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The first step to understand the workings of Income Tax in India is to be aware of the taxation slabs released each financial year by the Indian Government. The taxation slabs for the financial year 2014-15 and 2015-16 for General tax payers and Women:
| Slab | Income Slab (Rs.) | Income Tax Rate |
|---|---|---|
| 0 | 0 to 2,50,000 | NIL |
| I | 2,50,001-5,00,000 | 10% |
| II | 5,00,001-10,00,000 | 20% |
| III | 10,00,001 and above | 30% |
If you fall in Slab I, tax will be deducted on the amount that exceeds Rs. 2,50,001/- . Similarly, tax for Slab II and Slab III will be calculated for the amount that exceeds Rs. 5,00,001/- and Rs. 10,00,001/- respectively. The same principle also applies to the tax slabs for senior citizens (Aged 60 years but less than 80 years):-
| Slab | Income Slab (Rs.) | Income Tax Rate |
|---|---|---|
| 0 | 0 to 3,00,000 | NIL |
| I | 3,00,001 to 5,00,000 | 10% |
| II | 5,00,001 to 10,00,000 | 20% |
| III | 10,00,000 and above | 30% |
India Income tax slabs 2014-2015 for very senior citizens (Aged 80 and above):-
| Slab | Income Slab (Rs.) | Income Tax Rate |
|---|---|---|
| 0 | 0 to 5,00,000 | NIL |
| I | 5,00,001 to 10,00,000 | 20% |
| II | 10,00,000 and above | 30% |
