Income tax changes in Union Budget explained

Jul 10 2014, 14:23 IST
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SummaryTax exemption limit for salaried people raised to Rs 2.5 lakh. Here's a look at changes in tax slab:

Following is the table indicating the impact of changes in income tax provisions proposed by Finance Minister Arun Jaitley in the Budget for 2014-15. Tax exemption limit has been raised to Rs 2.5 lakh from Rs 2 lakh.

Here's a look at changes in tax slab:

INCOME: Up to Rs 2.5 lakh 50,000 (Savings)

TAX RATE: Nill

IMPACT (Individual tax payers): Rs 5,000

INCOME: Rs 2,50,001 to Rs 5,00,000

TAX RATE: 10 per cent

IMPACT (Individual tax payers): Rs 5,000

INCOME: Rs 5,00,001 to Rs 10,00,000

TAX RATE: 20 per cent

IMPACT (Individual Tax Payers): Rs 5,000

INCOME: Above Rs 10,00,000

TAX RATE: 30 per cent

IMPACT (Individual Tax Payers): Rs 5,000

Income tax Slabs 14 | Create Infographics

For senior citizens

INCOME: Up to Rs 3,00,000

TAX RATE: Nil

IMPACT (Individual Tax Payers): Rs 5,000 (Savings)

INCOME: Rs 3,00,001 to Rs 5,00,000

TAX RATE: 10 per cent

IMPACT (Individual Tax Payers): Rs 5,000

INCOME: Rs 5,00,001 to Rs 10,00,000

TAX RATE: 20 per cent

IMPACT (Individual Tax Payers): Rs 5,000

INCOME: Rs 5,00,001 to Rs 10,00,000

TAX RATE: 30 per cent

IMPACT (Individual Tax Payers): Rs 5,000

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