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Income Tax Slab for FY 2014-15 AY 2015-16

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  • 11 Jul 2014
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CA Sandeep Kanoi

CA Sandeep KanoiIncome Tax Rate Chart / Income Tax Slabs as Applicable for Assessment Year 2015-16 / Financial Year 2014-15 for Individual, HUF, AOP, BOI, Partnership Firms, LLP and Companies.

Individual, Hindu undivided family, association of persons, body of individuals, artificial juridical person.

(i) The rates of income-tax as applicable for Assessment Year 2015-16 in the case of every individual below the Age of Sixty Years or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or  artificial juridical person

Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 2,50,000/-. NIL
ii. Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-. 10% of amount by which the total income exceeds Rs. 2,50,000/-
iii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv. Where the total income exceeds Rs. 10,00,000/-. Rs. 1,25,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

 (ii)     In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than eighty years at any time during the previous year,—

Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 3,00,000/-. NIL
ii. Where the total income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/- 10% of the amount by which the total income exceeds Rs. 3,00,000/
iii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- Rs. 20,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv. Where the total income exceeds Rs. 10,00,000/- Rs. 120,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

(iii)    in the case of every individual, being a resident in India, who is of the age of eighty years or more at anytime during the previous year,—

Income Slabs Tax Rates
i. Where the total income does not exceed Rs. 5,00,000/-. NIL
ii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/- 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iii. Where the total income exceeds Rs. 10,00,000/- Rs. 100,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

The amount of income-tax computed in accordance with the preceding provisions of this Paragraph shall be increased by a surcharge at the rate of ten percent of such income-tax in case of a person having a total income exceeding one crore rupees.

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Co-operative Societies

In the case of co-operative societies, the rates of income-tax have been specified in Paragraph B of Part III of the First Schedule to the Bill. These rates will continue to be the same as those specified for financial year 2013-14.

The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a co­operative society having a total income exceeding one crore rupees .

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Firms

In the case of firms, the rate of income-tax has been specified in Paragraph C of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for financial year 2013-2014.

The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a firm having a total income exceeding one crore rupees .

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Local authorities

The rate of income-tax in the case of every local authority is specified in Paragraph D of Part III of the First Schedule to the Bill. This rate will continue to be the same as that specified for the financial year 2013-2014.

The amount of income-tax shall be increased by a surcharge at the rate of ten percent. of such income-tax in case of a local authority having a total income exceeding one crore rupees .

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Companies

The rates of income-tax in the case of companies are specified in Paragraph E of Part III of the First Schedule to the Bill. These rates are the same as those specified for the financial year 2013-2014.

The existing surcharge of five per cent in case of a domestic company shall continue to be levied if the total income of the domestic company exceeds one crore rupees but does not exceed ten crore rupees. The surcharge at the rate of ten percent shall continue to be levied if the total income of the domestic company exceeds ten crore rupees. In case of companies other than domestic companies, the existing surcharge of two per cent. shall continue to be levied if the total income exceeds one crore rupees but does not exceed ten crore rupees. The surcharge at the rate of five percent shall continue to be levied if the total income of the company other than domestic company exceeds ten crore rupees.

However, the total amount payable as income-tax and surcharge on total income exceeding one crore rupees but not exceeding ten crore rupees, shall not exceed the total amount payable as income-tax on a total income of one crore rupees, by more than the amount of income that exceeds one crore rupees. The total amount payable as income-tax and surcharge on total income exceeding ten crore rupees, shall not exceed the total amount payable as income-tax and surcharge on a total income of ten crore rupees, by more than the amount of income that exceeds ten crore rupees.

In other cases (including sections 115-O, 1 15QA, 1 15R or 115TA) the surcharge shall continue to be levied at the rate of ten percent.

For financial year 2014-2015, additional surcharge called the “Education Cess on income-tax” and “Secondary and Higher Education Cess on income-tax” shall continue to be levied at the rate of two per cent and one per cent respectively, on the amount of tax computed, inclusive of surcharge (wherever applicable), in all cases. No marginal relief shall be available in respect of such Cess.

INCOME TAX RATES
INDIVIDUAL/HUF
Nil Upto Rs. 250000 –Below 60yearsUpto  Rs. 300000- Above 60 yearsUpto Rs 500000- Above 80 Years
10% + 3% EC Rs. 250000 to Rs. 500000
20% + 3% EC Rs. 500000 to Rs. 1000000
30% + 3% EC Above 1000000
 FIRMS/COMPANIES
  Income tax/MAT Surcharge Edu Cess
Up to Rs. 1 Crore 30%/18.5% – 3
> Rs.1 Crore and up to Rs.10 Crore 30%/18.5% 5 3
> Rs.10 Crore 30%/18.5% 10 3
 ALSO READ
S.NO. INCOME TAX SLAB
 INCOME TAX CALCULATORS
1. Income Tax Slabs for FY 2016-17 / AY 2017-18
2. Income Tax Slab for FY 2015-16 AY 2016-17
3. Income Tax Slab for FY 2014-15 AY 2015-16
4.
5.  Income tax Slab for FY 2012-13 / AY 2013-14 Income Tax Calculator FY 2012-13 / AY 2013-14
6. Income tax calculator for FY 2006-07 to FY 2016-17
7. Income Tax Slab Rates from AY 1992-93 to AY 2015-16
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85 Comments

  1. Sanchaya G Mahale says:

    Today I have gone to Income Tax Department to file the return financial Year 2014-15(assessment year 2015-16), whereas the Income tax officer has told me to pay penalty Rs. 1000.00 since the income is below 2.50lacs.
    My query is why I should [pay the penalty, since the law is made on 1st April 2017 onwords and not to prior to that.

      Reply
  5. Jai Prakash says:

    R/S,I got the pay arrear of FY 2014-15 in current FY 2015-16 which incresed my total taxable income.Should it not be added in privious years income.plsguide me.

      Reply
  6. Jai Prakash says:

    R/S,My taxable income for FY 2014-15 was Rs 389134.I paid Rs 12270/- as TDS. I got promotion from 1st Jan 2014 and received the pay arrears rs 104474/-in FY 2015-16 for last FY 2014-15 .Now my total income is rs 591684/ including the arrears.My question is that this arrear should not be added in previous year?My next question is that how should be calculated the income tax for current year?Plz guide me.I am a govt officer

      Reply
  9. Jangaiah M says:

    I am working as a consultant on contract basis in state government autonomous board(Telangana State Medicinal Plants Board). I am getting 25000/-P.M with TDS cutting is 2500/- P.M (10%). i didn’t understand why they are deducting more from my salary and is there any act on this, if yes please provide official link.

    My question is whether its 10% on monthly salary or 10% on annual salary. And per the act for 2,50,000/- No tds.

    Please clear my queries as soon as possible.

      Reply
  11. mr upadhyay says:

    Dear Sir,
    1)
    a co-op. housing soc. in mumbai recd interest on fixed deposits by investing societys funds with nationalised bank 85000, tds 8500 deducted by bank whether such interest is taxable in co -op housing societys hand ?
    2) income recd from mobile tower setup on societys terrace 600000 tds 60000 is it taxable in hands of society ?
    3) what are the deductions available against both the above incomes to society ?
    4)what are the tax rates applicable to co-op housing soc. ?ass. year 2015=2016
    5) file the return ITR 5? Last date 30/09/2015 for filing ?

    kindly reply and oblige

    thanks

      Reply
  12. p.snehapriya says:

    sir,
    Iam a student of 1st MBA. i have a doubt about the deductions under sec 80 . in today indian scenario cost of living is increasing, standard of living increasing, inflation conditions are showing their impact on economy, but why the govt of india not considering the changes to increase the amount of deductions. why people not bothering about this? ex :100 rs of deduction is allowed on education to emp’ees children. doesnt it seems so silly?

      Reply
  13. RAMESHWAR MISHRA says:

    sir good morning I am retaired SBI employee my pension+tdr interest is 338000/- I am above 60 year & I have not seved any l i c policy or PPF account how much tax i have to pay at my over income after 3 lacs and what is the way to pay tax on balance amout Rs 38000/-. last date of submitting of return is 31 august 2015

      Reply
  15. Avinash Kumar says:

    Hi,

    I wanted to declare investment in my current company, and related to that I had few queries, as mentioned below:

    1. I have my annual CTC as 9 LPA, and the annual basic component is 3.3 LPA approximately. So, what would be my taxable income & take home income, annually and monthly ?
    2.Based on my taxable income, how would be the tax % are calculated?
    3. Out of my taxable income, how much would be tax free amount? And will that tax free amount limit can be stretched further by showing my PPF & HRA ?

      Reply
  16. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

      Reply
  17. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

      Reply
  18. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

      Reply
  19. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

      Reply
  20. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE LEASED OUT ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

      Reply
  21. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

      Reply
  22. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

      Reply
  23. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

      Reply
  24. RAM says:

    SIR,
    THE FOLLOWING ARE QUERIES :
    1. ROAD TAX FOR A NEW CAR ,CAN IT BE CLAIMED FOR EXEMPTION
    2.EMI ON A CAR,CAN IT BE CLAIMED FOR EXEMPTION
    3.TOP UPLOAN ON HOUSE(1STHOUSE ),CAN IT BE CLAIMED FOR EXEMPTION.
    REGARDS,
    RAM

      Reply
  26. k d jay says:

    I am a contractual employee and earn consolidated remuneration amount of Rs 46000 per month and iam saving Rs 150000 per year in PPF scheme. how much amount should our employer deduct as TDS from me? and what is my tax liability for financial year 2014-15.

      Reply
  27. Dilip Patel says:

    is it ok if we submit supporting document for tax saving on income come after 31st of march 2015. will it be considered as tax refund on ITR for financial year 2015-16 or we are not eligible for tax refund for FY 2015-16? Please advice. what should i do to save tax in such cases?

      Reply
  28. Student says:

    as per new union budget the corporate tax rate has been reduced to 25% from 30% so from when this new rate of tax for companies is effective…Plz clarify asap.

      Reply
  29. KB Talwar says:

    I am a housewife. I received Rs 3,10,000/- from my husbands sister as gift. Do I have to file my tax return. Do I have to pay tax on this.

      Reply
  30. s sudarshana says:

    Dear Sridevi: Professional tax is the amount paid by the assessee to the State govt. in certain states as per the table which is specific to the states. You will get the rebate as per actuals and not from some table or by calculation.

      Reply
  31. s sudarshana says:

    Mr.Chokkalingam: Hope you are not a CGHS beneficiary. Hoping you are not and not getting the re-imbursement of the expenses, you can show it under section 80-D. Nothing need to be attached while filing. HOwever in case of enquiry from the Assessing Officer, you should be able to produce the proof of expenditure.

      Reply
  32. N.CHOKKALINGAM says:

    I am a central govt. pensioner. We have not taken any Indurance for Medical treatment. This financial year, my wife had undergone a minor surgery which costs me around Rs.7000 inclusive of medicine purchased prior and after surgery. She is completely dependent on me. I want to know whehter the medical expenses incurred towards my wife treatment including surgery will be exempted under section 80D? If so what are things I have to produce along with my IT return. Expecting your feedback on priority. Regards and sorry for the disturbance.

    N. Chokkalingam
    Mob. 9751274451
    Email : chokks50@yahoo.com

      Reply
  34. S Sudarshana says:

    Mr.Rao,
    1) The money is received in this financial year, i.e. 2015-16 and need to be shown during 2015-16 April July time of filing. Time to think and act.
    2) Yes even if it is exempt, you need to show as income and exemption u/s 10.
    3) Better alternative would have been to get the balance transfered to your new company after joining for service. But then you have to consider various aspects.
    I will get back on taxability issue later, with dealiang sections.
    Good Luck.

      Reply
  35. ANB Rao says:

    I was working in a company from July 21012 to Feb 2014, at the Manufacturing Plant. The factory/ plant is closed due to business reasons wef 1/03/2014.
    I withdrew the PF amount of my contribution and also the company contribution and received Rs.162676 on 23/05/2014, through online payment by Employee provident fund organisation into my bank account.
    Please clarify the following:
    1) whether this amount is taxable or not? I understand that if I have lost my service due to factory closure is non taxable(my contribution + company contribution + interest). The PF is desposited with PF commissioner at chennai, Tambaram.
    2) If it is not taxable, whether I should show it in my income from other sources. If so, where to show the deductions?
    Please clarify and advise me according . Please also give the details of the rule applicable.
    – See more at: https://taxguru.in/income-tax/income-tax-rate-chart-assessment-year-201516-financial-year-201415.html#comments

      Reply
  36. S Sudarshana says:

    Mr.Nagar: You have to pay tax for interest either on receipt basis or accrued basis. If you have shown on accrual basis there is no need to pay again.

      Reply
  37. Nagar says:

    I have a NSS A/c. The principal balance deposited over a period of 3 years is Rs. 49000/-.The accrued interest since 1987 together with principal is arrived roughly over Rs 3,00,000/-.I have already paid tax on accrued interest of Rs 40000/-. Now I want to withdraw Rs.say 50000/-.Now tell/advise me whether the accrued interest of Rs 40000/- can be adjusted/deducted and not included in the income of the withdrawal year. Kindly reply/guide

      Reply
  38. S Sudarshana says:

    Narayanan: We have to pay tax so than someone governs us! the problem is not with tax but how it is used/administered by our representatives. But then we get the govt. we deserve (we elect them!)

      Reply
  39. Narayanan says:

    Hi, have a doubt, why we should pay income tax to government???

    We need to pay 10% or 20% or 30% as per our income, Why??? and where these money go???

    Above this we have to pay service tax, sales tax, water tax, road tax etc etc… after that what will we have in hand, we work like donkey and government takes money from us in the form of taxes, middle class people suffer a lot.

    Haven’t seen any changes in India, no proper road, no proper buses, no proper trains etc goes onnnnnnnnnnnnnnnnnnnnn….

    Where is our money ???????????????

      Reply
  43. ANB Rao says:

    I was working with M/s ETA General Pvt ltd, at Pondicherry from July 21012 to Feb 2014, at the Manufacturing Plant. The factory/ plant is closed due to business reasons wef 1/03/2014.
    I withdrew the PF amount of my contribution and also the company contribution and received Rs.162676 on 23/05/2014, through online payment by Employee provident fund organisation into my bank account.

    Please clarify the following:
    1) whether this amount is taxable or not? I understand that if I have lost my service due to factory closure is non taxable(my contribution + company contribution + interest). The PF is desposited with PF commissioner at chennai, Tambaram.

    2) If it is not taxable, whether I should show it in my income from other sources. If so, where to show the deductions?

    Please clarify and advise me according . Please also give the details of the rule applicable.

      Reply
  44. muhammadshafiq says:

    Compendium of Withholding of Taxes
    under the
    Income Tax Ordinance, 2001
    &
    Rules Thereof
    Preface
    Tax administrators all over the world and particularly in the developing countries like
    Pakistan face major problems of non-reporting and under-reporting of income.
    Government has introduced various liberal Self Assessment Schemes; with the objective
    of encouraging voluntary compliance encompassing virtually all the taxpayers including
    limited companies irrespective of income level; however the objective of broadening of
    tax base has not been achieved.
    The withholding and presumptive tax regimes are not new, however generally these are
    applicable to only those persons whose incomes are likely to be difficult to determine
    accurately, easier to evade, or more likely to cross national boundaries. These were
    initially introduced vide Section 18(3BB) of the Income Tax Act, 1922 in India, through
    which tax was imposed on trading in Liquor, Timber and other Forest Produce.
    The scope of these provisions was further extended through Income Tax Ordinance,
    1979 and both the Regimes have come into full force more specifically after amendment
    made through the Finance Act, 1991 onward. Prior to July 1991, taxation on
    presumption was restricted only to the non-residents deriving receipts from shipping,
    air transport business and having fee from technical services. The then Finance Minister
    in his budget speech stated that in order to save the taxpayers from the cumbersome
    assessment procedure and delay in refund; the tax withheld from payments to the
    contractors, suppliers and commercial importers would be final. We all are fully aware
    of the fact that major quantum of the total tax revenue is being collected through
    withholding regime.
    Conversely, in Pakistan, withholding tax law has been made applicable to almost all the
    categories of taxpayers and nature of payment. The direct taxes have been weaved into
    the texture of indirect taxes. Furthermore, the withholding agents, who are collecting
    taxes on Government’s behalf without any remuneration, are being punished heavily
    even for an inadvertent mistake; whereas the superior courts on numerous occasions
    held that machinery provision of a fiscal statute should be interpreted in such a manner
    that recovery is not frustrated or statute adversely affected, achieve the object of
    recovery one cannot travel beyond the spirit of law and cause violence to the language
    and intention of statute. It is also held that machinery provision can be extended only to
    the extent it is permissible under the law. One cannot override the rights of other parties
    only because a recovery has to be made. The Honorable courts have emphasized that
    such provisions have their own limitation and they are to be found within the statute
    itself. Therefore, machinery provision of fiscal statute should be liberally construed to
    ensure recovery.
    comment been truncated

      Reply
  46. headmaster says:

    my total salary income is Rs.5,83290 /- after all deductions my net income is Rs.3,30,000 .
    Is it applicable to get rebate of Rs.2000 to me ?
    Please clarify my doubt.

      Reply
  53. Tushar Rathod says:

    I have PPF account in my name and my wife name, as well we have two kids, kindly suggest us, can we invest upto maximum limit in all four accounts or we can invest only jointly upto maximum limit – one child under each parent. I mean father plus one child and mother plus one child. Kindly let us know whats the right method.

      Reply
  54. sudarshana says:

    Mr S.R.Chowdhary and Mr Raj: rule is:
    87A. An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less. – See more at: https://taxguru.in/income-tax/availability-rebate-87a-fy-201415-ay-201516.html#comment-1247752
    This is there this year also and only to those whose tatal taxable income is less than or equal to Rs.5,00,000/- only.

      Reply
  57. Anant Pundle says:

    I think Rebate under section 87A is applicable to those tax payers whose
    CHARGEABLE INCOME i.e. Taxable Income and not “TOTAL INCOME” is less than or equal to 500000/-
    It is also I believe valid for AY 2015-16 also.

      Reply
  59. narayan somani says:

    Our President assented new finance bill 2014 on 06.08.14; but i am shocked to see on pg. no. 38 of finance act 2014 that there is no changes in income tax slab from previous year i.e. no increment in slab by Rs.50000/- proposed in finance bill… its not clear to me when & why it was happened??

      Reply
  62. Abhay Jain says:

    My mother has expired and I am the nominee in her banks accounts so I received 1.5 lac by DD after closure of bank accounts and 1 lac cash amount from her home (without any paper work).

    Pl. let me know how may I show this amount in my income under which section and wheather it is tax free or taxable ?

    (Abhay Jain)

      Reply
  63. s sudarshana says:

    Sri C.L.Srivastava: 2014-15 AY means 1013-14 FY. Caclucator is correct. New rates comes in to effect from this financial year, i.e. 2014-15 FY or 2015-16 AY.
    Alam: Both can be used. One who can use ITR-1 can use ITR-2 also. To make the matter simple, if you have only one house/house income/no house and income is from salary/pension and deposit interests ITR-1 will suffice. If you have more than one housing property, income from STCG/LTCG you have to use ITR-2.

      Reply
  64. Alam says:

    Sir,
    kindly give me the coorect suggestion which form required to be filled by Salaried/ pension Employee. Because in your Article ITR -1 & ITR 2 both form for Salaried/ pension employee. Clarify

      Reply
  65. SHRENIK SHAH says:

    Sir is the basic exemption limit of income tax is increased during the budget discussion in the parliament for the year 2014-15? If yes can you provide the new rates?

      Reply
  66. SURAJIT says:

    Respected Sir,‎
    ‎ Is it necessary for submit “return file” for all Tax payer. If his income within 5,00,000/- in a year. ‎Please tell me the rules with section for the F.Y 2013-14 and 2014-15.‎

      Reply
  67. CA. KACHAM SHEKHAR says:

    I DO NOT UNDERSTAND WHY THERE IS SO MUCH CONVERSATION WITH REGARD TO SECTION 87A. AS IT IS NOT DELETED FROM THE ACT AS PER THE FINANCE BILL, REBATE U/S 87A WILL BE AVAILABLE FOR THE AY 2015-16 TOO AND FOLLOWING ASST YEARS.

      Reply
  68. C.L. SRIVASTAVA says:

    IN A.Y. 2014-15 FOR INDIVIDUAL INCOMETAX RETURN FILING, YOUR FORMAT IS CALCULATING TAX AFTER RS. 2,20,000/- PLEASE CONFIRM THIS AND WE NOT MAY BNE ABLE TO CORRECT FILING

      Reply
  70. s sudarshana says:

    Section 87-A is available for 2014-15 FY also. The concession of Income Tax upto Rs.2000/- is only for those whose taxable income is less than 5.00 lakhs.

      Reply
  72. deveka says:

    2000 rebate is applicable or not for current financial year some author says it is applicable please help i want deduct tax on my office staff

      Reply
  73. CA Rishikant Sharma says:

    Dear All

    On analysis of Budget 2014 and Interpretation of section 87A, it is concluded that Rebate u/s 87A upto Rs 2000/- will be allowed for AY 2015-16 for resident individuals having Total Income up to Rs. 500000/-.

    Bare reading of section 87A is as follows:

    Rebate on educational expenses in certain cases.

    87A.
    An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less.

      Reply
  74. jha nisha says:

    As it is not specifically declared that rebate of rs 2000 wil not be applicable for AY 2015-16 and onward it seems that rebate will continue to apply.

      Reply
  75. Muralikrishnan S says:

    The budgetr is silent about Rs.2000/- for the assessees whose income si not exceeding Rs.5 lacs, The Finance Ministry has to clarify this point.

      Reply
  77. CA Rishikant Sharma says:

    Rebate on educational expenses in certain cases.
    87A.
    The following section 87A shall be inserted after section 87 by the Finance Act, 2013, w.e.f. 1-4-2014 :
    Rebate of income-tax in case of certain individuals.
    87A. An assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less.

    &&&&&& in Budget 2014, despite of any clarification & also specifically not ommited..
    Hence it seems Sec 87A will be eligible for AY 2015-16 also.

      Reply
  83. s sudarshana says:

    The table contradicts itself when it says the tax payable is for amount exceeding Rs.2,00,000/= upto 5.00 lakhs is 10%, while there is a nil tax upto 2,50,000/=. This is so in two tables.
    Mr.Sandeep Kanoi should clarify or correct please.

      Reply

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