Finance

INCOME TAX EXEMPTION LIMIT- 2014-15

Basic Slabs for Individuals :-
Earlier under the age of 65 years, now under 60 years

Basic Slabs for Women :-
Earlier under the age of 65 years, now under 60 years

Basic Slabs for Senior Citizen :-
Earlier over the age of 65 years, now 60 to 80 years

Up to Rs. 2,50,000	NIL
Rs. 2,50,001 to Rs. 5,00,000	10%
Rs. 5,00,001 to Rs. 10,00,000	20
Above Rs. 10,00,000	30%
Basic Slabs for 'Very' Senior Citizens :- New Category- over the age of 80 years
Up to Rs. 5,00,000	NIL
Rs. 5,00,001 to Rs. 10,00,000	20%
Above Rs. 10,00,000	30%

Note:

For the normal category the simple calculation is as follows:

Taxable Income in 10 % slab maximum tax will be Rs.28000; taking 2000 tax credit into consideration.
Taxable Income in 20 % slab maximum tax will be Rs.30000+ Rs.100000 total Rs. 130000; No tax credit for income above Rs. 500000.
Taxable Income in 30 % slab minimum tax will be Rs. 130000

Education and other cess will be in addition to this.