Income tax Rates Slab for FY 2014-15 or AY 2015-16.

Looking for the Income Tax Slab for FY 2014-15 or Assessment year 2015-16? This article might help you find out the same.

What is an Income tax Slab in India?

Indian Income Tax System follows Income Tax slabs for levying the tax on the income of an individual or non-individual. Various slabs are accounted for. 

In India, the income tax is charged on the income earned. This tax applies to the range of income, which is called Income Tax Slabs. The slabs of income tax keep changing from year to year. The Finance Minister announces the slab rates of Income Tax in the Union Budget each year. The Income Tax Slabs can be categorized into four slabs,

• Income is chargeable to Nil rate of Tax;
• An Income is chargeable to 10%;
• Income is chargeable to 20%; and
• Income is chargeable to 30%.

Surcharge (EC) and Secondary and Higher Secondary Education Cess (SHEC) are also charged over and above the tax.

 The income tax slab can be mainly bifurcated as under

1. By Gender
   • Male and
   • Female.
2. By Age
   • Resident; and
   • Non-resident in India.
3. For Hindu Undivided Family (HUF)/ Association Of Person (AOP)/ Body Of Individual (BOI)/ Artificial Judicial Person (AJP)
4. On Non-individuals
   • Partnership Firms or LLPs;
   • Domestic Company;
   • Foreign Company;
   • Co-operative Societies; and
   • Local Authorities.

Below given is the table for different tax slabs and rates for FY 2014-15 and AY 2015-16

Income Tax Rates for Individual

Income tax slabs for 

• The individual below the age of 60 years including women assesses
• A HUF
• NRI
• Association of Person, Body of Individuals, and Artificial Judicial Person

Income tax slabs for Senior citizens(above 60 years but below 80 years)

Income tax slabs for very senior citizen:

Tax Credit: Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000

Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. The surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.

Education Cess: 3% of Income Tax plus Surcharge

Income Tax Slabs For Non-Individual:

Income tax rates for Non-individuals such as Co-operative Society, Local Authority, partnership Firm, Domestic and foreign companies will continue to be the same as that specified for the financial year 2012-13.

Also, the surcharge on the domestic company and foreign company would be the same as in FY 2012-13 and Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of 2% and 1% respectively.

Suggested Read: Income tax Slab/rates for the FY year 2022-23 and AS 2023-24