Income Tax Slab for ay 2014-15

In income Tax Slab for ay 14-15 / fy 13-14, basic tax exemption limits are the same. The only benefit this financial year is there is a tax credit of Rs 2000 for people having an annual income up to RS 5 Lakh. There is no other benefit as compared to previous financial year

There is no change in 10%, 20% and 30% slab rates they remain the same. The 10% slab is from RS 2,00,000 to Rs 5,00,000. The 20% slab is from 5,00,001 to RS 10,00,000 and  30% tax slab  starts from Rs 10,00,001

There is no change in tax structure for women and senior citizens

In new tax structure tax exemption of Rs. 20,000 on investment in tax saving Infrastructure bonds is also maintained and there is no change in this as compared to previous year. This is in addition to exemption of up to Rs. 1, 00,000 already allowed under specific savings instruments.

The new and revised income tax slabs and rates applicable for the financial year (FY) 2013-14 and assessment year (AY) 2014-15  are mentioned below:

New Income tax slab for fy 2013-14 / ay 2014-15
New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 60 years (FY 2013-14)
S. No.	Income Range	Tax percentage
1	Up to Rs 2,50,000	No tax / exempt
2	2,50,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%
New Income Tax Slabs for ay 14-15 for Resident Senior Citizens above 80 years (FY 2013-14)
S. No.	Income Range	Tax percentage
1	Up to Rs 5,00,000	No tax / exempt
2	5,00,001 to 10,00,000	20%
3	Above 10,00,000	30%
New Income Tax Slabs for ay 14-15 for Resident Women (below 60 years) (FY 2013-14)
1	Up to Rs 2,00,000	No tax / exempt
2	2,00,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%
New Income Tax Slabs for ay 14-15 for Others & Men (FY 2013-14)
1	Up to Rs 2,00,000	No tax / exempt
2	2,00,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%

For normal category the simple calculation is as follows

• Taxable Income in 10% slab maximum tax will be Rs  28000 (taking 2000 tax credit into consideration)
• Taxable Income in 20% slab maximum tax will be Rs  30000 + Rs 1,00,000 total Rs 1,30,000 ( no tax credit for income above Rs 5,00,000)
• Taxable Income in 30% slab minimum tax will be Rs  Rs 1,30,000

Education and other cess will be in addition to this

Older Income tax rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:

Income tax slab for fy 2012-13 / ay 2013-14
Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 60 years (FY 2012-13)
S. No.	Income Range	Tax percentage
1	Up to Rs 2,50,000	No tax / exempt
2	2,50,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%
Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 80 years (FY 2012-13)
S. No.	Income Range	Tax percentage
1	Up to Rs 5,00,000	No tax / exempt
2	5,00,001 to 10,00,000	20%
3	Above 10,00,000	30%
New Income Tax Slabs for ay 13-14 for Resident Women (below 60 years) (FY 2012-13)
1	Up to Rs 2,00,000	No tax / exempt
2	2,00,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%
New Income Tax Slabs for ay 13-14 for Others & Men (FY 2012-13)
1	Up to Rs 2,00,000	No tax / exempt
2	2,00,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%

For normal category the simple calculation is as follows

• Taxable Income in 10% slab maximum tax will be Rs  30000
• Taxable Income in 20% slab maximum tax will be Rs  30000 + Rs 1,00,000 total Rs 1,30,000
• Taxable Income in 30% slab minimum tax will be Rs  Rs 1,30,000

Education and other cess will be in addition to this.