Income Tax Rates

Time of the year again when we have to file our income tax. E-filing at IncomeTaxIndiaEfiling is made mandatory for people with annual income above Rs 5 lakh. The last date for filing of individual income tax return this time is 31st July 2014. The first question that comes to mind when we think of filing income tax is - what are the current income tax rates/slabs this year. Sometimes we even want to know how the rates have changed over the years. Below are the income tax rates/slabs for individuals in current financial year and in recent years (for comparison purposes)

For Individuals below 60 years age (Men and Women both):
Income Tax Rate FY 2013-2014 (AY 2014-2015) FY 2012-2013 (AY 2013-2014) FY 2011-2012 (AY 2012-2013)
Nil <= 2 Lakh <= 2 Lakh <= 1.8 Lakh (men) <=
1.9 Lakh (women)
10 % 2L - 5L 2L - 5L 1.8L - 5L (men)
1.9L - 5L (women)
20 % 5L - 10L 5L - 10L 5L - 8L
30 % >10L >10L >8L
For Individuals aged 60 years and above but below 80 years (Senior Citizen):
Income Tax Rate FY 2013-2014 (AY 2014-2015) FY 2012-2013 (AY 2013-2014) FY 2011-2012 (AY 2012-2013)
Nil <= 2.5 Lakh <= 2.5 Lakh <= 2.5 Lakh
10 % 2.5L - 5L 2.5L - 5L 2.5L - 5L
20 % 5L - 10L 5L - 10L 5L - 8L
30 % >10L >10L >8L
For Individuals aged 80 years and above (Very Senior Citizen):
Income Tax Rate FY 2013-2014 (AY 2014-2015) FY 2012-2013 (AY 2013-2014) FY 2011-2012 (AY 2012-2013)
Nil <= 5 Lakh <= 5 Lakh <=5 Lakh
20 % 5L - 10L 5L - 10L 5L - 8L
30 % >10L >10L >8L

Income tax rates for financial year 2014-2015 (AY 2015-16)

Not Yet Decided . Will be decided during the yearly budget which is delayed due to general elections and will be decided by new government. Please note that until then, for Tax Deducted at Source (TDS), the last year rates will be applicable.

Income tax for Women

No concession for ladies. Till year 2011-12 , there was a concession for women taxpayers which has been scrapped now and they are treated equally as men.

FAQs

  1. What is difference between Financial Year and assessment year? Ans:- Assessment year is the year in which our income from previous financial year is assessed. Both 'financial year' and 'assessment year' start from 1st April and end on 31st March. The difference is that 'assessment year' is a year ahead of financial year.
  2. When and who decides the income tax rate? Ans:- Every year union finance minister presents the union budget in which income tax slabs/rates for the coming financial year are laid down. The union budget is usually presented in February end or in March.
  3. What's the jurisdiction in income tax e filling? Ans: Please follow know your jurisdiction
Category: finance income-tax

Comments

  • Ayyub Shaikh
    05 Jul 14
    why we are getting exemption upto 4 lacs ?