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Income Tax Rates for AY 2015-16 (FY 2014-15) - Vote on Account

PLEASE CLICK HERE FOR THE REVISED RATES AS PROPOSED IN THE UNION BUDGET 2014-15

Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India as proposed in the Vote on Account is given below.

Kindly note subsequently Union Budget 2014-15 has been passed by the parliament and revised Income Tax rates proposed for FY 2014-15.

Assessment Year 2015-16, Relevant to Financial Year 2014-15 

For Individuals below 60 years age (including Woman Assessees):
Income
Tax Rate
Upto 200,000
Nil
200,000 to 500,000
10% of the amount exceeding 200,000
500,000 to 1,000,000
Rs.30,000 + 20% of the amount exceeding 500,000
1,000,000 & above
Rs.130,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 60 years and above but below 80 years (Senior Citizen):
Income
Tax Rate
Upto 250,000
Nil
250,000 to 500,000
10% of the amount exceeding 250,000
500,000 to 1,000,000
Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above
Rs.125,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 80 years and above (Very Senior Citizen):
Income
Tax Rate
Upto 500,000
Nil
500,000 to 1,000,000
20% of the amount exceeding 500,000
1,000,000 & above
Rs.100,000 + 30% of the amount exceeding 1,000,000

Tax Credit: Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000

Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.

Education Cess: 3% of Income Tax plus Surcharge

Note: The above rates were proposed in the Vote On Account presented by the UPA government pending Lok Sabha elections and were valid till 30th June 2014. Thus for AY 2015-16, till the time full budget is passed, Tax Deducted at Source (TDS) liability would be computed as per these rates. It is to be noted that subsequently NDA government has presented the Union Budget for FY 2014-15 and provided the revised Income tax rates for FY 2014-15.

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