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