New IT Personal income tax exemption
limit- 2014 -15
01. Personal income tax exemption
limit is being raised from Rs. 2 lakh to Rs. 2.5 lakh and For senior citizens,
the exemption limit will be Rs. 3 lakh.
More details - visit - http://payrollsoftware.co.in
Details Chart are as under:-
ASSESSMENT YEAR
2015-16 RELEVANT TO FINANCIAL YEAR 2014-15
1. Tax Slab for an
Individual (resident & below 60 years) or HUF/AOP/BOI/AJP
Income Slabs
|
Tax Rates
|
Total income up to Rs. 2.5 Lac | 0% Tax |
Total income above Rs. 2.5 Lac and below Rs.5 Lac | 10% on amount exceeding Rs. 2.5 Lac |
Total income above Rs. 5 Lac and below Rs.10 Lac | 20% on Income exceeding Rs. 5 Lac + Rs. 25,000 |
Total income more than Rs. 10 Lac | 30% on Income exceeding Rs. 10 Lac + Rs. 1,25,000 |
Where
the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is
applicable
2. Tax Slab
for an Individual (resident & above 60 years but below 80 years)
Income Slabs
|
Tax Rates
|
Total income up to Rs. 3.00 Lac
|
0% Tax
|
Total income above Rs. 3.00 Lac and below
Rs.5 Lac
|
10% on amount exceeding Rs. 3.00 Lac
|
Total income above Rs. 5 Lac and below
Rs.10 Lac
|
20% on Income exceeding Rs. 5 Lac + Rs.
20,000
|
Total income more than Rs. 10 Lac
|
30% on Income exceeding Rs. 10 Lac + Rs.
1,20,000
|
3.
Tax Slab for an Individual (resident & above 80 years)
Income Slabs
|
Tax Rates
|
Total income up to Rs. 5 Lac
|
0% Tax
|
Total income above Rs. 5 Lac and below
Rs.10 Lac
|
20% on Income exceeding Rs. 5 Lac
|
Total income more than Rs. 10 Lac
|
30% on Income exceeding Rs. 10 Lac + Rs. 1
Lac
|
EDUCATION
CESS
Education Cess of 3% on Income-tax