Income Tax Rate for Financial Year 2014-2015

A.      For resident individual (male or female) who is not senior citizen and HUF, AOP, BOI and AJP:

Net Income Income Tax
Rate

Surcharge

 

Up To Rs. 2.50 Lacks NIL NIL
Rs.2.50 Lacks to Rs.5 Lacks 10% of (total income – Rs. 2.50 Lacks) NIL
Rs.5 Lacks to Rs.10 Lacks Rs.25,000 + 20% of (total income – Rs.5 Lacks) NIL
Rs. 10 Lacks to 1 Crore Rs. 1,25,000 + 30% of (total income – Rs.10
Lacks)
NIL
Above 1 Crore Rs. 28,25,000 + 30%
of (total income – Rs.1 Crore)
10% of Income Tax

    

In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of 1% of income tax and surcharge is also applicable.

B.      For resident senior citizen who is 60 years or more but less than 80 years during the financial year:

Net Income Income Tax
Rate
Surcharge
Up To Rs. 3 Lacks NIL NIL
Rs.3 Lacks to Rs.5 Lacks 10% of (total income – Rs. 3 Lacks) NIL
Rs.5 Lacks to Rs.10 Lacks Rs. 20,000 + 20% of (total income – Rs.5 Lacks) NIL
Rs. 10 Lacks to 1 Crore Rs. 1,20,000 + 30% of (total income – Rs.10
Lacks)
NIL
Above 1 Crore Rs. 28,20,000 + 30%
of (total income – Rs.1 Crore)
10% of Income Tax

In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of
1% of income tax and surcharge is also applicable.

C.     For resident senior citizen who is 80 years or more during the financial year:

Net Income Income Tax
Rate
Surcharge
Up To Rs. 5 Lacks NIL NIL
Rs.5 Lacks to Rs.10 Lacks 20% of (total income – Rs.5 Lacks) NIL
Rs. 10 Lacks to 1 Crore Rs. 1,00,000 + 30% of (total income – Rs.10
Lacks)
NIL
Above 1 Crore Rs. 28,00,000 + 30%
of (total income – Rs.1 Crore)
10% of Income Tax

In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of
1% of income tax and surcharge is also applicable.

D.     Firms

Income tax is 30% of total income. Surcharge is 10% of total Income tax if income is above 1 Crore. Education cess is 2% and Higher Secondary education cess is 1% of income tax and surcharge is also applicable.

E.      Companies

 Income Tax Rates are for domestic company is 30%.  Surcharge is 5% of total Income tax if income is above 1 Crore but below 10 Crore and 10% if income is above 10 Crore. Education cess is 2% and Higher Secondary education cess is 1% of income tax and surcharge is also applicable.

F.      Co-Operative Societies

Net Income        Income Tax Rate
Up To Rs. 10,000 10%
Rs.10,000 to Rs. 20,000 20%
Above Rs.10,000 30%

Surcharge 10% is applicable if net income is more than Rs.1 Crore. In addition to income tax and surcharge, the education cess of 2% and secondary and higher education cess of 1% of income tax and surcharge is also applicable.

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