Here are the slabs for the income tax for the income incurring in Financial Year 2014-2015. The assessment year for these slabs is 2015-2016.
Income tax slabs
| For General tax payers | ||||
| Yearly Income | Tax Rate | |||
| Upto Rs. 2,50,000 | Nil | |||
| Rs. 2,50,001 to Rs. 5,00,000 | 10%* | |||
| Rs. 5,00,001 to Rs. 10,00,000 | 20% | |||
| Above Rs. 10,00,000 | 30%** | |||
| For Women(Below 60 Years of age) | ||||
| Yearly Income | Tax Rate | |||
| Upto Rs. 2,50,000 | Nil | |||
| Rs. 2,50,001 to Rs. 5,00,000 | 10%* | |||
| Rs. 5,00,001 to Rs. 10,00,000 | 20% | |||
| Above Rs. 10,00,000 | 30%** | |||
| For Senior Citizen (Above 60 years but below 60 Years of age) | ||||
| Yearly Income | Tax Rate | |||
| Upto Rs. 2,50,000 | Nil | |||
| Rs. 2,50,001 to Rs. 5,00,000 | Nil | |||
| Rs. 3,00,001 to Rs. 5,00,000 | 10%* | |||
| Rs. 5,00,001 to Rs. 10,00,000 | 20% | |||
| Above Rs. 10,00,000 | 30%** | |||
| For Senior Citizen (Above 80 years of age) | ||||
| Yearly Income | Tax Rate | |||
| Upto Rs. 2,50,000 | Nil | |||
| Rs. 2,50,001 to Rs. 5,00,000 | Nil | |||
| Rs. 3,00,001 to Rs. 5,00,000 | Nil | |||
| Rs. 5,00,001 to Rs. 10,00,000 | 20% | |||
| Above Rs. 10,00,000 | 30%** | |||
NOTE:
1) *A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh. However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh.
2) **Surcharge of 10% will be payable, if income is above Rs 1 crore
3) Education Cess: 3% of the Income-tax for all.
Tags: Assessment Year 2014-2015, Assessment Year 2015-2016, Income Tax Slabs, Latest income tax slabs
Hi, I would like to know what are the Indian tax rules for Indian citizen (spends some time abroad) earning (non remitted) dividend approx 5 lac, is senior citizen,income from company shares in UK. The dividend recipient is 1. Housewife with no other sources of income from anywhere 2. Pensioner with pension income.
hi, great post. Thanks for sharing!
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what is income tax slab for 2017-18…
Useful and informative article. Thank you for sharing!!
great and informative post. Thanks for sharing!
Very nice article. Thanks for sharing. Updated my knowledge on Income tax.
Thanks for such a nice post.
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