Income Tax Slabs - FY 2014-15 & AY 2015-16

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Income Tax Sabs for Financial Year 2014-15 & Assessment Year 2015-16
Income (INR)	Tax Rate
Individuals below 60 Yrs incuding Women
Upto 250,000	Nil
250,000 to 500,000	10% of the amount exceeding 250,000
500,000 to 1,000,000	Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above	Rs.125,000 + 30% of the amount exceeding 1,000,000
Individuals above 60 and below 80 Yrs (inc women)
Income	Tax Rate
Upto 300,000	Nil
300,000 to 500,000	10% of the amount exceeding 300,000
500,000 to 1,000,000	Rs.20,000 + 20% of the amount exceeding 500,000
1,000,000 & above	Rs.120,000 + 30% of the amount exceeding 1,000,000
For Individualls above 80 Yrs incl women
Income	Tax Rate
Upto 500,000	Nil
500,000 to 1,000,000	20% of the amount exceeding 500,000
1,000,000 & above	Rs.100,000 + 30% of the amount exceeding 1,000,000
Notes:
Surcharge on Income Tax of 10% is Payable if income exceeds 10 lah rupees.  And If the taxable income is above 10 lakhs then the surcharge shall not exceed  the amount of income that exceeds 10 lakh rupees.
Education cess is payable 3% of income tax plus surcharge

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Financial Year/Fiscal Year , Previous Year - Assessment Year -Calendar Year

 

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At times we get confused with simple terms like Financial Year, Previous Year, Assessment Year etc.

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Though we know what it means by Previous Year - in Income Tax Terms Previous Year  or Financial Year means "the year in which income is received, earned or accrued" -  the year prior to the Assessment Year.

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Assessment Year:

The same way when we talk about Assessment Year

Assessment Year in simple terms is  the year  when the income of previous year is taxed.  Let us say that abcs income in year 1st April 2013 to 31st March 2014 is assessed in the next year i.e. 1st April 2014 to 31st March 2015. 

To be more specific for Assessment Year 2014-15, the Previous Year would be 2013-14 (1.4.2013 to 31st March 2014) 

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Financial Year/Fiscal Year:  Generally Financial Year starts from 1st April to 31st March.  A Financial Year is a twelve month period used for calculating Annual Financial Statements.

Calendar Year: is the period starting from January to December.

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