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Income tax

Object of the Act:

 

Every Person whose total income exceeds the maximum amount which is not chargeable to the income tax is an assesse, and shall be chargeable to the income tax at the rate or rates prescribed under the finance act for the relevant assessment year, shall be determined on basis of his residential status.

Income tax is a tax payable, at the rate enacted by the Union Budget (Finance Act) for every Assessment Year, on the Total Income earned in the Previous Year by every Person.

 

Income Tax Rates/Slabs for A.Y. (2014-15)

Slab (Rs.) Tax (Rs.)
less than 2,50,000 Nil
2,50,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Greater than 10,00,000 30%

 

Women aged 65 years or less

 

Slab (Rs.) Tax (Rs.)
less than 2,50,000 Nil
2,50,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Greater than 10,00,000 30%

Senior Citizens (Individuals aged above 65 to 80 years)

 

Slab (Rs.) Tax (Rs.)
less than 3,00,000 Nil
3,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Greater than 10,00,000 30%

 


Very Senior Citizens (Individuals aged above 80 years and above)

 

Slab (Rs.) Tax (Rs.)
less than 5,00,000 Nil
5,00,001 to 10,00,000 20%
Greater than 10,00,000 30%

 


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Tax Calculator 2012-13

 

Tax Calculator 2011-12