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Income Tax Rates for AY 2015-16 (FY 2014-15)

Income Tax Rates applicable for Individuals, Hindu Undivided Family (HUF), Association of Persons (AOP) and Body of Individuals (BOI) in India is as under:

Assessment Year 2015-16, Relevant to Financial Year 2014-15 

For Individuals below 60 years age (including Woman Assessees):
Income
Tax Rate
Upto 200,000
Nil
200,000 to 500,000
10% of the amount exceeding 200,000
500,000 to 1,000,000
Rs.30,000 + 20% of the amount exceeding 500,000
1,000,000 & above
Rs.130,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 60 years and above but below 80 years (Senior Citizen):
Income
Tax Rate
Upto 250,000
Nil
250,000 to 500,000
10% of the amount exceeding 250,000
500,000 to 1,000,000
Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above
Rs.125,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 80 years and above (Very Senior Citizen):
Income
Tax Rate
Upto 500,000
Nil
500,000 to 1,000,000
20% of the amount exceeding 500,000
1,000,000 & above
Rs.100,000 + 30% of the amount exceeding 1,000,000

 Tax Credit: Rs. 2,000 for every person whose income doesn’t exceed Rs. 500,000

Surcharge on Income Tax: 10% of the Income Tax payable, in case the total taxable income exceeds Rs.10,000,000. Surcharge shall not exceed the amount of income that exceeds Rs.10,000,000.

Education Cess: 3% of Income Tax plus Surcharge

Note: The above rates have been proposed in the Vote On Account presented by the government pending Lok Sabha elections and are valid till 30th June 2014. By then the new government is expected to be in place and would present full budget for AY 2015-16, wherein the income tax rates could undergo a change. Thus for AY 2015-16, till the time full budget is passed, Tax Deducted at Source (TDS) liability would be computed as per these rates.

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