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Latest Income Tax Slabs and Rates for FY 2014-15

Get Latest Income Tax Slabs and Rates for FY 2014-15 – Here is the latest slab rates for all Men, Women, Senior Citizen and very Senior Citizen for Financial Year 2014-2015 and Assessment Year 2015-16.

This is also to remember that Tax rebate of Rs 2,000 will be available for people having an annual income upto Rs 5 lakh as like earlier – A Rebate in Income Tax For FY 2014-15.

Income Level General  Women (Below 60 years of age) Senior Citizens  Very Senior Citizens ( above 80 years)
Upto Rs. 2,50,000 Nil Nil Nil Nil
Rs. 2,50,001 to Rs. 3,00,000 10% * 10% * Nil Nil
Rs. 3,00,001 to Rs. 5,00,000 10% * 10% * 10% * Nil
Rs. 5,00,001 to Rs. 10,00,000 20% 20% 20% 20%
Above Rs. 10,00,000 30% ** 30% ** 30% ** 30%**

NOTE : Surcharge of 10% will be payable, if income is above Rs 1 crore

Deduction and Rebate Updates For Income Tax for FY 2014-15

1.  Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. 1.5 lakh which was Rs One lacs earlier.

2. Deduction limit on account of interest on loan for self occupied house has been raised from Rs.1.5 lakh to Rs. 2 lakh.

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