Monday, July 13, 2020
Finance

INCOME TAX EXEMPTION LIMIT- 2014-15

Basic Slabs for Individuals :-
Earlier under the age of 65 years, now under 60 years
Up to Rs. 2,00,000 NIL
Rs. 2,00,001 to Rs. 5, 00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Basic Slabs for Women :-
Earlier under the age of 65 years, now under 60 years
Up to Rs. 2,00,000 NIL
Rs. 2, 00,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
Basic Slabs for Senior Citizen :-
Earlier over the age of 65 years, now 60 to 80 years
Up to Rs. 2,50,000 NIL
Rs. 2,50,001 to Rs. 5,00,000 10%
Rs. 5,00,001 to Rs. 10,00,000 20
Above Rs. 10,00,000 30%
Basic Slabs for 'Very' Senior Citizens :-
New Category- over the age of 80 years
Up to Rs. 5,00,000 NIL
Rs. 5,00,001 to Rs. 10,00,000 20%
Above Rs. 10,00,000 30%
 

Note:

For the normal category the simple calculation is as follows:

  1. Taxable Income in 10 % slab maximum tax will be Rs.28000; taking 2000 tax credit into consideration.

  2. Taxable Income in 20 % slab maximum tax will be Rs.30000+ Rs.100000 total Rs. 130000; No tax credit for income above Rs. 500000.

  3. Taxable Income in 30 % slab minimum tax will be Rs. 130000

Education and other cess will be in addition to this.