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Income Tax Slab Changes – Union Budget 2014

Following are the new Income tax slab rates announced :

  • Increase personal exemption for Income tax from 2 lakhs to 2.5 Lakhs for individuals less than
  • Increase exemption from 2.5 lakhs to 3 lakhs for Senior citizens

Section 80C Savings

  • Savings Under 80 C have been increased  from 1 Lakh to 1.5 Lakhs
  • Housing – for self occupied properties –  Deduction limit to be revived from 1.5 lakhs to 2 Lakhs

 

All the other slabs remain unchanged. With these changes, following will be the new structure of Income tax for the Assessment year 2014-15

Net income range (Individual resident (Age below 60 Yrs.) or any NRI / HUF / AOP / BOI / AJP) Net income range (For resident senior citizen) Net income range (For super senior citizen) Net income range (For any other person excluding companies and co-operative societies) Income Tax rates
Up to ₹ 2.5 Lakhs Up to ₹ 3.0 Lakhs Up to ₹ 5.0 Lakhs Up to ₹ 2.0 Lakhs NIL
₹ 2.5 Lakhs – 5 Lakhs ₹ 3 Lakhs – 5 Lakhs ₹ 2.5 Lakhs – 5 Lakhs 10%
₹ 5 Lakhs – 10 Lakhs ₹ 5 Lakhs – 10 Lakhs ₹ 5 Lakhs – 10 Lakhs ₹ 5 Lakhs – 10 Lakhs 20%
Above ₹ 10 Lakhs Above ₹ 10 Lakhs Above ₹ 10 Lakhs Above ₹ 10 Lakhs 30%

 

 

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