NEW INCOME TAX SLAB / RATES FOR FINANCIAL YEAR 2014-15 .i.e. AY 2015-16 as proposed by Budget 2014-15 Finance Bill 2014-15
Income Tax Slab/Tax Rates for Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.
Rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below) or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or every artificial juridical person referred to in sub-clause (vii) of clause (31) of section 2 of the Act (not being a case to which any other Paragraph of Part III applies) are as under:—
| Existing Slabs for AY 2014-15 | Existing Rates | Proposed Slabs for AY 2015-16 | Proposed Rate under Finance Bill 2014 |
| Up to Rs. 2,00,000 | NIL | Upto Rs.2,50,000 | NIL |
| Rs. 2,00,001 to Rs. 5,00,000 | 10% | Rs. 2,50,001 to Rs. 5,00,000 | 10% |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% | Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% | Above Rs. 10,00,000 | 30% |
(ii) In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—
| Existing Slabs for AY 2014-15 | Existing Rates | Proposed Slabs for AY 2015-16 | Proposed Rate under Finance Bill 2014 |
| Up to Rs. 2,50,000 | NIL | Upto Rs.3,00,000 | NIL |
| Rs. 2,50,001 to Rs. 5,00,000 | 10% | Rs. 3,00,001 to Rs. 5,00,000 | 10% |
| Rs. 5,00,001 to Rs.10,00,000 | 20% | Rs. 5,00,001 to Rs.10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% | Above Rs. 10,00,000 | 30% |
(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,—
| Existing Slabs for AY 2014-15 | Existing Rates | Proposed Slabs for AY 2015-16 | Proposed Rate under Finance Bill 2014 |
| Up to Rs. 5, 00,000. | NIL | Up to Rs. 5, 00,000. | NIL |
| Rs. 5,00,001 to Rs. 10,00,000 | 20% | Rs. 5,00,001 to Rs. 10,00,000 | 20% |
| Above Rs. 10,00,000 | 30% | Above Rs. 10,00,000. | 30% |
Provision of Surcharge and Education cess will be same as applicable in previous financial year 2013-14.
Tax Rates of tax, Surcharge and Education Cess for Co Operative Societies, Firms, Local authorities and Companies
- Co Operative Societies : Rates of tax, Surcharge and Education Cess will continue to be the same as applicable in previous financial year 2013-14.
- Firms : Rates of tax, Surcharge and Education cess will continue to be the same as applicable in previous financial year 2013-14.
- Local authorities: Rates of tax, Surcharge and Education cess will continue to be the same as applicable in previous financial year 2013-14.
- Companies: Rates of tax, Surcharge and Education cess will continue to be the same as applicable in previous financial year 2013-14.