brother so she can eligible for Tax exemption .please tellme

    Reply
    1. Tax Dost Avatar
      Tax Dost

      Only Parents can claim tax benefit under section 80C for tution expense payment.

      Reply
  9. nahar singh mund Avatar
    nahar singh mund

    i have submitted my itr refund for the assment year 2013-2014 still i have not recerived it is showing that Your assessing officer has not sent this refund to Refund Banker.

    Reply
    1. Tax Dost Avatar
      Tax Dost

      You can not do anything, just wait and watch.

      Reply
  10. Gearldine Chupka Avatar
    Gearldine Chupka

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    Reply

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