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Useful articles for your finance management by our team of experts

Income Tax Slab – FY 2014-2015 or AY 2015-16

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tax slab

Tax slabs for FY 2008-09

Tax slabs for FY 2009-10

Tax slabs for FY 2010-11

Tax slabs for FY 2011-12

Tax slabs for FY 2012-13

Tax slabs for FY 2013-14

Knowing the income tax slabs is the first and foremost thing to do when it comes to calculation of tax liability. Finance Minister has announced changes in the tax slabs for individuals up to 60 years of age as well as for senior citizens. No changes were announced in the tax rates, though. Let’s look at the new tax slabs for FY 2014-15/AY 2015-16 and how these changes will affect you.

Individuals up to 60 years

Income LevelTax Rate
Up to Rs. 2.5 lakhNil
Rs. 2,50,000 – Rs. 5,00,00010%
Rs. 5,00,000 – Rs. 10,00,00020%
> Rs. 10,00,00030%

Senior Citizens (60-80 years)

Income LevelTax Rate
Up to Rs. 3 lakhNil
Rs. 3,00,000 – Rs. 5,00,00010%
Rs. 5,00,000 – Rs. 10,00,00020%
> Rs. 10,00,00030%

Super Senior Citizens (>80 years)

Income LevelTax Rate
Up to Rs. 5 lakhNil
Rs. 5,00,000 – Rs. 10,00,00020%
> Rs. 10,00,00030%

Benefit

Total benefit that can be derived out of the new tax slabs is reduced tax of Rs. 5,000 for all tax payers. Since the tax rates remain same, additional reduction in tax will not be possible. The tax slabs have remained the same for super senior citizens. Education Cess and surcharge also remain the same.

Let me now if you have unique requirement which is not covered in this article. Also, leave your valuable comments/suggestions on this piece of content.

  • Shyamal Dey Biswas

    Thank you so much for providing the details in proper fashion.
    Regards.
    Shyamal Dey Biswas.

  • Manish Mishra

    What about rebate of Rs. 2000 u/s 87A, which we got it in financial year 2013-14?
    Will it continue or it is scrapped from this financial year 2014-15?
    Kindly advise. Thanks in advance.

    • Av Suresh

      Yes, Manish. The rebate will continue for the year. That’s another good news for tax payers.

  • sidhick

    In my collegue form 16, it is found that Loss on income from house property is deducted for Rs. 268000.00 for the assessment year 2014-15. Please
    Let me clarify the limit

    • Av Suresh

      Is it a self occupied property or let out? For rented properties, there is no upper limit. For self occupied, maximum limit is Rs. 1.5 lakh with addition al Rs. 1 lakh deduction exclusively for first time home buyers.

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