Income tax slab rates for individualhuf for fy 201415. 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 posted on. Incometax slab rates for individual for fy 201516 ay 201617. This is the new chapter introduced in income tax rule as per finance act, 20 section 87a of the income tax act, 1961. Income tax slabs for financial year 2014 goodreturns. 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. Incometax slab rates for individual for fy 201516 ay. Rate of surcharge assessment year 202122 assessment year 202021. Income tax slab for financial year 2014 ay 201415 finance minister p chidambaram presented the union budget on 28th february, 20. Now income tax exemption is raised by 50000 to 250000.
Detailed split for general, women, senior citizen etc are provided. This income tax calculator is created through excel utility with latest income tax slabs income tax calculator utility is helpful for bankers especially which included all the forms in one i. Income tax slabs income tax rates and deductions for fy 2017. Rs 12,500 or 100% of income tax whichever is lower for individuals with income below rs 5 lakhs. 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. New income tax slabs fy 201415 income tax slabs ay ay. Income tax slab rates for fy 20142015 ay 20152016 how to get electronic verification code evc to everify income tax return for ay 20152016 how to view your form 26as online check tax credit statement. Income tax slabs income tax rates fy 2014 av 201415. Please note that the income of financial year 201415 is taxable at the tax rate applicable for assessment year 201516. Income tax slabs for financial year 201415 mytaxcafe. Almost the slabs and rates for income tax 2014 are similar to previous year i. 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. Important points to know while filing itr this year.
Ay 201516 as proposed by budget 201415 finance bill 201415 income tax slabtax rates for individual, hindu undivided family, association of persons, body of individuals, artificial juridical person. Incometax slab rates for individual for fy 201415 ay. Ay 201617, the following rates were also applicable for fy 201415 ay 201516 latest income tax slabs in india fy 201617 or as 201718. In fact, the income tax department had, in a release on march 28, 2017, urged taxpayers to file their pending income tax return for this financial year before the expiry of the deadline of march 31st, 2017. The normal tax rates applicable to a resident individual will depend on the age of the individual. You can generated the following statement through this utility. Income tax rate slab changed for financial year 201415 and the analysis year 201516 on the union budget.
Income tax rates tax slab for fy 20142015 ay 20152016. Amarpal chadha, tax partner and india mobility leader, ey says an individual as. The income tax slab for hindu undivided family huf is the same as the tax slabs for individuals under the age of 60 years in the year 2019 2020. Income tax slab rates for individual for fy 201516 ay 201617 tax expert. Income tax slabs and rates for fy 202021 bankbazaar.
Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age. In the fy 201112 ay 2012 age limit for senior citizen is reduced to 60years who will get additional basic exemption limit of rs. Income tax slab rates for fy 201718 ay 201819 india. Here are the slabs for the income tax for the income incurring in fy 202014. Income tax slab rates for fy 201617 ay 201718 budget. Another significant change in this budget was abolishing lower tax slab for women. Y 2014 new income tax slabs for ay 1415 for resident senior citizens above 60 years fy 2014 s. My next question is that how should be calculated the income tax for current year. This year the honorable finance minsiter of india, piyush goyal has. Income tax rates for fy 201415 financial year 201415and ay assessment year201516 as per budgetii of 2014. The income tax slab fy 1920 is a set of predetermined rates based on which a taxpayers income is assessed. Given below are the various tables for the latest income tax slabs for the fy 20202021. Tax slabs for financial year 201415 or assessment year 201516. For the purpose of ascertainment of the applicable tax slab, an individual can be classified as.
Latest income tax slabs rates for fy 2012 and as 2014. Income tax slab rates for the current assessment year 201819. To know options where you can save tax us 80c click here to know more tax saving options beyond 80c click here. 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.
Tax rebate us 87a claim upto rs 2000 tax rebate, if the taxable income doesnot exceed rs 5 lakh. Below are the income tax slab rates for fy 201617 or ay 2017 18. Individual, hindu undivided family, association of persons, body of individuals, artificial juridical person. Calculate your tax based on the tax slabs for year 20142015. 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. Income tax slabs for financial year 201718 assessment year 1718. We give below the income tax rates and slabs applicable for the fy 201516 or ay 201617. Rates of incometax in the case of every individual other than those mentioned in ii and iii below or hindu undivided. Income tax rates and slabs undergo modification and change every year with the change and addition in the union budgets. Income tax online software income tax excel softwaredownload updated on. Income tax slabs income tax rates fy 201415 av 201516.
Ay 201617, the following rates were also applicable for fy 201415 ay 201516. Income tax slabs are reintroduced in union budget 201415 and no big change in the tax slabs for the financial year 201415 and assessment year 201516. Rates of incometax for fy 201415 ay 201516 as per the finance no. Income tax slabs for partnership firms there is a flat tax rate for partnership firms and llps limited liability partnerships and they are to pay income tax at the rate of 30%. Indian finance minister, shri arun jaitley has tabled today, the union general budget 201617 in the parliament. Income tax slab rates specify the threshold annual income limits at which a higher or lower rate of tax is applicable. Income tax rates for assessment year 199293 income slab rs. Here is the ready reckoner of inomce tax slabs for the financial year 2014 which will help you while filing tax. Every year the income tax rates are changed and it is important to get the latest income tax rates. The last time slab rates underwent a change was in fy 201415 when the.
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. The basic exemption limit has been increased from rs 2 lakh to rs. This year as well, the indian finance minister nirmala sitharaman announced multiple changes that have taken place in the budget. Income tax slab every year amendments are made to the income tax act by proposing a finance bill which directly decides the threshold limits for various tax rates. As there was no change in income tax slabs for fy 201516 i. What is income tax, income tax slab for fy 201718, e. My question is that this arrear should not be added in previous year.
Ca sandeep kanoi income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for. Last 25 years income tax rates linkedin slideshare. In this post i restrict my subject towards new tax slabs for fy 201415. Now my total income is rs 591684 including the arrears. Income range tax percentage 1 up to rs 2,50,000 no tax exempt 2 2,50,001 to 5,00,000 10% 3 5,00,001 to 10,00,000 20% 4 above 10,00,000 30% new income tax slabs for ay 1415 for resident senior. However, in case of a nonresident individual the tax rates will be same irrespective of his age. 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. Income tax slab rates for ay 20142015 and fy 202014. For senior citizens age 60 years or more but less than 80 years. Income tax rate chart income tax slabs as applicable for assessment year 201516 financial year 201415 for individual, huf, aop, boi, partnership firms, llp and companies.
Well, your income is taxed according to slabs that are announced at every union budget. India income tax slabs 20142015 for general tax payers and women. The latest tax slab for fy 201415 for individualshuf, aopboitrust, firm llp, company, cooperative societies, local authorities is listed in. Tax levied as per predecided percentage on the net taxable income which needs to be deposited at the end of department. Proposed tax slab for financial year 14 assessment year 1415 for men below 60 years of age. 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.
In india, to keep parity between the income by different class of people and tax paid, an income tax slab is issued with different rates of taxation for different income group. Income tax slabs for financial year 201415 and assessment. Latest income tax slabs fy 201415 it slabs for fy 201415 ay 201516. You can complete filing your income tax return in just 15 minutes using the website or the mobile app. Surcharge is levied on the amount of income tax at following rates if total income of an assessee exceeds specified limits. Latest income tax slabs and rates for fy 201516 and ay. Income tax slab rates for individual for fy 201415 ay 201516.
Income tax slab tells the tax rate at which you have to pay tax on income. Here are the slabs for the income tax for the income incurring in financial year 20142015. Income tax rates tax slab for ay 20142015 fy 202014. How your income tax has changed over the last 9 years. Latest updates the latest income tax slabs for 20182019 can be found here income tax slabs 201819. Income tax is one thing which every salaried man on the street is interested in. Income tax calculator for fy 201415 download the income tax calculator for fy 201415 or ay 201516. Income tax rates for individuals,hufs,for woman,senior citizen,cooperative society,firm,income tax rates for fy 201415. March 31, 2017 was the last date to file your original income tax returns for the financial year 201415. Fy 201415 note the new government has presented the budget for ay 201516 on 10. Surcharge on income tax if the total taxable income exceeds rs 1 crore, there will be sucharge of 10% of tax payable not 10% of income 4. 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. Just received your salary slip and are trying to figure out the basis on which tax was deducted. The good news is the income tax slabs has been altered by the finance minister pranab mukarjee in budget 2012 today.