Aop slab rates

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SANIA

SANIA (Querist)

31 July 2014 what are the tax slabs and tax rates for aop .

CMA. CS. Sanjay Gupta

CMA. CS. Sanjay Gupta (Expert)

03 August 2014 Slab rates are Same as Individual resident below 60 years of age.

For AY 2014-15

1) Where the total income does not exceed Rs. 2,00,000/-. - NIL.

2) Where the total income exceeds Rs. 2,00,000/- but does not exceed Rs. 5,00,000/-. - 10% of amount by which the total income exceeds Rs. 2,00,000/-.
Less ( in case of Resident Individuals only ) : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.

3) Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-. - Rs. 30,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.

4) Where the total income exceeds Rs. 10,00,000/-. - Rs. 130,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.

Surcharge : 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.

Education Cess : 3% of the total of Income Tax and Surcharge.

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