If you are searching for the income tax slab or income tax rates for A.Y. 2014-15 or A.Y. 2015-16 then you are on right place as we are going to list here income tax slab in a very simple manner. So that every layman can understand and calculate income tax in a very easy way even you will enjoy to find out other persons income tax.

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Income Tax Slab for A.Y. 2015-16 (F.Y. 2014-15)

 
Income
Tax Rates
i)Income up to 2.5 lakhNIL
ii)Income From 2.5 Lakh to 5 Lakh10% on income over Rs. 2.5 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 25,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 25 thousand plus 30% on income above 10 lakh
v)Surcharge will be applicable @ 10% when total taxable income is over 1 crore
vi)3% Education Cess, Secondary & Higher Education Cess will be applicable on income tax & surcharge

Income Tax Slabs for Indviduals for 60 years or above but below 80 years A.Y.2015-16

 
Income
Tax Rates
i)Income up to 3 lakhNIL
ii)Income From 3 Lakh to 5 Lakh10% on income over Rs. 3 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 20,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 20 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals Over 80 Years A.Y.2015-16

 
Income
Tax Rates
i)Income up to 5 LakhNIL
ii)Income From 5 Lakh to 10 Lakh20% on income over Rs.5 Lakh
iii)Income above 10 lakhRs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for A.Y. 2014-15 (F.Y. 2013-14)

Income Tax Slab for Individuals who are below than 60 years of age

 
Income
Tax Rates
i)Income up to 2 lakhNIL
ii)Income From 2 Lakh to 5 Lakh10% on income over Rs. 2 Lakh; Less: Tax Credit - 10% of taxable income up to Rs.2000/- maximum
iii)Income from 5 Lakh to 10 LakhRs. 30,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 30 thousand plus 30% on income above 10 lakh
v)Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
vi)3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals who are 60 years or over 60 years but below 80 years of age

 
Income
Tax Rates
i)Income up to 2 .5 lakhNIL
ii)Income From 2.5 Lakh to 5 Lakh10% on income over Rs. 2.5 Lakh
iii)Income from 5 Lakh to 10 LakhRs. 25,000/- plus 20% on above income 5 lakh
iv)Income above 10 lakhRs. 1 lakh 25 thousand plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals who are over 80 years of age

 
Income
Tax Rates
i)Income up to 5 LakhNIL
ii)Income From 5 Lakh to 10 Lakh20% on income over Rs.5 Lakh
iii)Income above 10 lakhRs. 1 lakh plus 30% on income above 10 lakh
Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

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income tax slab 2014-15

Income Tax Slab for Individuals (A.Y. 2013-14) (F.Y. 2012-13)

To find out income tax through the income tax slab for A.Y. 2013-14, you have to find out the category in which you belong. There are total 9 categories of persons described by the income tax act/income tax department. So all have different income tax rates according to their category.

Categories of persons

Individuals

  • Persons who are below than 60 years of age.
  • Persons who are more than 60 years of age but below than 80 years. They comes under senior citizens category.
  • Person who are more than 80 years of age. They comes under very senior citizens category.

Corporate

  • Association of Person & Body of Individuals
  • Firms
  • Co-Operative Society
  • Local Authorities
  • Domestic Companies
  • Other Companies

We have listed here only the income tax slab for individuals for A.Y. 2013-14 or A.Y.2012-13). In other words if you belong to the category of Individuals and wants to calculate the income tax for the income earned during the year from 1-4-2012 to 31-3-2013, then this income tax rates applicable to you.

income tax slab fy 2012-13 ay 2013-14

Income Tax Slab for Individuals (Below Than 60 Years of age)

If your income is Rs. 2,00,000/- (Two Lakh) then your tax is NIL

If your income is more than Rs. 2,00,000 (Two Lakh) and below than or Rs.5,00,000/- (Five Lakh)  - Tax is 10% of amount which exceeds Rs. 2,00,000/- (Two Lakh)

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) - Tax is Rs.30,000/- (Thirty Thousand) + 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (10 Lakh) – Tax is Rs.1,30,000/- (One Lakh Thirty Thousand) + 30% of amount which exceeds Rs. 10,00,000/- (Ten Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

Income Tax slab for individuals who has 60 years of age or more but below than 80 years of age between (1-4-2012 to 31-3-2013)

If your income is Rs. 2,50,000/- (Two Lakh) then your tax is NIL

If your income is more than Rs. 2,50,000 (Two Lakh Fifty Thousand) and below than or Rs.5,00,000/- (Five Lakh)  - Tax is 10% of amount which exceeds Rs. 2,50,000/- (Two Lakh Fifth Thousand)

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) - Tax is Rs.25,000/- (Twenty Five Thousand) + 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.1,25,000/- (One Lakh Twenty Five Thousand) + 30% of amount which exceeds Rs. 10,00,000/- (10 Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

Income Tax slab for individuals who has 80 years (Senior Citizens) of age between (1-4-2012 to 31-3-2013)

If your income is Rs. 5,00,000/- (Five Lakh) then your tax is NIL

If your income is more than Rs. 5,00,000/- (Five Lakh) and below than or Rs. 10,00,000/- (Ten Lakh) - Tax is 20 % of amount which exceeds Rs. 5,00,000/- (Five Lakh)

If your income is more than Rs. 10,00,000/- (Ten Lakh) – Tax is Rs.1,00,000/- (One Lakh) + 30% of amount which exceeds Rs. 10,00,000/- (10 Lakh)

Total tax = Tax + 3% of Tax.

So, education cess will be 3% of income tax irrespective of income.

22 Responses to Income Tax Slab [A.Y. 2015-16] & [A.Y. 2014-15]

  1. Very good information in simple way.
    Thanks

  2. ss gupta says:

    very usefull informations

  3. Sudhakar says:

    Ready Reckoner and latest information up dating point to point Very Good

  4. I m appreciate with this tax slab

  5. Naga Raj says:

    aprt from 80c, any other option to save tax, who is earning above 10 lakhs, please let me know, it would be great help!

    • Daya Singh says:

      You also donate to any NGO. Under section 80G for 50%, Under Section 35AC for 125% and 351&2 and 35 1&3 for 175%

  6. Rahul says:

    What are the income tax rules for proprietary business in india.
    Please share details

  7. Tapas Das says:

    My annual income is 8 lacs , and my tax is coming to 96000/- approx. can u please tell me how to save maximum of this . some thing like 100% tax saving, if any.

  8. Namboodiri bimban says:

    In which case Rs.20000 in income is deductible?

  9. Paramesh says:

    Very informative and simple. Thanks

  10. gayetri says:

    My total I.come is 497356. Can u tell.me how can I save my tax

  11. Paras Maloo says:

    this is a few details
    please give 2-4 example
    how you calculate total
    income than rebate u/s
    last total income & total tax
    payble or refundeble

  12. Jagadeesh Bharadwaj says:

    Thanks a lot. It is quite useful.

  13. jayesh g shah says:

    tax credit of Rs.2000/- maximum for below Rs.5,00,000/- is applicable for A.Y.2015-16 kindly confirm.

  14. Verygood and senior citizen well lookedafter

  15. Mohan says:

    my mother turns 80 yrs in september 2014.Is she eligible for over 80 yrs slab in FY2014-2015

  16. Shirshendu Nandy says:

    please inform me about the rule regarding exemption of IT of Rs.2000 in 2014-15 F Y

  17. srinivasarao kankatala says:

    thanks a lot . it is quite useful.

  18. K RAGHAVENDRA says:

    Dear Sir,
    My salary is Rs 320000/- p.a, my savings under 80 c is Rs 1 lakh, i get Rs 50000/- p.a as interest from Rs 5 lakhs fixed deposit kept in bank,
    ‘ does iam eligible to give Form 15G to the bank to get exemption of tds for Rs 5 lakhs fixed deposit a/c , as my taxable limit crosses Rs 2 lakhs’
    kindly advice me, sir
    thank u..

  19. R K Patel says:

    very good information

  20. Paresh Patel says:

    I would like to know the Tax rates for A.O.P. for the F. Y. 2013-14 and 2014-15.

    I would also like to know if i have a interest income in A. O. P. say about Rs. 75,000 then if i have paid the salary for accounting charges like Rs. 20,000 , then net income will be Rs. 55,000
    So my question is how the income tax calculate on this for the above two Financial Years.

    I hope you will help me out to understand.
    Thanks

  21. uday says:

    had a doubt..
    i am an individual and wish to do some business online and i open it with my individual bank account!
    so my question is will i be taxed for entire turnover amount of my business?
    ex:- i own a data entry site! so i get money from clints and advertisers and pay for my users!
    lets say i get 10 lacks from clints and i pay 6 lacks for members as there remuneration! so will i need to pay tax for entire 10 lacks?
    if so how much percentage???

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