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CENTRAL GOVERNMENT EMPLOYEES - INCOME TAX

INCOME TAX RATES

ASSESSMENT YEAR 2014-2015

RELEVANT TO FINANCIAL YEAR 2013-2014

I. TAX RATES FOR INDIVIDUALS OTHER THAN II & III

INCOME SLABS INCOME TAX RATES
Upto Rs.2,00,000 NIL
Rs.2,00,000 to 5,00,000 10% of the amount exceeding Rs.2,00,000
Less: Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
Rs.5,00,000 to 10,00,000 Rs.30,000 + 20% of the amount exceeding Rs.5,00,000
Rs.10,00,000 & above Rs.1,30,000 + 30% of the amount exceeding Rs.10,00,000


II. TAX RATES FOR INDIVIDUAL RESIDENTS AGED 60 YEARS OR MORE BUT BELOW THE AGE OF 80 YEARS

INCOME SLABS INCOME TAX RATES
Upto Rs.2,50,000 NIL
Rs.2,50,000 to 5,00,000 10% of the amount exceeding Rs.2,50,000
Rs.5,00,000 to 10,00,000 Rs.25,000 + 20% of the amount exceeding Rs.5,00,000
Rs.10,00,000 & above Rs.1,25,000 + 30% of the amount exceeding Rs.10,00,000


III. TAX RATES FOR INDIVIDUAL RESIDENTS AGED 80 YEARS OR MORE

INCOME SLABS INCOME TAX RATES
Upto Rs.5,00,000 NIL
Rs.5,00,000 to 10,00,000 20% of the amount exceeding Rs.5,00,000
Rs.10,00,000 & above Rs.1,00,000 + 30% of the amount exceeding Rs.10,00,000


EDUCATION CESS ON INCOME TAX

The amount of Income-tax shall be further increased by Education Cess of 3% on Income-tax.

PERMANENT ACCOUNT NUMBER (PAN)

Every assessee is required to obtain 10 alpha numeric Permanent Account Number (PAN) and quote the same in his returns, challans & correspondence. PAN can be obtained by applying in new Form No.49A at the designated Service Centres of UTITSL OR NSDL. PAN is essential for processing the Return of Income and for giving credit for taxes paid. If a person who is required to quote his Permanent Account Number fails to do so or intimates false number, the Assessing Officer may direct that such person shall pay, by way of penalty, a sum of Rs.10,000.

INCOME TAX PAYMENTS

Advance tax payments and Self-assessment tax payments have to be made in Challan No.280.


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