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% |
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