Looking for the Income Tax Slab for FY 2014-15 or Assessment year 2015-16? This article might help you find out the same.
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,
Surcharge (EC) and Secondary and Higher Secondary Education Cess (SHEC) are also charged over and above the tax.
Below given is the table for different tax slabs and rates for FY 2014-15 and AY 2015-16
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 |
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 |
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 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
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