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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 was 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
|
|
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
|
|
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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