The slab for the financial year 201415 is as follows for resident indians upto rs. Given below are the various tables for the latest income tax slabs for the fy 20202021. General rate slab rate for individual resident aged below 60 yearsnri huf aop boi income slabs tax rates where the taxable income does not exceed rs. Income tax slabs income tax rates fy 201415 av 201516. Income tax slabs and rates for fy 202021 bankbazaar. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 201516 for last fy 201415. Income tax slab for financial year 201415 mytaxcafe. Income tax slab rates 201718 pdf download ay 201819. Income tax rates and slabs undergo modification and change every year with the change and addition in the union budgets. Find the income tax slab rates for the last 7 years all at one place 1 f. Income tax levels in india were very high during 19501980, in 197071 there were 11 tax slabs with highest tax rate being 93. Dear member, the information regarding it for fy 201415 is wrong.
The below table gives you clear idea about income tax slabs rates for all tax payer categories. Assessment year ay is the year in which you file returns i. Tax rate is 29% if turnover or gross receipt of the company doesnt exceed rs. I got promotion from 1st jan 2014 and received the pay arrears rs 104474in fy 201516 for last fy 2014 15. For senior citizens age 60 years or more but less than 80 years. We provide you the latest income tax rates in india for everyone and tax benefits for the current financial year 201415, to know more about income tax slab.
As proposed in the new tax regime, 70 tax exemptions will be removed but the income between rs 5 lakh and rs 7. Income tax rates for fy financial year 2014 ay assessment year 201415,for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess. Due to the hike in cess, the tax liability for the highest slab assuming an income of rs 15 lakh has increased by rs 2,625. Union budget 2020 has proposed a new tax structure by slashing income tax rates and rejigging the income tax slabs to reduce total tax liability by individuals. In the middle income tax slab, the tax outgo increases by rs 1,125, and there is a nominal increase in the tax liability of rs 125 for lowest income tax slab.
Hi paritosh, it would be better if you wuold have mentioned relevant ay or fy. Income tax circular 2014 circular, income tax 2012 amendment of income tax ordinance section 19. Every year the income tax rates are changed and it is important to get the latest income tax rates. Income tax slabs if your income is less than 1,10,000tax free 1,10,0011,50,000tax rate is 10% 1,50,0012,50,000tax rate is 20% more than 2,50,001tax rate is 30% this slab is as per existing income tax applicanle rates. The income tax rates and slabs applicable for the financial year 2014 are same as it was during financial year 2012, except the two major changes which was given below. Finance minister ama muhith is presenting the 201415 budget in parliament. But to reduce tax evasion tax rates were reduced later on, by 199293 maximum tax rates were reduced to 40%.
Heres how the income tax slabs, surcharges and deduction limits have changed over the past nine years 200910 basic exemption limit raised to rs 1. Income tax slab rates for individualhuf for fy 201415. Surcharge 12% of the income tax if taxable income exceeds rs 10 crore. Download cleartax app to file returns from your mobile phone. Latest updates the latest income tax slabs for 20182019 can be found here income tax slabs 201819. There is a surcharge of 10 per cent on persons whose taxable income exceed rs. Apr 19, 2019 income tax slab for financial year 2014 ay 2014 15 finance minister p chidambaram presented the union budget on 28th february, 20. In the following sections we will discuss the income tax rates for fy 20182019 ay 20192020 and some other key features of income tax in india. Paripatra 2014 income tax paripatra income tax 20 2014.
Apr 18, 20 income tax slab rates for 2014 and 2014 15 by shankar bose inspector of income tax mstu, puri slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising. Home income tax slabs and tax rate in india for fy 202021. Budget 2020 a new optional way to choose old or new rates according to the. Apr 05, 2014 every year the income tax rates are changed by the government and every year government charged tax on the new tax slab or on the latest tax slabs. Income tax rates slabs for financial year 201415 learn. Normal rates of tax applicable to all individualshuf who are less than 60 years of age. The rates i had loaded before are relevant for the fy 20092010 ay 20102011. The last time slab rates underwent a change was in fy 201415 when. Income tax slab for financial year 2014 ay 201415 finance minister p chidambaram presented the union budget on 28th february, 20. Income tax slab rates for financial year 2014 assessment. Proposed tax slab for financial year 14 assessment year 1415 for men below 60 years of age. The income tax department has released the income tax return forms for assessment year 201415 financial year 2014. Income tax amendment for the assessment year 201415.
Please note that the income of financial year 2014 15 is taxable at the tax rate applicable for assessment year 201516. Last 25 years income tax rates linkedin slideshare. The tax slab for financial year 202014 is the same as that of financial year 201220. Finance minister ama muhith is presenting the 2014 15 budget in parliament. Budget 2020 has announced a new tax regime giving taxpayers an option to pay taxes as per the. Income tax slab tells the tax rate at which you have to pay tax on income. Income tax slab for fy 202021 pdf download income tax rates. Income tax slabs income tax rates fy 2014 av 201415. Rate of income tax for individual a slab rate assessment year 201415. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 201415. A rebate of rs 2000 will be available for income less than rs 5 lakhs. The basic exemption limit has been increased from rs 2 lakh to rs. Union budget 2014 presented by p chidambaram today kept income tax rates unchanged in view of rising fiscal deficit.
Income tax slab rate for assessment year 2014 15 i. Income tax slabs for financial year 2014 goodreturns. This income tax calculator is created through excel utility with latest income tax slabs. If you are searching for the income tax slab or income tax rates for a. Income tax slab for financial year 2014 15 posted on. Fy 201415 note the new government has presented the budget for ay 201516 on 10. Please note that the income of financial year 20 2014 is taxable at the tax rate applicable for assessment year 2014 2015. The slab for the financial year 2014 15 is as follows for resident indians upto rs. Income tax rates for fy financial year 2014 ay assessment year 2014 15,for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess. Income tax slabs income tax rates and deductions for fy 2017. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as. May 08, 2020 due to the hike in cess, the tax liability for the highest slab assuming an income of rs 15 lakh has increased by rs 2,625. The last date to file returns for the financial year 2014 2015 is july 31st 2015.
As there was no change in income tax slabs for fy 201516 i. Total amount payable as income tax and surcharge on total income exceeding rs. Here is the ready reckoner of tax slabs for the financial year 2014 which. Income tax slab rates for last 25 years in india 199293 to. Please note that the income of financial year 202014 is taxable at the tax rate applicable for assessment year 20142015. Proposed tax slab for financial year 14 assessment year 14 15 for men below 60 years of age.
The tax slab for financial year 20 2014 is the same as that of financial year 201220. Income tax slab rates for ay 20142015 and fy 202014. The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here free income tax calculator for calculating tax for 201819. Rates of income tax for fy 2014 15 ay 201516 as per the finance no. Hdfc life guaranteed pension plan hdfc life new immediate annuity plan. Ay 201617, the following rates were also applicable for fy 201415 ay 201516. In simple words, we can say, there is no any change in rate of income tax in the individual. The income tax slab is the same for a female as it is for a. These are the forms you need to file your income tax returns for the income earned between april 1st 20 and march 31st 2014. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for financial year 2014.
This year as well, the indian finance minister nirmala sitharaman announced multiple changes that have taken place in the budget. Latest income tax slabs rates for fy 2012 and as 2014. Income tax budget 2020 proposes crucial changes in income tax rates 202021. Union budget 2014 has amended the basic income tax slabs for financial year 2014 15, however there is no change in the income tax rates, surcharge and cess.
Surcharge and education cess see note income tax slab rates 201718 pdf download. For general tax payers including women income slab tax rate 0 to 2,50,000 no tax 2,50,001 to 5,00,000 10% 5,00,001 to 10,00,000 20% above 10,00,000 30% b. Referencer income tax income tax rates ay 201415 fy. The previous income tax slab for year 201220 can be found here income tax slabs 2012. Income tax slab rates specify the threshold annual income limits at which a higher or lower rate of tax is applicable.
Income tax slab rates for the last 7 years yash shindes blog. Income tax slab rates for ay 20142015 and financial year 2014 income tax slabs and rates are changed almost every year. Hdfc life provides the latest income tax rates in india for different age groups and tax benefits offered by various life insurance policies, for the current financial year 2014 15. The finance minister said that a person earning above rs 15 lakh per anum and. Income tax rates for assessment year 199293 income slab rs. Income tax slab rates 201819 pdf download ay 201920. Union budget 2014 has come with few changes to cheer up for common man. Income tax slab for fy 201415 pdf download please login cite. My question is that this arrear should not be added in previous year. Last 25 years income tax rates for individuals, huf, aops, bois ay 199293 to ay 201415 by shankar bose inspector of income tax oo the principal chief commissioner of income tax, odisha, bhubaneswar 2. Income tax slab rates for 2014 and 201415 by shankar bose inspector of incometax mstu, puri slideshare uses cookies to improve functionality and performance, and to provide you with relevant advertising.
Every year the income tax rates are changed by the government and every year government charged tax on the new tax slab or on the latest tax slabs. Income tax slab for financial year 201415 posted on. How your income tax has changed over the last 9 years. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income exceeds fifty lakh rupees but does not exceed one crore rupees. In addition an rebate of rs 2000 will be available for income less than rs 5 lakhs. Income tax slab rates for financial year 201516 assessment. So that every layman can understand and calculate income tax in a very easy way even you will enjoy to find out other persons income tax. Income tax slabs 2020 pdf download income tax slabs. Apr 08, 2015 find the income tax slab rates for the last 7 years all at one place 1 f. Income tax rate chart for ay 201516 fy 201415 december 3, 2014. Highlights of change in direct taxes in the union budget 20 1.
Rate of income tax for individual a slab rate assessment year 2014 15. Dec 18, 20 income tax slab tells the tax rate at which you have to pay tax on income. Income tax calculator for fy 201415 download the income tax calculator for fy 201415 or ay 201516. For financial year 2014, additional surcharge called the education cess on incometax and secondary and higher education cess on incometax shall continue to be levied at the rate of two per cent. Although there is no change in the rate of tax, surcharge or cess but the maximum amount which is not chargeable to tax is increased by rs. Union budget 2014 has amended the basic income tax slabs for financial year 201415, however there is no change in the income tax rates, surcharge and cess.
Have a look at revised income tax slabs and know how much will you save in new tax regime. Income tax calculator utility is helpful for bankers especially which included all the forms in one i. Income tax slabs 2020 pdf download income tax slabs budget 2020 new income tax slabs with reduced rates were introduced by finance minister nirmala sitharaman in her union budget 2020 speech on saturday, providing big relief to the middle class as was expected. Net income range income tax rates health and education cess up to rs. The above calculator is only to enable public to have a quick and an easy access to basic tax calculation and does not purport to give correct tax. Jan 29, 2018 heres how the income tax slabs, surcharges and deduction limits have changed over the past nine years 200910 basic exemption limit raised to rs 1. My next question is that how should be calculated the income tax for current year. Now my total income is rs 591684 including the arrears. Save tax with hdfc lifes various online insurance products. Please note that the income of financial year 201415 is taxable at the tax rate applicable for assessment year 201516. The amount of incometax shall be increased by a surcharge at the rate of 10% of such tax, where total income between 50 lakhs and one crore rupees above 1 crore 15% surcharge. Rates of incometax for fy 201415 ay 201516 as per the finance no.
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