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 amount of rebate is 100 per cent of income tax or rs. Mar 17, 2020 due to the hike in cess, the tax liability for the highest slab assuming an income of rs 15 lakh has increased by rs 2,625. The new and revised income tax slabs and rates applicable for the fy 2012 and ay 2014. There will be no surcharge on income tax payments by individual taxpayers during fy 2012 ay 20 14. Select, 202021, 201920, 201819, 201718, 201617, 201516, 201415. Income tax rates for year 2014, 2012, 20112012, 20112011 for filing. The constitution of india schedule vii union list entry 82 has given the power to the. Income tax slabs fy 2012, ay 20 14 in income tax finance minister pranab mukherjee increase the tax exemption limit from rs. As per the finance act, 2012, incometax rates applicable for assessment year 2014 financial year 2012 applicable to individual, huf. Latest income tax slabs and rates for fy 20 14 and ay. 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. Full income tax slabs, education cess, surcharge and higher education cess for financial year 2012 are as follows.
It is well known fact that tax payers are now required to file their income tax return for the financial year 2012 relevant to the assessment year 20 14. This is the income tax slabs for financial year 2012 and the analysis year 20 14. Income tax slab rates for financial year 201516 assessment. Income tax rates for financial year 2012 and ay 2014. Ay 201617, the following rates were also applicable for fy 201415 ay 201516. The previous income tax slab for year 2012 20 can be found here income tax slabs 2012. For those with an income between rs 25 lakh the tax deduction would be 10%. Hurry file your income tax return for the fy 2012 ay 20 14 before 31st march 2015. Income tax slab for filing tax return on income in india.
For the assessment year 201617, individuals earning an income up to. Fill up the relevant details to know your tax liability for fy 2014 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. 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 2014. The new and revised income tax slabs and rates applicable for the financial year fy 20 14 and assessment year ay 201415 are mentioned below. As there was no change in income tax slabs for fy 201516 i.
Every year the income tax rates are changed and it is important to get the latest income tax rates. Income above rs 10 lakh will now come under the 30% tax bracket. Normal tax rates applicable to a resident individual of the age of 60 years or above at any time during the year but below the age of 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. Please give only relevant comments as irrelevant comments are waste of time for yourself and our other readers.
New income tax slab for ay 12 new income tax slabs for ay 12 for resident senior citizens above 60 years fy 201112. Aug 11, 2011 income tax rates slabs ay 201011 individual huf boi aop the rates for assessment year 201011 is given in the table below. 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. In the budget 20 announcement the tax slabs has been broadened for men and senior citizens by the indian finance ministry. 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. The 20% slab has been expanded and its limit has been moved up from 8 lakhs to 10 lakhs. The latest income tax slab to calculate your tax for year 2012 20 based on budget 2012 budget. If return of income is filed through electronic mode, then the assessee has following two options. Income tax slabs income tax rates fy 2014 av 201415. 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. Due dates for filing of income tax returns assessee due date companies required to submit transfer pricing audit report 30nov. Union budget 20 14 presented by p chidambaram today kept income tax rates unchanged in view of rising fiscal deficit. Income tax slabs for assessment year 2014 financial year.
Latest income tax slabs and rates for fy 2012 and as 2014. The table below shows the summary of tax slabs for fy 2014. Here is the ready reckoner of tax slabs for the financial year 20 14 which. It is deductible from income tax before calculating education cess. Income tax slab rates for financial year 2014 assessment. How your income tax has changed over the last 9 years. 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. For income between rs 510 lakh the tax bracket will be 20%. 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.
Corporate tax rates under normal provisions of income tax act. Income tax is collected on a yearly basis as a percentage of an entity income in a fiscal year. Tax amendments to file incometax return for ay 2014. 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. Heres how the income tax slabs, surcharges and deduction limits have. Tax exemption limit raised to rs 2 lakhs and tax rates has changed for other slabs too. Apr 12, 2020 read our other articles efiling income tax, income tax refund, income tax refund status, income tax return and income tax calculator in our artilces. 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 for assessment year 20142015 previous year 2014. Jul 27, 2011 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. 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. Click here to save tax with hdfc lifes various online insurance products. Download income tax slabs for individual, huf, company, aop, foreign company with surcharge details. This calculator is in excel format and can be downloaded.
Ay 202122 fy 202021 income tax january 12, 2020 understanding bsda basic services demat account demat january 11, 2020 senior citizen savings scheme retirement december 22, 2019 income tax rates. Latest income tax slabs rates for fy 2012 and as 2014. 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 201920. We give below the income tax rates and slabs applicable for the fy 201516 or ay 201617. Income tax slabs for financial year 2014 goodreturns. Income tax return filing fy 2012 ay 2014 detailed faq. How to file itr tax saving itr forms income tax refund tax. 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. In the middle income tax slab, the tax outgo increases by rs 1,125, and there is a nominal increase in the tax liability of rs 125 for lowest income tax slab. Please note the assessment year for this will be ay 20 2014. Income tax limit for 20 14 india get income tax slab rates and income tax deductions in india for financial year fy 201516 and assessment year ay tax slab for financial year 20 14 income level, tax rate, income level, tax rate, income level, tax rate.
Income tax rates applicable for individuals, hindu undivided family huf, association of persons aop and body of individuals boi in india is as under. Mar 19, 2019 download income tax slab for ay 201617 in pdf, download latest income tax slab rates for fy 201516 or income tax slab rates for ay 201617. Income tax slabs and rates for fy 202021 bankbazaar. The amount of income tax and the applicable surcharge, shall be further increased by health and education cess calculated at the rate of four percent of such income tax and surcharge. Return of income can be filed in paper mode or in efiling mode. Income tax slabs for assessment year 2014 financial year 201220 india income tax slabs for. India income tax slabs for assessment year 2014 financial year 2012 20 general tax payers.
Income tax rates applicable in case of companies for assessment year 201920 and 202021 are as follows. 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. Aug 29, 2012 a quick look at income tax slabs in india for financial year 2012 20 and tax assessment year 20 2014. The new and revised income tax slabs and rates applicable for the financial year fy 201112 and assessment year ay 2012 are mentioned below.
In addition an rebate of rs 2000 will be available for income less than rs 5 lakhs. Oct 15, 2012 income tax slab rates for financial year 2012 20 i. So, there will be an additional saving of rs 22000 in tax if your taxable income is rs 10, 00,000 as compared to previous year. Income tax return instructions ay 20 14 dont feel miserable if you missed the cutoff date for filing income tax returns for financial year 20 14, which was, july 31, 2014. For income upto rs 2 lakh, the tax deduction will now be nil. Income tax slabs for assessment year 2014 financial. India income tax slabs for assessment year 2014 financial year 2012 20 general tax payers income tax slab in rs. 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. Click here for all the information and analysis you need for taxsaving this financial year.
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