INCOME TAX SALAB FOR THE FINANCIAL YEAR 2014-15

Tax Slab for Individuals (Male/Female) for the F.Y 2014 -15

INCOME	TAX RATE %
0-2,50,000/-	0
2,50,001 – 5,00,000/-	10
5,00,001 – 10,00,000/-	20
10,00,001 – 1 Corer	30
Above 1 corer	30+10% (surcharge)

Tax Slab for Senior Citizen (Age above 60 yrs but not more than 80 yrs) for the F.Y 2014 -15

INCOME	TAX RATE %
0-3,00,000/-	0
3,00,001 – 5,00,000/-	10
5,00,001 – 10,00,000/-	20
10,00,001 – 1 Corer	30
Above 1 corer	30+10% (surcharge)

Tax Slab for Senior Citizen (Age above 80 yrs) for the F.Y 2014 -15

INCOME	TAX RATE %
0-5,00,000/-	0
5,00,001 – 10,00,000/-	20
10,00,001 – 1 Corer	30
Above 1 corer	30+10% (surcharge)

Note: extra charge on tax 3% cess.

Deductions limits under 80C-

Tax relief Limit of investment is increased from one lakh to one lakhs fifty thousand.

PPF limit increase from one lakhs fifty thousand.

Intrest on Housing loan relief limit is increase from one lakhs fifty thousand to two lakh.