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Monday, August 4, 2014

New Income Tax Slab for AY 2015-16 (FY 2014-15)

Income Tax Rates & New Income Tax Slab for AY 2015-16 (FY 2014-15)

As a salaried Professional ,Tax saving is one of the most important aspect in our investment plannings & savings .As the new NDA govt has announced the Union budget for FY 2014-15,I just wanted to share what is there for us w.r.t to Tax saving .

I am hoping for some effective changes in Tax slab & policies from Modi & NDA government  thinking that "Acche Din aane walein hai " 

Finger crossed for next few years !!

Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India as proposed in the Union Budget for FY 2014-15 is as under :

Assessment Year 2015-16, Relevant to Financial Year 2014-15
 


For Individuals below 60 years age (including Woman Assessees):
Income
Tax Rate
Upto 250,000
Nil
250,000 to 500,000
10% of the amount exceeding 250,000
500,000 to 1,000,000
Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above
Rs.125,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 60 years and above but below 80 years (Senior Citizen):
Income
Tax Rate
Upto 300,000
Nil
300,000 to 500,000
10% of the amount exceeding 300,000
500,000 to 1,000,000
Rs.20,000 + 20% of the amount exceeding 500,000
1,000,000 & above
Rs.120,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 80 years and above (Very Senior Citizen):
Income
Tax Rate
Upto 500,000
Nil
500,000 to 1,000,000
20% of the amount exceeding 500,000
1,000,000 & above
Rs.100,000 + 30% of the amount exceeding 1,000,000

Tax Credit: 
Finance Bill 2014 is silent on the Section 87A, which was introduced by Finance Bill 2013 with effect from AY 2014-15 and provides a rebate of Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000. Hence this provision continues for AY 2015-16 as well.

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

Education Cess: 3% of Income Tax plus Surcharge

Note: The above Income Tax rates have been proposed in the Union Budget for FY 2014-15 presented by the NDA government. These rates supersedes the proposal in the Vote On Account presented by the erstwhile UPA government pending Lok Sabha elections. 

Reference : Google Images & http://www.smartpaisa.in/

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