INCOME TAX RATES FOR FINANCIAL YEAR 2014-15 (Assessment year 2015-16)

.  1.          Individual resident aged below 60 years 

                          (i.e. born on or after 1st April 1955) 

                   or any NRI / HUF / AOP / BOI / AJP*

Income Tax :

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 2,50,000/-.	NIL
ii.	Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.	10% of amount by which the total income exceeds Rs. 2,50,000/-.  Less** : Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 25,000/- + 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. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

** Applicable in case of Resident Individuals only.

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.

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2.                           Individual 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)

Income Tax :

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 3,00,000/-.	NIL
ii.	Where the total income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-	10% of the amount by which the total income exceeds Rs. 3,00,000/-. Less : Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 20,000/- + 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. 120,000/- + 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.

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  3.   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)

Income Tax :

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 5,00,000/-.	NIL
ii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iii.	Where the total income exceeds Rs. 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.