Income Tax Slab for Financial Year 201415
Income Tax Slab tells the tax rate at which you have to pay tax on Income. Please note that the Income of Financial Year 201415 is taxable at the tax rate applicable for Assessment Year 201516.
The Budget 2014 has changed the Income Tax slab rates slightly as compared to the income tax rates of financial year 201314. Further the government has continued the rebate under section 87A of Rs. 2000 which was introduced in the last year.
The Income Tax rates applicable for Financial Year 201415 or in other words for Assessment Year 201516 have been summarized below.
Income Tax Slab rates for Individual  Male or Female (below the age of 60 Years)
Income Tax Slabs 
Income Tax Rate 
1. Where the total income is less than or equal to Rs. 2,50,000/. 
NIL 
2. Where the total income exceeds Rs. 2,50,000/ but it is less than or equal to Rs. 5,00,000/. 
10% of amount by which the total income is more than Rs. 2,50,000/10% of amount by which the total income is more than Rs. 2,50,000/ 
3. Where the total income exceeds Rs. 5,00,000/ but it is less than or equal to Rs. 10,00,000/. 
Rs. 25,000/ + 20% of the amount by which the total income more than Rs. 5,00,000/. 
4. Where the total income is more than Rs. 10,00,000/. 
Rs. 1,25,000/ + 30% of the amount by which the total income is more than Rs. 10,00,000/. 
Surcharge @ 10% will be payable only if taxable income is above Rs. 1 crore.
Education Cess @ 3% will be calculated on the Incometax calculated here in above after deducting tax rebate of Rs. 2000.

Note: There is a tax rebate of Rs. 2000 U/s 87A for individuals whose total income is Rs 5,00,000/ or less. The tax rebate will be equal to the tax payable or Rs. 2,000/ whichever is lower.
For E.g. If the total income of an individual of age 53 years is Rs. 2,80,000/ then the income tax on this Rs. 2,80,000/ as per the income tax slab given above is Rs 3,000/ (30,000*10%).
As his total income is less than Rs. 5 Lacs, he will get a rebate of Rs. 2,000/ and therefore total income tax payable will be Rs. 1,000/ (3,0002,000). Education cess @ 3 % will be charged extra on the calculated income Tax of Rs. 1000 /.
Use our 201415 Income Tax Calculator to determine your Income Tax.
Income Tax Slab rates for Senior Citizen â€“Male or Female resident who is of the age of 60 years or more but below the age of 80 years at any time during the financial year 20142015
Income Tax Slabs 
Income Tax Rate 
1. Where the total income is less than or equal to Rs. 3,00,000/. 
NIL 
2. Where the total income exceeds Rs. 3,00,000/ but it is less than or equal to Rs. 5,00,000/. 
10% of the amount by which the total income is more than Rs. 3,00,000/. 
3. Where the total income exceeds Rs. 5,00,000/ but it is less than or equal to Rs. 10,00,000/. 
Rs. 20,000/ + 20% of the amount by which the total income is more than Rs. 5,00,000/. 
4. Where the total income is more than Rs. 10,00,000/. 
Rs. 120,000/ + 30% of the amount by which the total income is more than Rs. 10,00,000/. 
Surcharge @ 10% will be payable only if taxable income is above Rs. 1 crore.
Education Cess @ 3% will be calculated on the Incometax calculated herein above after deducting tax rebate of Rs. 2000.

Note: There is a tax rebate of Rs. 2000 U/s 87A to individuals whose total income is Rs. 5,00,000/ or less. The tax rebate will be equal to the tax payable or Rs. 2,000/ whichever is lower.
For E.g. If the total income of an individual of age 61 years is Rs. 3,50,000/ then the income tax on this Rs. 3,50,000/ as per the income tax slab given above is Rs. 5,000/ (50,000*10%).
As his total income is less than Rs. 5 Lacs, he will get a rebate of Rs. 2,000/ and therefore total income tax payable will be Rs. 3,000/ (5,0002,000). Education cess @ 3 % will be charged extra on the calculated income Tax of Rs. 3000 /.
To calculate the income tax for financial year 201415 use our 201415 Income Tax Calculator.
Income Tax Slab rates for Super Senior Citizen  Male or Female resident who is of the age of 80 years or more at any time during the financial year 20142015
Income Tax Slabs 
Income Tax Rate 
1. Where the total income is less than or equal to Rs. 5,00,000/. 
NIL 
2. Where the total income exceeds Rs. 5,00,000/ but it is less than or equal to Rs. 10,00,000/. 
20% of the amount by which the total income is more than Rs. 5,00,000/. 
3. Where the total income is more than Rs. 10,00,000/. 
Rs. 100,000/ + 30% of the amount by which the total income is more than Rs. 10,00,000/. 
Surcharge @ 10% will be payable only if taxable income is above Rs. 1 crore.
Education Cess @ 3% on the Incometax calculated herein above.

For E.g. If the total income of an individual of age 81 years is Rs. 6,50,000/ then the total income tax on this Rs. 6,50,000/ as per the income tax slab given above will be Rs. 30,000/ (Income tax is Nil for income up to Rs. 5 Lacs and thereafter it will taxed @ 20% on Rs. 150,000). Education cess @ 3 % will be charged extra on the calculated income Tax of Rs. 30000 /.
Check out 201415 Income Tax Calculator to determine accurate income tax for financial year 201415.
How to Pay Income Tax Online? December 30, 2014
How to eFile Income Tax Return? January 15, 2015