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