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  • IT-2014 Rules

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    This document outlines the tax rates in India for assessment year 2014-2015. It provides the income tax rates, surcharge, and education cess for different income levels applicable to resident individuals, non-resident individuals, HUFs, AOPs, BOIs, and artificial juridical persons. It also notes that the alternate minimum tax payable cannot be less than 18.5% of the adjusted total income, plus the applicable surcharge and cess. The tax rates range from nil for an income up to Rs. 2,00,000 to 30% for income exceeding Rs. 1,00,00,000, with various slabs in between. Surcharge of 10% applies if net income exceeds Rs.

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    new rules for it return 2014.2000 discount on taxable income up to 5,00,000.

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    IT-2014_Rules

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    This document outlines the tax rates in India for assessment year 2014-2015. It provides the income tax rates, surcharge, and education cess for different income levels applicable to resident individuals, non-resident individuals, HUFs, AOPs, BOIs, and artificial juridical persons. It also notes that the alternate minimum tax payable cannot be less than 18.5% of the adjusted total income, plus the applicable surcharge and cess. The tax rates range from nil for an income up to Rs. 2,00,000 to 30% for income exceeding Rs. 1,00,00,000, with various slabs in between. Surcharge of 10% applies if net income exceeds Rs.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    12 views1 page

    IT-2014 Rules

    Uploaded by

    pruthvirajsinh
    This document outlines the tax rates in India for assessment year 2014-2015. It provides the income tax rates, surcharge, and education cess for different income levels applicable to resident individuals, non-resident individuals, HUFs, AOPs, BOIs, and artificial juridical persons. It also notes that the alternate minimum tax payable cannot be less than 18.5% of the adjusted total income, plus the applicable surcharge and cess. The tax rates range from nil for an income up to Rs. 2,00,000 to 30% for income exceeding Rs. 1,00,00,000, with various slabs in between. Surcharge of 10% applies if net income exceeds Rs.

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    of 1

    2/9/2014

    R-1

    TAX RATES
    ASSESSMENT YEAR 2014-15

    F o r a n y o t h e r r e s i d e n t i n d i v i d u a l ( b o r n o n o r a f t e r A p r i l 1 , 1 9 5 4 ) , a n y n o n r e s i d e n t i n d i v i d u a l , e v e r y H U F / A O P / B O I / a r t i f i c i a l j u r i d i c a l p e r s o n Income-tax rates Surcharge Education cess Nil Secondary and higher education cess Nil

    Net income range

    U p t o R s . Nil 2 , 0 0 , 0 0 0 R s . 2 , 0 0 , 0 0 0 1 0 %o f( t o t a l i n c o m eminus R s . 5 , 0 0 , 0 0 0 R s . 2 , 0 0 , 0 0 0 ) [ see N o t e 1 ]

    Nil Nil

    2 %o f i n c o m e - 1 %o f i n c o m e t a x t a x 2 %o f i n c o m e - 1 %o f i n c o m e t a x t a x 2 %o f i n c o m e - 1 %o f i n c o m e t a x t a x

    R s . 5 , 0 0 , 0 0 0 R s .3 0 , 0 0 0+ 2 0 %o f( t o t a l Nil R s . 1 0 , 0 0 , 0 0 0 i n c o m e minus R s . 5 , 0 0 , 0 0 0 ) R s .1 0 , 0 0 , 0 0 0 R s . 1 , 3 0 , 0 0 0+3 0 %o f ( t o t a l Nil R s . i n c o m e minus R s . 1 0 , 0 0 , 0 0 0 ) 1 , 0 0 , 0 0 , 0 0 0

    A b o v e R s . R s . 2 8 , 3 0 , 0 0 0 +3 0 %o f ( t o t a l1 0 % o f 2 %o f i n c o m e - 1 %o f i n c o m e t a x 1 , 0 0 , 0 0 , 0 0 0 i n c o m e minus R s . i n c o m e t a x t a x a n d a n d s u r c h a r g e 1 , 0 0 , 0 0 , 0 0 0 ) [ see N o t e 2 ] s u r c h a r g e Notes : 1. Rebate under section 87A Ar e s i d e n t i n d i v i d u a l ( w h o s e n e t i n c o m e d o e s n o t e x c e e d R s . 5 , 0 0 , 0 0 0 ) c a n a v a i l r e b a t eu n d e r s e c t i o n8 7 A . I t i sd e d u c t i b l ef r o mi n c o m e t a xb e f o r ec a l c u l a t i n ge d u c a t i o nc e s s . T h e a m o u n t o f r e b a t e i s 1 0 0 p e r c e n t o f i n c o m e t a x o r R s . 2 , 0 0 0 , w h i c h e v e r i s l e s s . 2. Surcharge S u r c h a r g ei s 1 0p e r c e n t o f i n c o m e t a x i f n e t i n c o m ee x c e e d s R s . 1c r o r e . I t i s s u b j e c t t o m a r g i n a l r e l i e f ( i n t h e c a s e o f a p e r s o n h a v i n g a n e t i n c o m e o f e x c e e d i n g R s . 1 c r o r e , t h e a m o u n t p a y a b l e a s i n c o m e t a x a n ds u r c h a r g e s h a l l n o t e x c e e dt h e t o t a l a m o u n t p a y a b l e a s i n c o m e t a x o n t o t a l i n c o m e o f R s . 1 c r o r e b y m o r e t h a n t h e a m o u n t o f i n c o m e t h a t e x c e e d s R s . 1 c r o r e ) . 3. Education cess I t i s 2 p e r c e n t o f i n c o m e t a x a n d s u r c h a r g e . 4. Secondary and higher education cess I t i s 1 p e r c e n t o f i n c o m e t a x a n d s u r c h a r g e .

    Alternate minimum tax - T a xp a y a b l eb y an o n c o r p o r a t ea s s e s s e ec a n n o t b el e s s t h a n1 8 . 5p e r c e n t( + S C + E C + S H E C ) o f a d j u s t e d t o t a l i n c o m e a s p e r s e c t i o n 1 1 5 J C

    http://www.incometaxindiapr.gov.in/incometaxindiacr/contents/forms2010/pamphets/Individual_HUF_2014_15.htm

    1/1

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