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Income Tax Rates / Tax Slabs (AY-2014-2015)

 

The new and revised income tax slabs and rates applicable for the financial year (FY) 2013-14 and assessment year (AY) 2014-15 are mentioned below:

New Income tax slab for AY 14-15

New Income Tax Slabs for AY 14-15 for Resident aged below 60 years (i.e. born on or after 1st. April 1954) or any NRI / HUF / AOP / BOI / AJP*

S. No.

Income Range

Tax percentage

1

Up to ` 2,00,000

No tax / exempt - NIL

2

2,00,001 to 5,00,000

10% of amount by which the total income exceeds Rs. 2,00,000/-.  Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-

3

5,00,001 to 10,00,000

Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.

4

Above 10,00,000

Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

**

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

* Abbreviations used : 
    NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person

New Income Tax Slabs for AY 14-15 for Resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1934 but before 1st April 1954)

S. No.

Income Range

Tax percentage

1

Up to ` 2,50,000

No tax / exempt - NIL

2

2,50,001 to 5,00,000

10% of the amount by which the total income exceeds Rs. 2,50,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
3 5,00,001 to 10,00,000 Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.

4

Above 10,00,000

Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

New Income Tax Slabs for AY 14-15 fot Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1934)

1

Up to ` 5,00,000

No tax / exempt - NIL

2

5,00,001 to 10,00,000

20% of the amount by which the total income exceeds Rs. 5,00,000/-.

3

Above 10,00,000

Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

COMPANIES :

 

Company Rate of income tax (per cent)
In the case of Domestic Company 30 %
In the case of Foreign CompanyØ Royalty received from Government or an Indian concern
  • in pursuance of an agreement made by it with the Indian concern  after March 31, 1961, but before April 1,1976,
  • in pursuance of  an agreement made on or after 1st April, 1976 but on or  before 31st May, 1997
  •  in pursuance of an agreement made on or after 1st June, 1997 but on or before 31st May, 2005
 50 %  30 % 10 %
Ø Other Income 40 %

 

Surcharges & Education Cess : – Surcharges is applicable at the rates given below :-

 

A- DOMESTIC COMPANIES :

  • Surcharge @ 5% will be applicable for those domestic companies whose taxable income is more than Rs. 1 Crore.

  • Education Cess @ 3% will be applicable on income tax. Education cess will be livable on the amount of income tax and surcharge.

B – FOREIGH COMPANIES

  • Surcharge will be applicable @ 2% if income is more than Rs.1 Crore.
  • Education cess will be levied at 3 % on income-tax and surcharge.

PARTNESHIP FIRM

 

Partnership Firm are taxed at a flat rate irrespective of income for the A.Y.2014-15 or F.Y.2013-14 as follows

  • Tax rates on partnership firm is 30%

  • Any long term capital gains shall be taxable @ 20%

  • Short term capital gains shall be taxable @ 15%

  • Education cess @2% and secondary & higher education cess @1% will be applicable.

  • However surcharges has eliminated from A.Y.2012-11.                                  

 

THE RATES OF SECURITY TRANSACTION TAX (STT) ARE AS FOLLOWS:

 

 

Transaction

Rate

(% of transaction value)

 

Payable by

Delivery based purchase / sale of equity Shares/Units of Equity oriented fund.

0.1%

Buyer & Seller

Non-delivery based sale of equity shares/Units of equity oriented fund.

0.025%

Seller

Sale of Derivatives

0.017%

Seller

Sale of option in securities

0.017%

Seller

Sale of option in securities, where option exercised

0.1%

Buyer

Sale of futures in securities

0.017%

Seller

Sale of Units of equity oriented fund to Mutual Fund

0.25%

Seller

 

B. Association of Persons (AOP) and Body of Individuals (BOI)

i. Income-tax:
  Income Level / Slabs Income Tax Rate
i. Where the total income does not exceed Rs.2,00,000/-. NIL
ii. 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/-
iii. 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/-.
iv. Where the total income exceeds Rs.10,00,000/-. Rs. 1,30,000/- + 30% of the amount by which the total income exceeds Rs.10,00,000/-.
ii. Education Cess: 3% of the Income-tax.
 

C. Co-operative Society

i. Income-tax:

 

Income Level / Slabs

Income Tax Rate

i.

Where the total income does not exceed
Rs. 10,000/-.

10% of the income.

ii.

Where the total income exceeds Rs.10,000/- but does not exceed Rs.20,000/-.

Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.

iii.

Where the total income exceeds Rs.20,000/-

Rs. 3.000/- + 30% of the amount by which total income exceeds Rs.20,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)

Education Cess : 3% of the total of Income Tax and Surcharge.

 

H. WEALTH TAX RATES

i. Upto Rs. 30,00,000 .........................................NIL

ii. Above Rs.30,00,000 .............@ 1% of the amount by which the net amount exceeds Rs.30 Lakh.

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Income-Tax Rates applicable for Assessment Year 2015-2016

Annual Net Income from all sources
(After all permissible deductions)

Income-tax rates (in Rs.)

upto 2,50,000

NIL

2,50,001- 5,00,000
[Rs. 2000/- tax credit allowed only to tax payers in this bracket Sec.87A)]

(5,00,000 - 2,50,000=2,50,000 x10%) = 25,000
Less : (-) 2000 + 3% education cess Rs. 690 = 23,690

5,00,000 to 10,00,000

25,000+ 20% on the amount exceeding 5,00,000
[10,00,000 - 5,00,000 = 5,00,000 X 20% = 1,00,0001]
= 1,25,000 + 3% education cess Rs. 3,750 = 1,28,750   

10,00,001 & above

1,25,000 + 30% on the amount exceeding 10,00,000
+ 3% education cess on net income tax payable

 

For Senior Citizens :

upto 3,00,000

NIL

3,00,001- 5,00,000 :   

10% of the amount exceeding 3,00,000
(5,00,000 -3,00,000 =2,00,000 x 10%) = 20,000
Iess(-) 2000 + 3% education cess Rs. 540 = 18,540

5,00,001 - 10,00,000

20,000+ 20% on the amount exceeding 5,00,000
[10,00,000 - 5,00,000 5,00,000 X 20% = 1,00,000]
1,20,000 + 3% education cess Rs. 3,600 = 1,23,600

10,00,001 & above

1,20,000 + 30% on the amount exceeding 10,00,000
+ 3% education cess on net income tax payable

 

For Very Senior Citizens :

upto5,00,000

NIL

5,00,001 - 10,00,000

20% on the amount exceeding 5,00,000 [10,00,000 - 5,00,000 = 5,00,000 X 20% =  1,00,000 ]
1,00,000 + 3% education cess Rs.3,000 = 1,03,000

10,00,001 & above

1,00,000 + 30% on the amount exceeding 10,00,000
+ 3% education cess on net income tax payable

 

 
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