BUDGET 2014 - 15: Income Tax Rates For Individuals, HUF, AOP and BOI

Income tax rates for 2014-15

For Individuals, HUF, AOP and BOI*

Total Income	Income Tax Rates
Up to Rs. 2.5 lakh	NIL
Rs. 2,50,001 to Rs. 5 lakh	10%
Rs. 5,00,001 to Rs.10 lakh	20%
Rs. 10,00,001 and above	30%

    

1. For a resident individual aged between 60 and 80, the basic exemption limit is Rs.3 lakh

2.. For a resident individual aged 80 or above, the basic exemption limit is Rs. 5 lakh

3.  Rebate from tax of upto Rs. 2060 or 100% of the tax whichever is less available for a resident individual whose total income is below Rs. 5 lakh    

4.  A 10% surcharge is applicable if the total income exceeds  Rs. 10,000,000. Marginal relief available

5.  A 3% education cess is applicable on income-tax (inclusive of surcharge, if any).

* HUF - Hindu Undivided Family

  AOP -  Association of Persons 

  BOI - Body of Individuals 

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