
-
May 3, 2022
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
- By Gender
- Male and
- Female.
- By Age
- Resident; and
- Non-resident in India.
- For Hindu Undivided Family (HUF)/ Association Of Person (AOP)/ Body Of Individual (BOI)/ Artificial Judicial Person (AJP)
- 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
No. | Income Slab | Income Tax rate |
1. | Upto 250,000 | Nil |
2. | 250,000 to 500,000 | 10% of the amount exceeding 250,000 |
3. | 500,000 to 1,000,000 | Rs.25,000 + 20% of the amount exceeding 500,000 |
4. | 1,000,000 & above | Rs.125,000 + 30% of the amount exceeding 1,000,000 |
Income tax slabs for Senior citizens(above 60 years but below 80 years)
No. | Income Slab | Income Tax rate |
1. | Upto 300,000 | Nil |
2. | 300,000 to 500,000 | 10% of the amount exceeding 300,000 |
3. | 500,000 to 1,000,000 | Rs.20,000 + 20% of the amount exceeding 500,000 |
4. | 1,000,000 & above | Rs.120,000 + 30% of the amount exceeding 1,000,000 |
Income tax slabs for very senior citizen:
No. | Income Slab | Income Tax rate |
1. | Upto 500,000 | Nil |
2. | 500,000 to 1,000,000 | 20% of the amount exceeding 500,000 |
3. | 1,000,000 & above | Rs.100,000 + 30% of the amount exceeding 1,000,000 |
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
ITR filing
Filing of Income Tax return is necessary if you have earned any income. File your ITR with EbizFiling
Reviews
Ashish Paliwal
29 Sep 2018Let me be honest and tell you that I did not choose eBiz filing after my initial LLP company registration did to pricing. A lot of companies contact me with better rates so I generally choose them. However, I will still rate eBiz filing 10/10 on work ethics. You guys are professionals in true sense.
Jinal Vora
27 Feb 2018They make GST returns easier and fuss-free.
Neeta Vakhariya
09 Mar 2018Delighted to work with them. Very efficient and hardworking staff.
February 13, 2025 By Bhaskar K
Process of Obtaining Import Export Licenses for LLCs in USA As the global economy grows, businesses rely on trading goods across countries. In the U.S., Limited Liability Companies (LLCs) need to understand how to get an import-export license for smooth […]
February 12, 2025 By Team Ebizfiling
Difference Between Executive and Non-Executive Director Introduction Directors are pivotal to the success and governance of any organization. Among them, the roles of executive and non-executive directors stand out as distinct, both in responsibilities and contributions. Understanding the difference between […]
February 10, 2025 By Team Ebizfiling
Importance and types of of business license for online sell Introduction Running a business today means following legal rules, like getting the right licenses and permissions. If you sell online, it’s important to know these rules to avoid fines and […]