Financial Year 2014-15
| A. Tax Rates For Individuals (Men & Women), Hindu Undivided Families, Association of Persons and Body of Individuals | |
|---|---|
| Total Income (Rs.) | Tax Rate (%) |
| Upto Rs. 250,000* | Nil |
| 250,000 to 500,000 | 10 |
| 500,001 to 10,00,000 | 20 |
| Above Rs. 10,00,000 | 30 |
| *In the case of a resident individual of sixty years or more but less than eighty years, the basic exemption limit is Rs. 300,000 *Relief for Taxpayers in the first bracket of '250000' to '500000'. A Tax credit of 2000 to every person with total income upto 5,00,000' | |
| The category of women below the age of 65 years has been removed | |
| B. Tax Rates For Senior Citizens (80 Years Or Above) | |
|---|---|
| Total Income (Rs.) | Tax Rate (%) |
| Upto Rs. 500,000* | Nil |
| 500,001 to 10,00,000 | 20 |
| Above Rs. 10,00,000 | 30 |
| Surcharge is @ 10% if total taxable income is in excess of Rs. 10,000,000 | |
| Education cess is applicable @ 3% on income tax | |
| Marginal relief may be available | |
