Income tax rates usually change annually. Any adjustments are announced by the Ministry of Finance, Government of India.
Following is the table indicating the impact of changes in income tax provisions proposed by Finance Minister Arun Jaitley in the Budget 2014-15. Tax exemption limit has been raised to Rs 2.5 lakh from Rs 2 lakh.
Income tax rates determine the tax that will be applied to your income. In India, there are different income tax rates for men, women and senior citizens. The table outlines these.
| Income tax slab (in Rs.) | Tax Rate |
|---|---|
| Up to Rs 2,50,000 | NIL |
| Rs 2,50,001 to Rs 5,00,000 | 10 per cent |
| Rs 5,00,001 to Rs 10,00,000 | 20 per cent | Above 10,00,000 | 30 per cent |
| Income tax slab (in Rs.) | Tax Rate |
|---|---|
| Up to Rs 3,00,000 | NIL |
| Rs 3,00,001 to Rs 5,00,000 | 10 per cent |
| Rs 5,00,001 to Rs 10,00,000 | 20 per cent | Above 10,00,000 | 30 per cent |
| Income tax slab (in Rs.) | Tax Rate |
|---|---|
| 0 to Rs 5,00,000 | NIL |
| Rs 5,00,001 to Rs 10,00,000 | 20 per cent | Above 10,00,000 | 30 per cent |
Email us at - info@adca.in
