New Income Tax slab 2014 – 2015 – Check out the changes made in Income Tax Rules

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The financial year is going to end by March 2015. It’s better to have a look at the Income Tax slab for year 2014 – 2015 as you have to plan your investments to save more income tax. Although it is always advised to plan your investment at the beginning of the financial year but most of us forget to do so. At the end of the year it’s a high time when everyone is busy to invest more to save income tax.

Income Tax Slab 2014 - 2015

New Income Tax Slab After Budget 2014-2015

We will discuss only about individuals Income Tax slab, not the business side. Now this individual category can be divided into 4 further categories

  1. Male below 60 years
  2. Female below 60 years
  3. Senior citizens ( 60+ years)
  4. Super senior citizens ( 80+ years )

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After last year’s budget Income tax structure has been changed quite significantly and couple things has been taken care which were in list form long time for change. Let’s check out the structure of income tax for declared 4 categories

For Male and Female below 60 years Income Tax slab is similar

IncomeIncome Tax
Below 2,50,000NIL
Between 2,50,000 to 5,00,00010%
Between 5,00,000 to 10,00,00020%
More than 10,00,00030%

All senior citizens – age 60+ years

IncomeIncome Tax
Below 3,00,000NIL
Between 3,00,000 to 5,00,00010%
Between 5,00,000 to 10,00,00020%
More than 10,00,00030%
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All super senior citizens – age 80+ years

IncomeIncome Tax 
Below 5,00,000NIL
Between 5,00,000 to 10,00,00020%
More than 10,00,00030%

Income Tax Changes After Budget 2014- 2015

This year couple of things changed after budget 2014-15. Although lot more was expected to change but Govt. touched few things only. Anyway let’s check out the significant changes in this year’s Income tax

  • Income Tax Slab has been increased up to 2.5 lalk from 2 lakh of current exception slab for men and women. And for senior Citizens it has raised up to 3 lakh.
  • Finally home loan interest exception has been hiked to 2 lakh from current 1.5 lakhs. This is a much expected hike and this will really boost the reality sector and for people who are planning to buy new flats.
  • PPF limit has been increased to 1.5 lakh from current 1 lakh per person. PPF is the best financial tool for a long term investment point of view and this will encourage savings.
  • 80C investment limit has been increased to 1.5 lakh from current 1 lakh which is also a very good move by Modi Sarkar as we can now invest more and save more income tax.
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So with these changes people can save more tax than last year. You can do your own calculation by following the Income tax slab and check out how much you are going to save this year.

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