Rate of Income Tax for 2014-15

                      In the Budget Proposal for the current financial year, the new Government has proposed revision of  income tax  slab (amount of non-taxable income  is likely to  be enhanced from Rs.200000/- to Rs.250000/-) as well as  the deduction under section 80C is likely to be  enhanced from Rs.100000/- to Rs.150000/-. The proposed Income Tax slab for the financial year 2014-2015 is as under.

Amount of  Income                                        Rate of Income Tax
Income upto  Rs.250000/-                                NIL
Income from 250001 to 500000                       10%
Income from 500001 to 1000000                     20%
Income from 1000001 and above                     30%