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Income Tax Slab India 2014-15

Start Saving Rs 41,715 In Income Tax
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Income Tax Slab: New Tax Slab for 2014-15 are as below

Income Range General (non-senior citizens) Category Women Below 60 years of age Citizen above 60 years of age
Rs. 2.5 Lakh Nil Nil Nil
Rs. 250001 to Rs. 300000 10% 10% Nil
Rs. 250001 to Rs. 500000
10% 10% 10%
Rs. 500001 to Rs. 1000000
20% 20% 20%
Above Rs. 1000000 30% 30% 30%
*With additional surcharge of 2% of Tax Liability as education cess
and 1% as secondary and higher education cess


Today, every person is worried about saving income tax, by making the right tax saving investment within the last 2 months of the financial year. As per the income tax act established in 1961, every person in India whose annual income crosses the maximum exemption limit will have to pay income tax. Every person has to pay income tax to the state and central government.


There are two types of income tax:

  • Direct Tax: Direct tax is a tax that is directly collected from the taxpayer. For instance: wealth tax, income tax, etc.
  • Indirect Tax: Indirect tax is paid by the third party i.e. VAT tax, service tax. Service tax is mainly charged to the individual. For example, if an item price is Rs 150, then its last price would be Rs 110 after VAT and this extra price of Rs10 will be paid by the individual person.


Tips to save your tax:

1. Insurance: Buy an insurance plan to save income tax.
2. House rent: If you are staying on rent then, you can add the rent to take the rebate on income tax.
3. Travelling expenses: If you are using your own vehicle, then you can show the travelling expenses to take the rebate on income tax.




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