What is Income Tax Rates in India for Financial Year 2014-15? What are the slabs and Exemptions for Assessment Year 2015-16 (FY 2014-15?

Income Tax Rate for Individuals and House of Undivided Family HUF for the F. Y 2014-15 A. Y. 2015-16

 

Individuals age below 60 years and Hindu Undivided Family (H.U.F)

 

Income Slab	Rate of Income Tax F.Y. 2014-15
The total income is less than Rs. 2,50,000/-	NIL
Total Income Exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	Tax 10% on the amount exceeds Rs. 250000/-
Total Income Exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	Tax of Rs. 25,000+20% of the amount exceeds Rs. 5,00,000
Total Income Exceeds Rs. 10,00,000	Tax of Rs. 1,25,000+ 30% of the amount exceeds Rs. 10,00,000

                                                     

Surcharge

10% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

 

Education Cess

3% of the total of Income Tax and Surcharge

 

 

Individuals age above 60 years but below 80 Years during the previous year

 

Income Slab	Rate of Income Tax F.Y. 2014-15
The total income is less than Rs. 3,00,000/-	NIL
Total Income Exceeds Rs. 3,00,000 but does not exceed Rs. 5,00,000	Tax 10% on the amount exceeds Rs. 300000/-
Total Income Exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	Tax of Rs. 20,000+20% of the amount exceeds Rs. 5,00,000
Total Income Exceeds Rs. 10,00,000	Tax of Rs. 1,20,000+ 30% of the amount exceeds Rs. 10,00,000

                                                     

Surcharge

10% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

 

Education Cess

3% of the total of Income Tax and Surcharge

 

Individuals age above 80 years during the previous year

 

Income Slab	Rate of Income Tax F.Y. 2014-15
The total income is less than Rs. 5,00,000/-	NIL
Total Income Exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	Tax of 20% of the amount exceeds Rs. 5,00,000
Total Income Exceeds Rs. 10,00,000	Tax of Rs. 1,00,000+ 30% of the amount exceeds Rs. 10,00,000

                                                     

Surcharge

10% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

 

Education Cess

3% of the total of Income Tax and Surcharge

 

 

Income Tax Rate for Association of Persons, Body of Individuals (AOP & BOI) For the Financial Year 2014-15 (A.Y. 2015-16)

Income Slab	Rate of Income Tax
The total income is less than Rs. 2,50,000/-	NIL
Total Income Exceeds Rs. 2,50,000 but does not exceed Rs. 5,00,000	Tax 10% on the amount exceeds Rs. 250000/-
Total Income Exceeds Rs. 5,00,000 but does not exceed Rs. 10,00,000	Tax of Rs. 25,000+20% of the amount exceeds Rs. 5,00,000
Total Income Exceeds Rs. 10,00,000	Tax of Rs. 1,25,000+ 30% of the amount exceeds Rs. 10,00,000

 

Surcharge

10% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

 

Education Cess

3% of the total of Income Tax and Surcharge  

 

Income Tax Rates for Cooperative Society for the Financial Year 2014-15 (A.Y. 2015-16)

 

Income Slab	Rate of Income Tax
The total income is less than Rs. 10,000/-	Tax of 10% of the Income
Total Income Exceeds Rs. 10,000 but does not exceed Rs. 20,000	Tax of Rs. 1,000+20% of the amount exceeds Rs. 10,000
Total Income Exceeds Rs. 20,000	Tax of Rs. 3,000+30% of the amount exceeds Rs. 20,000

 

Surcharge

10% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

 

Education Cess

3% of the total of Income Tax and Surcharge  

 

Income Tax Rates for Partnership Firm for the Financial Year 2014-15 (A.Y. 2015-16)

 

Income Tax

30% of Taxable Income

 

Surcharge

10% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

 

Education Cess

3% of the total of Income Tax and Surcharge  

Income Tax Rates for Local Authority for the Financial Year 2014-15 (A.Y. 2015-16)

Income Tax

30% of Taxable Income

 

Surcharge

10% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

 

Education Cess

3% of the total of Income Tax and Surcharge  

 

Income Tax Rates for Domestic Companies (Corporate Tax Rate) for the Financial Year 2014-15 (A.Y. 2015-16)

Income Tax

30% of Taxable Income

 

Surcharge

5% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

10% of the Income Tax If the Income taxable Income exceeds Rs. 10 Crore

 

Education Cess

3% of the total of Income Tax and Surcharge

 

Income Tax Rates for Companies other than Domestic Companies for the Financial Year 2014-15 (A.Y. 2015-16)

Income Tax

50% of on so much of the total income as consist of

 

(a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or

 

(b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government

 

40% of the Balance Amount

 

Surcharge

5% of the Income Tax If the Income taxable Income exceeds Rs. 1 Crore

10% of the Income Tax If the Income taxable Income exceeds Rs. 10 Crores

 

Education Cess

3% of the total of Income Tax and Surcharge

PAN

Income Tax PAN FAQ, Answers & Guidance

Tax Audit

What is the turn over limit for tax audit? Who needs to get audited the accounts under section 44AB?

Taxation on Charitable Trust and NGO

What is authority structure in case of Charitable Trust, Charitable Society, Non Governmental Organizations (NGO), Section 25 Companies and other exempted institutions?

What is the definition of Charitable Purpose? Section 2(15) of Income Tax Act- Relief to poor, Education, Medical Relief, other public utility services- Latest amendments

How to register with Income tax under Section 12A by NGO, Section 25 Company, Charitable Trust and Society? Is it necessary to Register?

What is approval u/s 80G(5)? Is it necessary for a charitable Institution? How to apply for it? What is the use of approval u/s 80G(5) for Charitable Trust, Charitable Society, Non Governmental Organizations (NGO), Section 25 Companies and other exempted institutions?

Is exemption of Income to NGO, Section 25 Company, Charitable Trust and Society can forfeiture? Provision in Section 13 for forfeiture of Exemption

What is notification u/s 35(1)(ii)/(iii)? How to apply by scientific research association, a university, college or other institutions? What is the use?

What are the modes and forms of Investment specified u/s 11(5) in the case of Charitable Trust, NGO, Charitable Society, Section 25 Companies and Charitable entities

How Charitable Institutions are assessed for Income Tax? Accumulation of surplus and utilization of NGO, Section 25 Company, Charitable Trust and Society

Who are interested persons in the case of Charitable Trust, NGO, Charitable Society, Section 25 Companies and Charitable entities? Who are relatives? List of interested persons and relatives