Income tax slabs for Financial year 2014-15 and Assessment year 2015-16

Income tax slabs are reintroduced in Union budget 2014-15 and no big change in the tax slabs for the financial year 2014-15 and assessment year 2015-16. 

Basic exemption limit has been increased by Rs. 50000. Now the basic exemption limit for individual and H.U.F is 250000. Basic exemption limit for senior citizen( Above 60 but below 80) is 300000 and above 80 years is 500000.

Investment exemption under section 80C act as been raised by 50000 from 1lakh to 1.5 lakhs.

Deduction limit for interest on housing loan for self occupied house increased to 2 lakh from 1.5 lakh.

Income tax slabs for the financial year 2014-15 and relevant to assessment year 2015-16 are as under.

For Individual (Male or Female) and H.U.F.

Slabs	Income tax rates
Income upto Rs. 250000	Nil
Income Above250000 to 500000	10%
Income Above 500000 to 1000000	20%
Income more than 1000000	30%

- There is an additional exemption under section 87A to the assessee whose income comes in 250001 to 500000, the exemption is on tax amount maximum of 2000 Rupees.

- Surcharge of 10% is applicable on income abvove Rs. 1 crore.

 - Education cess @3% will be charged on tax amount.

For Senior sitizen above 60 years but less than 80 years 

Slabs	Income tax rates
Income upto 300000	NIL
Income Above300000 to 500000	10%
Income Above 500000 to 1000000	20%
Income more than 1000000	30%

 For Senior citizen above 80 years 

Slabs	Income tax rates
Income upto 500000	NIL
Income Above 500000 to 1000000	20%
Income more than 1000000	30%

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