There is no change in the income tax rate for the year 2014-15 (Assessment Year 2015-16)
(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below)
| Upto Rs. 2,50,000 | |
| Rs. 2,50,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent. |
| Above Rs. 10,00,000 | 30 per cent. |
(ii) For persons of Age between 60 Years to 80 Years
| Upto Rs. 3,00,000 | |
| Rs. 3,00,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent. |
| Above Rs. 10,00,000 | 30 per cent. |
(iii) For persons having Age of 80 Years or More
| Upto Rs. 5,00,000 | |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent. |
| Above Rs. 10,00,000 | 30 per cent.
|
Other Budget 2014 highlights relating to Income tax 2014-15
- Personal tax exemption limit raised to Rs 2.5 lakh from current Rs 2 lakh for taxpayers below 60 years
- Senior citizens’ tax exemption limit hiked from Rs 2.5 lakh to Rs 3 lakh No change in surcharge for corporates, individuals
- Education Cess to stay at current 3%
- Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh
- Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh
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