Thursday, July 10, 2014

2014-15 income tax exemption limit in the new slab

2014-15 income tax exemption limit in the new slab
 
Income
Tax rate
Upto 2,50,000
NIL
2,50000 – 5,00,000
10%
5,00,000-10,00,000
20%
Income above Rs 10 Lac
30%
1 crore and above
30% Tax 10% surcharge



Senior citizens above 60 years and below 80 years
 
Income
Tax rate
Upto 3,00,000
NIL
3,00,000 -5,00,000
10%
5,00,000 – 10,00,000
20%
10,00,000 & above
30%


Taxpayers over the age of 80 to the tax slab
Income
Tax rate
Upto 5,00,000
NIL
5,00,000 – 10,00,000
20%
10,00,000 & above
30%