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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