Rates of Income Tax for AY 2014–2015 (Part III of the First Schedule to the Finance Act 2013) Category of Tax Annual income Senior Citizen from all & Citizen below above 60 years Super Senior sources 60 years (born & below 80 Citizen 80 years (After all Higher after April 1, years.(born and above(born exemptions & 1953) during April 1, before April 1, deductions) 1933 and March 1933) (in Rupees) Cess 31 , 1953) Up to Nil 2,00,000 10% of the Nil amount by 2,00,001– which total 2,50,000 income exceeds 2,00,000 Nil Rs. 5,000 + 10 per cent of 10% of the the amount by 2,50,001- amount by the total 5,00,000 which total income exceeds income exceeds Rs.2,50,000 2,50,000 3% on tax Rs. 25,000/- Rs. 30,000 + plus 20 per cent 20% of the 20% of the of the amount by 5,00,001- amount by amount by which total 10,00,000 which total which the total income exceeds income exceeds income exceeds 5,00,000 5,00,000 Rs. 5,00,000/ Rs. 1,25,000/- Rs. 1,30,000 + plus 30 per cent Rs. 1,00,000 + 30% of the of the 30% of the amount by amount by amount 10,00,000 which total the total exceeding income exceeds income exceeds 10,00,000 10,00,000 Rs. 10,00,000/- If the total income of the individual exceeds Rs crore during FY 2013-14 (AY 2014-15), The amount of income-tax shall be increased by a surcharge @10% of the Income-tax
Rates of Income Tax for AY 2014–2015 (Part III of the First Schedule to the Finance Act 2013) Annual income from all sources (After all exemptions & deductions) (in Rupees) Category of Tax & Higher Cess Citizen below 60 years (born after April 1, 1953) Senior Citizen above 60 years & below 80 years.(born during April 1, 1933 and March 31 , 1953) Super Senior Citizen 80 years and above(born before April 1, 1933) Up to 2,00,000 Nil Nil Nil 3% on tax 2,00,001– 2,50,000 10% of the amount by which total income exceeds 2,00,000 2,50,001- 5,00,000 Rs. 5,000 + 10% of the amount by which total income exceeds 2,50,000 10 per cent of the amount by the total income exceeds Rs.2,50,000 5,00,001- 10,00,000 Rs. 30,000 + 20% of the amount by which total income exceeds 5,00,000 Rs. 25,000/- plus 20 per cent of the amount by which the total income exceeds Rs. 5,00,000/ 20% of the amount by which total income exceeds 5,00,000 10,00,000 Rs. 1,30,000 + 30% of the amount by which total income exceeds 10,00,000 Rs. 1,25,000/- plus 30 per cent of the amount by the total income exceeds Rs. 10,00,000/- Rs. 1,00,000 + 30% of the amount exceeding 10,00,000 If the total income of the individual exceeds Rs crore during FY 2013-14 (AY 2014-15), The amount of income-tax shall be increased by a surcharge @10% of the Income-tax
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