Tax Slab 2014-2015 For individual resident aged below 60 Years

Individual resident aged below 60 years (i.e. born on or after 1st April 1954) or any NRI / HUF / AOP / BOI / AJP*

Income Tax :Calculate Tax Liability for AY 2014-15

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 2,00,000/-.	NIL
ii.	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** : Tax Credit - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	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/-.
iv.	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/-.

Union Budget 2014: Pay less for TVs and shoes, more for cold drinks and cigarettes

Propose increase in excise duty on tobacco products, and aerated water products with added sugar: Jaitley.
Tax proposals on indirect tax front would yield Rs.7,525 cr: FM.
To broaden tax base, negative list for service tax has been reviewed: FM.
FM announces measures to encourage manufacture of LCD/LED panels of TVs.
FM announces measures to boost domestic manufacturing sector; says the sector has been under stress.