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Saturday 12 July 2014

Personal income tax exemption limit F.Y. 2014-15 as per union budget 2014 :-www.payrollsoftware.co.in


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

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