How to calculate income tax based on new tax slab 2014-15

New finance budget for FY 2014-15 presented by our finance minister Mr. Arun Jaitley has brought good news for taxpayers with the raised tax exemption limit. Individual tax exemption is raised by Rs. 50,000 that is now the individuals below 60 years of age with salary not more than 2,50,000 will be tax free. In case of senior citizens exemption limit is raised to Rs. 3,00,000 which was 2,50,000 in the previous financial year. Limit for investment under 80C act is also raised to Rs. 1,50,000 which was 1 Lakh previously.

Here is the detailed income-tax slab for FY 2014-15-

1. For individuals below 60 years:

Tax-slab	Tax-Payable
0-2.5 Lakh	No Tax
2.5 Lakh - 5 Lakh	10%
5 Lakh to 10 Lakh	20%
Above 10 Lakh	30%

2. Tax-Slab for Senior citizens (Above 60 years)

Tax-slab	Tax-Payable
0-3 Lakh	No Tax
3 Lakh - 5 Lakh	10%
5 Lakh to 10 Lakh	20%
Above 10 Lakh	30%

3. Tax-Slab for Senior citizens (80 and above)

Tax-slab	Tax-Payable
0-5 Lakh	No Tax
5 Lakh to 10 Lakh	20%
Above 10 Lakh	30%

How to activate State Bank of India Mobile Banking on your phone

In the field of banking, The next big thing after online banking is mobile banking but many people are not using it because either they don't know about it or they are just too afraid to use it. But believe me, it is a hassle free service provided by almost all the banks in India. We can use mobile banking for transferring money, to do online re-charge or many other things which requires going to manual going to banks.

Today we will see how to activate the mobile banking for the biggest bank in India that is State Bank of India (SBI). Activating SBI mobile banking involves two phases-

1. First step involves smartphone activation.
2. Second step involves activation using ATM.

Phase 1.

1. Send a SMS <MBSREG> to 9223440000 or 567676 using your mobile phone. You will receive a SMS containing your User-id and a MPIN.

2. If you are using a JAVA phone then you will receive an another SMS containing the link for downloading the application. And if you are using any Android phone or I-phone then you can download the Statebank Freedom application from the respective stores.

3. After installing the application into your phone, change the default MPIN to some safe password and remember it.

Phase 2.

Now second phase involves going to the nearest SBI ATM and don't forget to take your ATM card with you.

1. Swipe your ATM card into machine and choose Mobile registration.
2. Now choose Mobile banking and select the option Registration.
3. Now enter your 10-digit mobile number and choose confirm. You will soon receive a SMS showing the status about the activation of your mobile banking.

NOTE: Use the mobile number registered with the bank.

If you are already a SBI online banking user, then the second phase becomes very easy for you. Just log-in into your online banking. Select e-Services and then State Bank Freedom from left hand side menu-bar. Now select your account number and click submit.

In the next step enter your mobile number and the user-Id you received through SMS and click Continue. You will soon receive a confirmation message about the activation of your mobile banking.