Income Tax 2014-15 – what are all the changes affecting Salaried Employees ?

 Income Tax 2014-15 (Assessment year 2015-16)

In case of individual (other than II and III below) and HUF

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.2,50,000/-.	NIL
ii.	Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-.	10% of amount by which the total income exceeds Rs. 2,50,000/-***
iii.	Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-.	Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.10,00,000/-.	Rs. 1,25,000/- + 30% of the amount by which the total incomeexceeds Rs.10,00,000/-.

II. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.3,00,000/-.	NIL
ii.	Where the total income exceeds Rs.3,00,000/- but does not exceed Rs.5,00,000/-	10% of the amount by which thetotal income exceeds Rs.3,00,000/-.
iii.	Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-	Rs.20,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-.
iv.	Where the total income exceeds Rs.10,00,000/-	Rs.1,20,000/- + 30% of the amount by which the total incomeexceeds Rs.10,00,000/-.

III. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-

	Income Level	Income Tax Rate
i.	Where the total income does not exceed Rs.2,50,000/-.	NIL
ii.	Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/-	Nil
iii.	Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.10,00,000/-	20% of the amount by which thetotal income exceeds Rs.5,00,000/-
iv.	Where the total income exceeds Rs.10,00,000/-	Rs.1,00,000/- + 30% of the amount by which the total incomeexceeds Rs.10,00,000/-.