The basic exemption limit of a person who is getting salary and other individual for the assessment year (AY) 2014-2015 is Rs 2, 00,000. There is no change in the basic exemption limit for a resident woman. A higher exemption limit has been provided for senior citizen or super senior citizen. Basic exemption limit is the limit up to which a tax payer is not required to pay … [Read more...] about Income Tax Rates for Assessment Year 2014-2015 – Financial year ending 31st March 2014