Income Tax Slab for A.Y. 2014-15 (F.Y. 2013-14)-individuals


There are three types in individual category:

  1. Below 60 years
  2. 60 years and above but below 80 years
  3. 80 years and above

Income Tax Slab for Individuals who are below than 60 years of age
Taxable Income Tax Rates
Income up to 2 lakh NIL

Income From 2 Lakh to 5 Lakh 10% on income over Rs. 2 Lakh; Less: Tax Credit – 10% of taxable income up to Rs.2000/- maximum

Income from 5 Lakh to 10 Lakh Rs. 30,000/- plus 20% on above income 5 lakh
Income above 10 lakh Rs. 1 lakh 30 thousand plus 30% on income above 10 lakh

Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

Income Tax Slab for Individuals who are 60 years or over but below 80 years of age
Income Tax Rates
Income up to 2 .5 lakh NIL
Income From 2.5 Lakh to 5 Lakh 10% on income over Rs. 2.5 Lakh
Income from 5 Lakh to 10 Lakh Rs. 25,000/- plus 20% on above income 5 lakh
Income above 10 lakh Rs. 1 lakh 25 thousand plus 30% on income above 10 lakh

Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge
Income Tax Slab for Individuals who are over 80 years of age
Income Tax Rates
Income up to 5 Lakh NIL
Income From 5 Lakh to 10 Lakh 20% on income over Rs.5 Lakh
Income above 10 lakh Rs. 1 lakh plus 30% on income above 10 lakh

Surcharge will be applicable @ 10% when total taxable income is over 1 crore.
3% education cess will be applicable on income tax & surcharge

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