Income-Tax-2014-15,Income Tax calculation Software,Slab Rates in AP and TS

Income tax 2014-15,income tax slab rates,education cess,income tax software,telangana,andhra pradesh,Income-tax exemption,income tax software download,income tax calculation software,teachers related income tax software download,Telangana,Andhra pradesh,Income Tax 2014-15 Details,INCOME TAX RATES,Income Tax Software for AP, Income Tax Software, Income Tax Software for TS
Income Tax 2014-15 Details


The following INCOME TAX RATES ARE applicable for the Financial Year ending March 31, 2015 (Financial Year 2014-15)-Assessment Year 2015-16)
Every year the income tax rates are changed and it is important to get the latest income tax rates. We give below the Income Tax Rates and Slabs applicable for the FY 2014-15 or AY 2015-16.
income tax 2014-15 in ap and telangana
Income Tax Slab Rates

Income Range

General (non-senior citizens) Category

Women (Below 60 years of age)
(This category is abolished from this year and is thus is same as that of 
General Category

Senior Citizens (Men and Women above 60 years of age), but below 80 years

Very
Senior Citizens (Men and Women above 80 years of age)

Upto Rs. 2,50,000

Nil

Nil

Nil

Nil

Rs. 2,50,001 
to 
Rs. 3,00,000

10% *

10% *

Nil

Nil

Rs. 3,00,001 
to 
Rs. 5,00,000

10% *

10% *

10% *

Nil

Rs. 5,00,001 
to 
Rs. 10,00,000

20%

20%

20%

20%

Above Rs. 10,00,000

30% **

30% **

30% **

30%**
  1. A tax rebate of Rs 2,000 from tax calculated will be available for people having an annual income upto Rs 5 lakh. However, this benefit of Rs2,000 tax credit will not be available if you cross the income range of Rs 5 lakh. Thus we can say that tax payable in 10% slab will be maximum Rs23,000 (taking into account Rs 2000 tax credit), but for people who fall in income range of Rs5 lakh and above, the tax will be Rs25,000 + 20% tax on income above Rs 5 lakh;
  2. The education cess to continue at 3(1%+2%) percent.
  3. Surcharge of 10% will be payable, if income is above Rs 1 crore
  4. Investment limit under section 80C of the Income-Tax Act raised from Rs.1 lakh to Rs. 1.5 lakh.
  5. Deduction limit on account of interest on loan in respect of self occupied house property raised from Rs.1.5 lakh to Rs. 2 lakh.
  6. Personal Income-tax exemption limit raised by ` 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of individual taxpayers, below the age of 60 years.
Section 80C:
  1. Life Insurance Premium
  2. Housing Loan Principal amount paid
  3. Premium / Subscription for deferred annuity For individual, on life of self, spouse or any child .
  4. Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child Payment limited to 20% of salary.
  5. Contribution made under Employee’s Provident Fund Scheme.
  6. Subscription to any notified savings certificate, Unit Linked Savings certificates. e.g. NSC VIII issue.
  7. Contribution to Unit Linked Insurance Plan of a Mutual Fund
  8. Contribution to fund set up by the National Housing Scheme.
  9. Contribution to PPF For individual, can be in the name of self/spouse, any child & for HUF, it can be in the name of any member of the family.
  10. Contribution by employee to a Recognised Provident Fund.
  11. Sum deposited in 10 year/15 year account of Post Office Saving Bank
  12. Subscription to any notified securities/notified deposits scheme. e.g. NSS
  13. Tuition fees paid at the time of admission or otherwise to any school, college, university or other educational institution situated within India for the purpose of full time education of any two children. Available in respect of any two children.
Section 80CCG:
As per the Budget 2012 announcements, a new scheme Rajiv Gandhi Equity Saving Scheme (RGESS) will be launched. Those investors whose annual income is less than Rs. 10 lakh (proposed Rs. 12 lakh from A.Y. 2014-15) can invest in this scheme up to Rs. 50,000 and get a deduction of 50% of the investment. So if you invest Rs. 50,000 (maximum amount eligible for income tax rebate is Rs. 50,000), you can claim a tax deduction of Rs. 25,000 (50% of Rs. 50,000).
Section 80E:
Deduction in respect of Interest on Loan for Higher Studies
Section 80G:
Deduction in respect of Various Donations 100% or 50% without Restrictions.
Section 80GGC:
Deduction in respect of contributions given by any person to political parties
Source:Income Tax of India
Income Tax calculation Softwares
S.NoSoftware NameFinancial YearAssessment YearPrepared ByDownload
1Income Tax Software2014-152015-2016KSS PrasadDownload
2Income Tax Software for AP 2014-152015-2016Vijay KumarDownload
3Income Tax Software for TS2014-152015-2016Vijay KumarDownload

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