Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: list of goods taxed at 4% :: VAT Audit :: cpt :: ACCOUNTING STANDARDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes :: ACCOUNTING STANDARD :: empanelment :: form 3cd :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT RATES :: TAX RATES - GOODS TAXABLE @ 4% :: TDS :: Central Excise rule to resale the machines to a new company :: due date for vat payment :: articles on VAT and GST in India
 
 
News Headlines »
 Filing of online return for 4th quarter of 2016-17 — extension of period thereof
 CBDT simplifies ITR filing process from FY18
 Govt extends service tax return filing date to April 30
 No move to tax farm income, clarifies Arun Jaitley
 New board for indirect taxes to become operational from June 1
  9 changes that came into effect from April 1
 First time filing income tax? Here's all you need to know about Form 16 and Form 26AS
 New Opening Financial Controller Chartered Accountant (Manufacturing Plant) A Leading Company
 Income Tax Filing 2017: All you want to know about the single page ITR form SAHAJ
 How to benefit from investments in tax saving mutual funds
 60 per cent of income tax notices on fishy cash deposits returned

New Income Tax slabs and rates for Fiscal 2014-15
July, 11th 2014

With the finance minister Arun Jaitley’s announcement to raise the individual income tax exemption limit, the following are the New Income Tax slabs and rates for the Fiscal year 2014-15.

In his maiden Union Budget, Jaitley said that there is little scope for the government to provide the relief for individuals in income tax. He said that the previous government has left the very challenging revenue target. However, he announced Rs 50, 000 raise in tax exemption limit for individuals below the age of 60 years and above 60 years respectively.

For the Fiscal year 2014-15, Individuals below the age of 60 years the new Income tax slab is Rs 2, 50, 000 while for seniors citizens the new slab is Rs 3, 00, 000 from existing Rs 2.5 lakh.

As per the new Income Tax slabs, Individuals will have to pay taxes above the income of Rs 2.5 lakh for individuals below the age of 60 years and Rs 3 lakh for senior citizens. At least Rs 5150 will be saved by an individual after the raise in exemption limit.

Income Range General (non-senior citizens) Category Women Below 60 years of age Citizen above 60 years of age

 
Income Range General (non-senior citizens) Category Women Below 60 years of age Citizen above 60 years of age  
Rs 2.5 Lakh Nil Nil Nil  
Rs 2, 50001-Rs 3, 00, 000 10% 10% Nil  
 
Rs. 2,50,001 to Rs. 5,00,000
10% 10% 10%  
 
 
Rs. 5,00,001 to Rs. 10,00,000
20% 20% 20%  
Above Rs. 10,00,000 30% 30% 30%  

 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Custom Software Development Outsourcing Custom Software Development Offshore Cus

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions