Monday, September 15, 2014

New Indian Income Tax Slabs for FY 2014-15 (AY 2015-16)


There are no new updates to Indian Income tax slabs for Financial Year 2014-2015 assessment year 2015-2016. However the  tax exemption limits have been enhanced  by our finance minister Minister Arun Jaitley and bring in some relief and happiness to income tax payers. I am also probably one of the happiest person to observe some changes in current Union Budget 2014-2015. Also Income Tax Rates in India for Individuals and Hindu Undivided Family (HUF) has been revised.

If you are existing TAX Payer ,you should have been aware of income tax exemptions  for the past Financial Year 2013-2014.Some of them remain same. However below are some major updates.  

Updates in the Income Tax Slabs for FY 2014-15 (AY 2015-16) 
  • Initial Income tax exemption limit has been hiked from Rs 2 lakhs to Rs 2.5 lakhs as you know till last year , the exemption was just 2 lakhs. So the exemption has increased to 50 Thousand more.
  • Income Tax slabs FY 2014-15 (AY 2015-16)  are mame for both men and women. 
  • Public Provident Fund (PPF) savings limit has been increased from Rs 1.1 lakh to Rs 1.5 lakh.
  • Income tax Slabs however would remain Same as the last Financial Year.
Tax Slabs for Financial Year 2014-15 or Assessment Year 2015-16


Below are the Income Tax Slabs rates for the Individuals who are below 60 Years of Age:-

Indian Income Tax Slabs for FY 2014-1015

Below are the Income Tax Slabs rates for the tax payers  who are above 60 Years of Age:-
Indian Income Tax Slabs for FY 2014-1015 for Senior Citizens


Some common Related Questions on Income Tax Slabs and Returns which I will try to answer in my next posts.

Minimum salary in India to pay income tax?
Salary contains few tax benefits like HRA and transport allowance. 
Income tax Slab for year 2012-2013 for Ordinary tax payers both male, ...
Do we need to file income tax returns?
Who is happy with the new income tax slabs announced?
Income tax slab for financial year 2014-2015
How to calculate income tax and new income tax slabs?
Income Tax Rate Chart for AY 2015-16 / FY 2014-15?



2 comments:

  1. Hi,

    Could anybody pls explain what and why the amount detection of Rs.25000 +20% and 125000+30% in the above table of "Individuals who are below 60 Years of Age"?

    ReplyDelete
    Replies
    1. If you fall under Slab 2, you have to pay maximum = 10% * 2,50,000 = Rs. 25,000

      If you fall under Slab 3, you have to pay maximum = Slab 2 + (20% * 5,00,000) = 25,000 + (20% * 5,00,000) = 25,000 + 1,00,000 = 1,25,000

      If you fall under Slab 3, you have to pay maximum = Slab 3 + 30% * max amount = 1,25,000 + 30%

      Delete