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» Income tax rates for assessment year 2014-15.

For a resident senior citizen (who is 60 years or more but less than 80 years)

Income tax slab

Rate of tax

Up to Rs. 2,50,000

Nil

Rs. 2,50,000-Rs.5,00,000

10%

Rs. 5,00,000-Rs.10,00,000

20%

Above Rs.10,00,000

30%

For a resident super senior citizen (who is 80 years or more)

Income tax slab

Rate of tax

Up to Rs. 5,00,000

Nil

Rs. 5,00,000-Rs.10,00,000

20%

Above Rs.10,00,000

30%

For any other resident individual, non-resident individual, HUF, AOP, BOI, artificial judicial person

Income tax slab

Rate of tax

Up to Rs. 2,00,000

Nil

Rs. 2,00,000-Rs.5,00,000

10%

Rs.5,00,000-Rs.10,00,000

20%

Above Rs. 10,00,000

30%

A surcharge of 10% of the income tax due would be levied when the gross net total income is more than Rs. 1,00,00,000.
For companies

Income tax slab

Rate of tax

In case of a domestic company

30%

In case of a foreign company

i) Royalty received from Govt. or an Indian concern in pursuance of an agreement made by it with the Indian concern after March 31, 1961, but before April 1, 1976 or fees for rendering technical services in pursuance of an agreement made by it after February 29, 1964 but before April 1, 1976 and where such agreement has, in either case, been approved by the Central Government.

 

 

 

 

50%

ii) Other income

40%

 

Surcharge is applicable at the rates given below:

Assessment year 2014-15

 

If net income does not exceed Rs. 1 crores

If net income is in the range of Rs. 1 crore-Rs.10 crore

Domestic company

Nil

5%

Foreign company

Nil

2%

 
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