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Budget 2014/2015 – Personal Tax Rates & TDS

The Finance Minister (FM) presented the Interim Budget and introduced Finance Bill 2014 on 17th February 2014.

He has not proposed any changes in the existing Personal Tax (PT) or Tax Deducted at Source (TDS) rates

The PT rates for Financial Year 2014-2015 are going to be as below:

1. Tax Slab for an Individual (resident & below 60 years) or HUF/AOP/BOI/AJP

Income Slabs

Tax Rates

Total income up to Rs. 2 Lac 0% Tax
Total income above Rs. 2 Lac and below Rs.5 Lac 10% on amount exceeding Rs. 2 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac 20% on Income exceeding Rs. 5 Lac + Rs. 30,000
Total income more than Rs. 10 Lac 30% on Income exceeding Rs. 10 Lac + Rs. 1,30,000

* u/s 87A the Individual having taxable income up to Rs. 5 Lac , can claim rebate, on the Actual Tax amount subject to a maximum of Rs.2,000

Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable

2. Tax Slab for an Individual (resident & above 60 years but below 80 years)

Income Slabs

Tax Rates

Total income up to Rs. 2.50 Lac 0% Tax
Total income above Rs. 2.50 Lac and below Rs.5 Lac 10% on amount exceeding Rs. 2.50 Lac
Total income above Rs. 5 Lac and below Rs.10 Lac 20% on Income exceeding Rs. 5 Lac + Rs. 25,000
Total income more than Rs. 10 Lac 30% on Income exceeding Rs. 10 Lac + Rs. 1,25,000

Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable

3. Tax Slab for an Individual (resident & above 80 years)

Income Slabs

Tax Rates

Total income up to Rs. 5 Lac 0% Tax
Total income above Rs. 5 Lac and below Rs.10 Lac 20% on Income exceeding Rs. 5 Lac
Total income more than Rs. 10 Lac 30% on Income exceeding Rs. 10 Lac + Rs. 1 Lac

Where the Taxable Income exceeds Rs. 1 crore, Surcharge @ 10% of Income tax is applicable