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» » Income Tax Slab for Assessment Year 2014-15

1.  Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI / HUF / AOP / BOI / AJP*


Income SlabsTax Rates
i.Where the total income does not exceed Rs. 2,00,000/-.NIL
ii.Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-.10% of amount by which the total income exceeds Rs. 2,00,000/-.
Less : Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.Where the total income exceeds Rs. 10,00,000/-.Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.
Abbreviations used :
   NRI - Non Resident Individual; HUF - Hindu Undivided Family; AOP - Association of Persons; BOI - Body of Individuals; AJP - Artificial Judicial Person.

2.  Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year (i.e. born on or after 1st April 1934 but before 1st April 1954)
Income SlabsTax Rates
i.Where the total income does not exceed Rs. 2,50,000/-.NIL
ii.Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-10% of the amount by which the total income exceeds Rs. 2,50,000/-.
iii.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.Where the total income exceeds Rs. 10,00,000/-Rs. 125,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

3.  Individual resident who is of the age of 80 years or more at any time during the previous year (i.e. born before 1st April 1934)

Income SlabsTax Rates
i.Where the total income does not exceed Rs. 5,00,000/-.NIL
ii.Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iii.Where the total income exceeds Rs. 10,00,000/-Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.
Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

4. Co-operative Society

Income SlabsTax Rates
i.Where the total income does not exceed Rs. 10,000/-.10% of the income.
ii.Where the total income exceeds Rs. 10,000/- but does not exceed Rs. 20,000/-.Rs. 1,000/- + 20% of income in excess of Rs. 10,000/-.
iii.Where the total income exceeds Rs. 20,000/-Rs. 3.000/- + 30% of the amount by which the total income exceeds Rs. 20,000/-.
Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

5. Firm
  1. Income Tax : 30% of total income.
    Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
    Education Cess : 3% of the total of Income Tax and Surcharge.

6. Domestic Company
  1. Income Tax : 30% of total income.
    Surcharge : The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge
    • At the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
    • At the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 crores.
    Education Cess : 3% of the total of Income Tax and Surcharge.

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