FY 2014-15: Applicability of tac slabs for different entities
FY 2014-15 has seen some changes in the applicability of tax slabs for different entities such as Individuals/HUF, Trusts, Firms, Companies etc. In the following post, we see the rates which are applicable for different entities.
FY 2014-15 tax slab for Individuals/HUF:
| General (Below 60 yrs) |
Senior Citizen (Above 60yrs & Below 80yrs) |
Very Senior Citizen (Above 80yrs) |
Tax Rate |
| 0 – 2,50,000 |
0 – 3,00,000 |
0 – 5,00,000 |
Exempt |
| 2,50,001 – 5,00,000 |
3,00,001 – 5,00,000 |
No slab |
10% |
| 5,00,001 – 10,00,000 |
5,00,001 – 10,00,000 |
5,00,001 – 10,00,000 |
20% |
| 10,00,000 and above |
10,00,000 and above |
10,00,000 and above |
30% |
FY 2014-15 tax slab for AOP/BOI/trust:
| 0 – 2,50,000 |
NIL |
| 2,50,001 – 5,00,000 |
10% |
| 5,00,001 – 10,00,000 |
20% |
| 10,00,001 and above |
30% |
| Above 1,00,00,000 – surcharge applicable |
10% |
FY 2014-15 tax slab for Firm/LLP:
| On total income |
30% |
| Above 1,00,00,000 – Surcharge applicable |
10% |
FY 2014-15 tax slab for Company:
| |
Domestic Company |
Foreign Company |
| On total income |
30% |
40% |
| Above 1,00,00,000 – Surcharge applicable |
5% |
2% |
| Above 10,00,00,000 – Surcharge applicable |
10% |
5% |
FY 2014-15 tax slab for Co-operative societies:
| 0 – 10,000 |
10% |
| 10,001 – 20,000 |
20% |
| 20,001 and above |
30% |
| Above 1,00,00,000 – Surcharge applicable |
10% |
FY 2014-15 tax slab for Local authority:
| On total income |
30% |
| Above 1,00,00,000 – Surcharge applicable |
10% |
Apart from this, an additional 3% Educational Cess is applicable on the total tax amount. 2% of this this goes to Primary education and 1% to Secondary education
More on Tax rates.
