Income tax slab rates for AY 2015-2016 – Financial Year 2014-2015

Financial minister Mr. Arun Jaitley has presented union budget in parliament for the financial year 2014-2015. In this budget he has not changed the income tax rates and kept the earlier rate in place but basic exemption limit has been hiked by Rs. 50000. Now the earlier income tax rates as applicable to AY 2014-2015 will also be applicable to assessment year 2015-2016 but the threshold limit as changed in budget 2014 will be applicable to this financial year 2014-2015 (Assessment year 2015-2016).

Income tax slab rates for AY 2015-2016 – Financial Year 2014-2015

Here are the slab rates that are applicable for the incomes that are earned during the financial year starting from 1st of April 2014 to 31st march 2015.

Individual, being a resident in India, who is less than 60 years of age or HUF or AOP or BOI or every artificial juridical person

Sr. No Slab rates for AY 2015-2016 Tax rates for AY 2015-2016
1 where the total income does not exceed Rs. 2,50,000 (budget 2014 has been hiked earlier limit of Rs. 200000 limit to Rs 250000) Nil
2 where the total income exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000 10 per cent. of the amount by which your total income exceeds Rs. 2.5 lakhs;
3 where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 Rs. 25,000 plus 20 per cent. of the amount by which your total income exceeds Rs. 5 lakhs;
4 where the total income exceeds Rs. 10,00,000 Rs. 1,25,000 plus 30 per cent. of the amount by which your total income exceeds Rs. 10 lakhs.

Individual, being a resident in India, who is of the age of 60 years or more but less than 80 years at any time during the previous year

Sr. No. Slab Rates for AY 2015-2016 Tax Rates for AY 2015-2016
1 where the total income does not exceedRs. 3,00,000 (budget 2014 has been increased the earlier limit of Rs. 250000 limit to Rs. 300000) Nil
2 where the total income exceedsRs. 3,00,000 but does not exceedRs. 5,00,000 10 per cent. of the amount by which the income exceeds Rs. 3 lakhs;
3 where the total income exceedsRs. 5,00,000 but does not exceedRs. 10,00,000 Rs. 20,000 plus 20 per cent. of the amount by which the income exceeds Rs. 5 lakhs;
4 where the total income exceedsRs. 10,00,000 Rs. 1, 20,000 plus 30 per cent. of the amount by which the income exceeds Rs. 10 lakhs.

Individual, being a resident in India, who is of the age of 80 years or more at any time during the previous year

Sr. No. Slab Rates for AY 2015-2016 Tax rates for AY 2015-2016
1 where the total income does not exceed Rs. 5,00,000 Nil
2 where the total income exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000 20 per cent. of the amount by which the income exceeds Rs. 5 lakhs;
3 where the total income exceeds Rs. 10,00,000 Rs. 1,00,000 plus 30 per cent. of the amount by which the income exceeds Rs. 10 lakhs.

In addition to these tax rates you are also required to charge surcharge at the applicable rate for the assessment year for which you are calculating your tax liability.

Also Read: Tax slab rates for assessment year 2013-2014

You are also eligible for tax rebate of Rs. 2000 under section 87A of income tax act, 1961.