Union budget 20 14 presented by p chidambaram today kept income tax rates unchanged in view of rising fiscal deficit. Reorganizing the different income tax slabs and simplify overall tax. Looking for the income tax slabs and rates for the financial year 2012 or assessment year 20 14. The slides show tax slabs for general tax payers age below 60 years, female tax payers age below 60 years, senior citizens age between 60 to 80 years and super senior citizens age above 80 years. Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance products, for the financial year 20 14. Income tax rates, deduction fy 2012 ay 2014 for individual huf download income tax calculator for salaried person fy. The exemption limit has been raised from 180000 to rs.
Income tax slab rates for financial year 2014 assessment. Every year the income tax rates are changed by the government and every year government charged tax on the new tax slab or on the latest tax slabs. Professional tax slab rate in maharashtra income tax slabs. Income tax rates slab for fy 2012 or ay 2014 ebizfiling. Income range tax percentage 1 up to rs 2,50,000 no tax exempt 2 2,50,001 to 5,00,000 10% 3 5,00,001 to 10,00,000 20% 4 above 10,00,000 30% new income tax slabs for ay 1415 for resident senior citizens. Feb 28, 20 for financial year 2014, additional surcharge called the education cess on incometax and secondary and higher education cess on incometax shall continue to be levied at the rate of two per cent. These rates are applicable on individual assessee, hindu undivided family hufs,association of persons aop and body of individuals boi. Income tax rates for fy financial year 2012 ay assessment year 20 14,for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess. Income tax slabs for fy 20 2014 here are the slabs for the income tax for the income incurring in fy 20 2014. The following income tax rates are applicable for the financial year ending march 31, 2016 i. According to the income tax act, 1961, marginal relief. Income tax at a glance among direct taxes, income tax is the main source of revenue.
For senior citizens age 60 years or more but less than 80 years for senior citizens age 80 years or more. However there are amendment in negative list addition deletions and abatement rates,penalties and a new amnesty scheme for service tax defaulters has been proposed. Latest income tax slabs in india fy 201617 or as 201718. Hdfc life provides the latestincome tax rates in india for different age groups and tax benefits offered by various life insurance policies, for financial year 2014. The biggest beneficiaries would be people having income between rs. Latest income tax slabs and rates for fy 2012 and as 2014. Income tax is imposed on the basis of ability to pay. Income tax slabs ay 201011 fy 200910 income tax slabs ay 201112 fy 201011 income tax slabs ay 2012 fy 201112 income tax slabs ay 20 14 fy 2012 income tax slabs ay 201415 fy 20 14 income tax slabs ay 201516 fy 201415 income tax slabs ay 201617 fy 201516 income tax slabs ay 201718 fy 201617 income tax slabs ay 201819 fy 201718 income tax slabs ay.
Full income tax slabs, education cess, surcharge and higher education cess for financial year 2012 are as follows. Income tax slabs for assessment year 2014 financial year 201220 india income tax slabs for. This is the income tax slabs for financial year 2012 and the analysis year 20 14. Major changes in income tax returns fy 20 14 or ay 201415 by ankur srivastava uploaded on 06072014 you can give your feedback comments about this article.
The slab of income tax rates for fy 2012 ay 20 14 is to some extent different from that of slab of fy 1112 ay 2012. Kapoor is dealing in properties in his normal business. Due dates for filing of income tax returns assessee due date companies required to submit transfer pricing audit report 30nov. Women are also brought under the same tax slab and now there will be no gender discrimination. Government of india income tax slab rates for ay 202014 government of india has increased the basic personal income tax exemption limit from rs. Latest income tax slabs and rates for fy 2012 and as. Income tax slabs for fy 2012 20 in the latest budget announcement on 16th march 2012, the financial minister, pranab mukherjee, announced raising the tax exemption limit from the curent level of rs 1. The slab of income tax rates for fy 2012 ay 2014 is to some extent different from that of slab of fy 1112 ay 2012. The following it rates were applicable for the financial year ending march 31, 20 financial year 2012assessment year 20 14. Income tax slabs for assessment year 2014 financial. Rates of income tax fy 2014 ay 201415 as per finance act, 20 as per the finance act, 20, income tax is required to be deducted under section 192 of the act from income chargeable under the head salaries for the financial year 20 14 i. The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 5% of such income tax, provided that the total income exceeds rs. Incometax slab rates for individual for fy 201516 ay.
These rates will continue to be the same as those specified for financial year 2014. Latest income tax slabs rates for fy 2012 and as 2014. There are three categories in income tax slabs which is for individual, senior citizen and senior citizen with the age of 80 years and more. Government of india income tax slab rates for ay 202014. The new and revised income tax slabs and rates applicable for the financial year fy 201112 and assessment year ay 2012 are mentioned below. Apr 19, 2019 income tax slab for financial year 20 14 ay 201415 finance minister p chidambaram presented the union budget on 28th february, 20. Use our free income tax calculator for getting an idea of how much tax you will be saving compared to last year per the latest tax. Income tax slab for filing tax return on income in india. Income tax calculator for financial year 2014 income tax calculator for ay 201415. Heres how the income tax slabs, surcharges and deduction limits have changed over the past nine years 200910 basic exemption limit raised to rs 1. Applicable tax rates in fy 2012 ay 2014 for individuals april 22, 20 by alok patnia the slab of income tax rates for fy 2012 ay 2014 is to some extent different from that of slab of fy 1112 ay 2012. March 1 to 15, 2016 u taxmanns corporate professionals today u vol. We give below the income tax rates and slabs applicable for the fy 201516 or ay 201617.
The more a taxpayer earns the more he should pay is the basic principle of charging income tax. Income tax rates for assessment year 20142015 previous year 2014 income tax rates. The national board of revenue nbr is the apex authority for tax administration in bangladesh. Amendments income tax return for ay 2014 simple tax india. Calculate tax liability for ay 201415 income slabs tax ratesi. Income tax slab rates for financial year 201516 assessment year201617 resident super senior citizen who is 80 years or more at any time during the previous year.
The income tax slabs were reduced to 5 and only the portion. For individuals below 60 years age including woman assessees. The new income tax rates or income tax slabs are effective from april 01, 20. Indian income tax system follows income tax slabs for levying the tax on the income of an individual or. Mar 21, 2012 the union budget 2012 20 announced by finance minister pranab mukherjee has amended the tax slab for individuals.
Hdfc life provides the latest income tax slab rates and deductions in india for tax payers in different age groups and tax benefits offered by its online insurance. Income tax slabs income tax rates fy 2014 av 201415. Aug 29, 2012 a quick look at income tax slabs in india for financial year 2012 20 and tax assessment year 20 2014. For senior citizens age 60 years or more but less than 80. Fill up the relevant details to know your tax liability for fy 20 14 income tax slabs for fy 20 14 education cess of 3% surcharge of 10% on rs 1 crore plus income earners tax credit of rs 2,000 for income up to rs 5 lakhs us 87a there are no separate slab for male and female income tax slab tax up to rs. Please give only relevant comments as irrelevant comments are waste of time for yourself and our other readers. Professional tax 20 to 2014 docx download please login cite. Lets get the insights of the income tax slabs for fy 201819 ay 201920 income tax slab for resident individual aged less than 60 years059 years same slab rates shall apply for both male and female resident taxpayers.
Government of india has increased the basic personal income tax exemption limit from rs. The income tax rates and slabs applicable for the financial year 20 14 are same as it was during financial year 2012, except the two major changes which was given below. Cbdt extends due date for filing tax audit report for ay 2014. The tax rates discussed in this part are applicable for assessment year 202021 i. A the amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge at the rate of 2% of such income tax, provided that the total income exceeds rs. Income tax slab tells the tax rate at which you have to pay tax on income. From 2012, women were also a part of the general slab. Highest tax rate including surcharge has come down from 56% in fy 199091 to 30. Income tax slabs fy 2012, ay 20 14 in income tax finance minister pranab mukherjee increase the tax exemption limit from rs. Tax slab for financial year 201516 assessment year 1617.
Oct 15, 2012 income tax slab rates for financial year 2012 20 i. Income tax slab rates for individual for fy 201516 ay 201617 tax expert. Y 2014 new income tax slabs for ay 1415 for resident senior citizens above 60 years fy 2014 s. Income tax slab rates for financial year 201516 assessment. Income tax slabs and tax rates in india for fy 202021. Financial year 201516 assessment year 201617 every year the income tax rates are changed and it is important to get the latest income tax rates. Tax exemption limit raised to rs 2 lakhs and tax rates has changed for other slabs too. The latest free income tax calculator to calculate your latest tax and to compare your tax savings from previous year can be found here free income tax calculator for calculating tax for 201819. Income tax slabs for assessment year 2014 financial year. Income tax rates for fy financial year 20 14 ay assessment year 201415,for individuals,men, women, senior citizens, hufs and other categories surcharge and education cess. Income tax slab rates from ay 199293 to ay 201516 download income tax calculator for a.
Due dates for filing of income tax returns assessee due date companies required to. India income tax slabs for assessment year 2014 financial year 2012 20 general tax payers income tax slab in rs. There is no change in the income tax slabs for the common citizen but union budget has introduced savings from home loans and more tax on the super rich. The threshold income tax exemption limit for men has been extended to rs 2, 00,000 which was previously rs 1,80,000. Simple income tax calculator for fy 2012 is available here.
Income tax rates applicable for individuals, hindu undivided family huf, association of persons aop and body of individuals boi in india is as under. Income tax slab for fy 2012 ay 20 14 ncome tax slabs for ay 14 for resident senior citizens above 60 years fy 2012 s. New income tax slab for ay 12 new income tax slabs for ay 12 for resident senior citizens above 60 years fy 201112. Union budget 2014 has amended the basic income tax slabs for financial year 201415, however there is no change in the income tax rates, surcharge and cess. Income tax slab rates for individual for fy 201415 ay 201516. How your income tax has changed over the last 9 years.
You can complete filing your income tax return in just 15 minutes using the website or the mobile app. Income tax slab rates for financial year 2012 20 i. Government of india income tax slab rates for ay 20142015. Please click on the links below to view the income tax also written shortly as i. Tax payer individual huf aopsboi domestic company foreign company firms llp cooperative society tick if, total turnover or gross receipts of the company in the previous year 201415 does not exceeds 5 crore rupees. The latest income tax slab to calculate your tax for year 2012 20 based on budget 2012 budget. It was established by the father of the nation bangabandhu sheikh mujibur rahman under. Latest updates the latest income tax slabs for 20182019 can be found here income tax slabs 201819. Income tax slab for individuals fy 201220 ay 202014. Income tax slabs for filing tax return for individuals and hufs. May 17, 20 all those tax payers who are claiming relief of tax in terms of section 90 or 90a or 91 of the income tax act and are filing their income tax return for the ay 20 14 and subsequent years will now be required to furnish their income tax return electronically under digital signature or transmitting the data in the return electronically and. Here is the ready reckoner of tax slabs for the financial year 20 14 which. Please note that the income of financial year 2012 20 is taxable at the tax rate applicable for assessment year 20 2014. Normal tax rates applicable to an individual the normal tax rates applicable to a resident individual will depend on the age of the individual.
Save tax with hdfc lifes various online insurance products. Income tax slab for financial year 2012 assessment year 20 14 tax man women senior citizen rate in rupees in rupees in rupees 1 0 00 upto 2 00 000 upto 2 00 000 upto 2 50 000 2 10 00 2 00 001 to 5 00 000 2 00 001 to 5 00 000 2 50 001 to 5 00 000 3 20 00 5 00 001 to 10 00 000 5 00. Detailed article on the income tax slabs for fy 2012 and ay 2014. Use our free income tax calculator for getting an idea of how much tax you will be saving compared to last year per the latest tax rates. The basic exemption limit has been increased from rs 2 lakh to rs.
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