Income Tax Structure 2014-15
Income Tax Structure 2014-15 announced in Budget 2014
Finance Minister presented Budget 2014 today. As far as Income Tax Structure 2014 -15 is concerned, it was announced in the Budget Speech there is no change in the income tax rate for the year 2014-15 (Assessment Year 2015-16)
(i) The rates of income-tax in the case of every individual (other than those mentioned in (ii) and (iii) below)
| Upto Rs. 2, 50,000 | Nil. |
| Rs. 2,50,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent. |
| Above Rs. 10,00,000 | 30 per cent. |
(ii) Â In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,-
| Upto Rs. 3,00,000 | Nil. |
| Rs.3,00,001 to Rs. 5,00,000 | 10 per cent. |
| Rs. 5,00,001 to Rs.10,00,000 | 20 per cent. |
| Above Rs. 10,00,000 | 30 per cent. |
(iii) in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,-
| Upto Rs. 5,00,000 | Nil. |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent. |
| Above Rs. 10,00,000 | 30 per cent. |
Other Budget 2014 highlights relating to Income tax 2014-15
- Personal tax exemption limit raised to Rs 2.5 lakh from current Rs 2 lakh for taxpayers below 60 years
- Senior citizens’ tax exemption limit hiked from Rs 2.5 lakh to Rs 3 lakh
- No change in surcharge for corporates, individuals
- Education Cess to stay at current 3%
- Investment limit under Section 80C hiked to Rs 1.5 lakh from current Rs 1 lakh
- Exemption on housing loans interest on self-occupied property increased from Rs 1.5 lakh to 2 lakh
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