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Income Tax Slab for Financial Year 2014 - 2015

Income Tax Slab for Financial Year 2014 - 2015

(Assessment year 2015 - 2016)




For Individuals below 60 years age (including Woman):

Income
Tax Rate
Upto 250,000
Nil
250,000 to 500,000
10% of the amount exceeding 250,000
500,000 to 1,000,000
Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 and above
Rs.125,000 + 30% of the amount exceeding 1,000,000





For Individuals aged 60 years and above but below 80 years (Senior Citizen):


Income
Tax Rate
Upto 300,000
Nil
300,000 to 500,000
10% of the amount exceeding 300,000
500,000 to 1,000,000
Rs.20,000 + 20% of the amount exceeding 500,000
1,000,000 and above
Rs.120,000 + 30% of the amount exceeding 1,000,000





For Individuals aged 80 years and above (Very Senior Citizen):


Income
Tax Rate
Upto 500,000
Nil
500,000 to 1,000,000
20% of the amount exceeding 500,000
1,000,000 and above
Rs.100,000 + 30% of the amount exceeding 1,000,000









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