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A tax that governments impose on financial Income generated by all entities
within their jurisdiction. By law, businesses and individuals must file an
Income tax return every year to determine whether they owe any taxes or are
eligible for a tax refund.
The Income Tax Department is the biggest revenue mobilizer for the
Government. Income tax is a key source of funds that the government uses to fund
its activities and serve the public.
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India Income tax slabs FY
2014-2015 for General tax payers
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Income tax slab (in Rs.)
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Tax
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0 to 2,50,000
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No tax
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2,50,001 to 5,00,000
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10%
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5,00,001 to 10,00,000
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20%
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Above 10,00,000
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30%
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India Income tax slabs FY
2014-2015 for Female tax payers
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Income tax slab (in Rs.)
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Tax
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0 to 2,50,000
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No tax
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2,50,001 to 5,00,000
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10%
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5,00,001 to 10,00,000
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20%
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Above 10,00,000
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30%
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India Income tax slabs FY
2014-2015 for Senior citizens
(Aged 60 years but less than 80 years)
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Income tax slab (in Rs.)
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Tax
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0 to 3,00,000
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No tax
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3,00,001 to 5,00,000
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10%
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5,00,001 to 10,00,000
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20%
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Above 10,00,000
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30%
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India Income tax slabs FY
2014-2015 for very senior citizens
(Aged 80 and above)
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Income tax slab (in Rs.)
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Tax
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0 to 5,00,000
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No tax
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5,00,001 to 10,00,000
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20%
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Above 10,00,000
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30%
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