Income Tax Slabs Income Tax Rates for FY 14-15 AY 15-16
Union Budget 2014 has amended the basic income tax slabs for Financial Year 2014-15, however there is no change in the income tax rates, surcharge and cess. The basic exemption limit has been increased from Rs 2 Lakh to Rs. 2.5 Lakh and for Senior Citizens from Rs. 2.5 Lakh to Rs. 3 Lakhs.
Income Tax Slabs Income Tax Rates
The Income Tax Slabs for Individuals HUF for FY 2014-2015 i.e. AY 2015-2016 as amended by Budget 2014 are as follows:
1. For Individuals below 60 years of age HUF
Note : Individuals include both male female, previously there are separate slabs for them, but now both have same income tax slabs.
2. For Senior citizens (Aged above 60 years but less than 80 years)
3. For Very Senior citizens (Aged 80 years above)
Note : If an Individual attains the age of 60 years or 80 years during the financial year, his age shall be regarded as 60 or 80 as the case may be for that whole Financial Year.
The Income Tax Slabs for Business for FY 2014-2015 i.e. AY 2015-2016 as amended by Budget 2014 are as follows:
1. For Co-operative Society
2. For Firms, Local Authority Domestic Company
Income Tax @ Flat 30% on total income. Surcharge is not applicable on firms and local authorities. Surcharge is levied on Domestic Companies @ 5% of income tax, if the total income exceeds Rs. 1 Crore.
3. Company other than a Domestic Company
Income Tax @ Flat 40% on total income and surcharge @ 2% of income tax, if the total income exceeds Rs. 1 Crore. Income Tax @ Flat 50% is levied in some specified cases.
Note : Apart from the income tax, education cess is levied @ 3% of income tax surcharge(if applicable), in all the above cases.