044-25323666-8
Facebook 
Income Tax Rates

Income tax rates usually change annually. Any adjustments are announced by the Ministry of Finance, Government of India.

Following is the table indicating the impact of changes in income tax provisions proposed by Finance Minister Arun Jaitley in the Budget 2014-15. Tax exemption limit has been raised to Rs 2.5 lakh from Rs 2 lakh.

Income tax rates determine the tax that will be applied to your income. In India, there are different income tax rates for men, women and senior citizens. The table outlines these.

Assessment Year 2014-15, Relevant to Financial Year 2013-14

For Individuals below 60 years age (including Woman Assessees):


Income (For Senior Citizens) Tax Rate Impact
Up to Rs 2,50,000 NIL Rs. 5,000 (Savings)
Rs 2,50,001 to Rs 5,00,000 10 per cent Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000 20 per cent Rs. 5,000 (Savings)
Above 10,00,000      30 per cent Rs. 5,000 (Savings)


Here's the tax slab for Senior Citizens:

Income (For Senior Citizens) Tax Rate Impact
Up to Rs 3,00,000 NIL Rs. 5,000 (Savings)
Rs 3,00,001 to Rs 5,00,000 10 per cent Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000 20 per cent Rs. 5,000 (Savings)
Above 10,00,000      30 per cent Rs. 5,000 (Savings)

 

Income (For Senior Citizens) Tax Rate Impact
Up to Rs 2,50,000 NIL Rs. 5,000 (Savings)
Rs 2,50,001 to Rs 5,00,000 10 per cent Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000 20 per cent Rs. 5,000 (Savings)
Above 10,00,000      30 per cent Rs. 5,000 (Savings)

 

Income (For Senior Citizens) Tax Rate Impact
Up to Rs 3,00,000 NIL Rs. 5,000 (Savings)
Rs 3,00,001 to Rs 5,00,000 10 per cent Rs. 5,000 (Savings)
Rs 5,00,001 to Rs 10,00,000 20 per cent Rs. 5,000 (Savings)
Above 10,00,000      30 per cent Rs. 5,000 (Savings)

Others Tax Benefits in this budget:

  • 80C Limit increased from Rs 1 lacks to Rs 1.5 lacks
  • Maximum Limit to PPF increased from Rs 1 lacks to Rs 1.5 lacks
  • Home loan interest free calculation increased from Rs 1.5 lacks to Rs 2 lacks
  • No change in the rate of surcharge either for the corporates or the individuals, HUFs, firms etc.
  • The education cess to continue at 3 percent
  • Investment limit under section 80C of the Income-tax Act raised from Rs 1 lakh to Rs 1.5 lakh
  • Deduction limit on account of interest on loan in respect of self-occupied house property raised from Rs 1.5 lakh to Rs 2 lakh

Contact Us

#27/7, Dr.Alagappa Road, Purasawalkam, Chennai – 600084 Ph: 044-25323666-8, Fax: 044 25323668, Email: info@prakashkochar.com