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Tax slab 2014-15

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Rajni Ratnesh

11 Points Posted on 06 February 2023

what is tax slab for senior citizens for A.Y. 2014-15

Replies (2)

Quick Summary

This discussion outlines the UK tax slabs applicable to senior citizens for the Assessment Year 2014-15 (Financial Year 2013-14). It details the tax rates for different income brackets, differentiating between senior citizens under 80 years old and those aged 80 and above. For those under 80, the nil tax bracket extends up to £2,50,000, with subsequent rates of 10%, 20%, and 30% applied to higher income bands. Senior citizens aged 80 and over benefit from a higher nil tax threshold, extending up to £5,00,000, before the 20% and 30% rates apply.

Aisha

Finance Professional

9499 Points Posted on 06 February 2023

The tax slabs for senior citizens for the Assessment Year 2014-15 (Financial Year 2013-14) were as follows:

Taxable income up to Rs. 2,50,000: Nil
Taxable income between Rs. 2,50,000 and Rs. 5,00,000: 10% of the amount by which the taxable income exceeds Rs. 2,50,000
Taxable income between Rs. 5,00,000 and Rs. 10,00,000: Rs. 25,000 + 20% of the amount by which the taxable income exceeds Rs. 5,00,000
Taxable income above Rs. 10,00,000: Rs. 125,000 + 30% of the amount by which the taxable income exceeds Rs. 10,00,000

CA Rashmi Gandhi

Chartered Accountant

86505 Points Posted on 06 February 2023

(i) In the case of senior citizen less than eighty years at any time during the previous year,—
Upto Rs. 2.5 lakhs- Nil.
Rs. 2.5 lakhs to Rs. lakhs - 10%
Rs. 5 lakhs to Rs.10 lakhs- 20% Above Rs. 10 lak - 30%

(ii) Senior Citizen More than 80 years
Upto Rs. 5 lakhs - Nil Rs. 5 lakhs to Rs. 10 lakhs - 20% Above Rs. 10 lakhs -30%