Tax rate for ay 14-15
This query is : Resolved
22 September 2014
dear sir
what are exemption limit of taxable income
its 2 lakh or 2.5 lakh in case of age 0 to 60yrs. for ay 2014-15. thanks.......
what are exemption limit of taxable income
its 2 lakh or 2.5 lakh in case of age 0 to 60yrs. for ay 2014-15. thanks.......
22 September 2014
it is 2 lkahs only for AY 14-15 and from AY 15-16 it changes to 2.5 lakhs
22 September 2014
Additionally also refer section 87A for rebate.
U/ S 87A an assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less."
U/ S 87A an assessee, being an individual resident in India, whose total income does not exceed five hundred thousand rupees, shall be entitled to a deduction, from the amount of income-tax (as computed before allowing the deductions under this Chapter) on his total income with which he is chargeable for any assessment year, of an amount equal to hundred per cent of such income-tax or an amount of two thousand rupees, whichever is less."
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