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» » Income Tax Slab for Financial Year 2014-15 i.e Assessment year 2015-16

Finance Minister Arun Jaitley today presented the financial budget for the financial year 2014-15. There was a high expectation from Narendra Modi and his team to gave this budget.
Income Tax Rates or Slab for financial year 2014-2015 (Assessment year: 2015-16)
For Men
Up to Rs 2,50,000             No tax / exempt
2,50,001 to 5,00,000        10%
5,00,001 to 10,00,000      20%
Above 10,00,000               30%
For Women
Up to Rs 2,50,000             No tax / exempt
2,50,001 to 5,00,000        10%
5,00,001 to 10,00,000      20%
Above 10,00,000               30%
For Senior Citizen (60 Years and Above)
Up to Rs 3,00,000             No tax / exempt
3,00,001 to 5,00,000        10%
5,00,001 to 10,00,000      20%
Above 10,00,000               30%
Others Tax Benefits in this budget
1)      80C Limit increased from Rs 1 lacks to Rs 1.5 lacks
2)       Maximum Limit to PPF increased from Rs 1 lacks to Rs 1.5 lacks
3)      Home loan interest free calculation increased from Rs 1.5 lacks to Rs 2 lacks

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