Income tax rates for 2014-15
For Individuals, HUF, AOP and BOI*
Total Income
|
Income
Tax Rates
|
Up to Rs. 2.5 lakh
|
NIL
|
Rs. 2,50,001 to Rs. 5 lakh
|
10%
|
Rs. 5,00,001 to Rs.10 lakh
|
20%
|
Rs. 10,00,001 and above
|
30%
|
1. For a resident individual aged
between 60 and 80, the basic exemption limit is Rs.3 lakh
2.. For a resident individual aged 80 or
above, the basic exemption limit is Rs. 5 lakh
3.
Rebate from tax of upto Rs. 2060 or 100% of the tax whichever is less
available for a resident individual whose total income is below Rs. 5 lakh
4.
A 10% surcharge is applicable if the total income exceeds Rs. 10,000,000. Marginal relief available
5.
A 3% education cess is applicable on income-tax (inclusive of surcharge,
if any).
* HUF - Hindu Undivided Family
AOP - Association
of Persons
BOI - Body of
Individuals
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