New Tax Slab for FY 2014 - 2015

Income Tax Slab for Financial Year 2014 - 2015

(Assessment year 2015 - 2016)

For Individuals below 60 years age (including Woman): 

Income	Tax Rate
Upto 250,000	Nil
250,000 to 500,000	10% of the amount exceeding 250,000
500,000 to 1,000,000	Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above	Rs.125,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 60 years and above but below 80 years (Senior Citizen):

Income	Tax Rate
Upto 300,000	Nil
300,000 to 500,000	10% of the amount exceeding 300,000
500,000 to 1,000,000	Rs.20,000 + 20% of the amount exceeding 500,000
1,000,000 & above	Rs.120,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 80 years and above (Very Senior Citizen):

Income	Tax Rate
Upto 500,000	Nil
500,000 to 1,000,000	20% of the amount exceeding 500,000
1,000,000 & above	Rs.100,000 + 30% of the amount exceeding 1,000,000

PAN - Permanent Account Number

What is PAN:

Permanent Account Number (PAN) is a ten-digit alphanumeric number, issued by the Income Tax Department to any "person". All income tax related transactions of the "person" are linked with PAN.

Understanding the PAN:

A typical example of a PAN is AFZPK7190K.

First three characters i.e. “AFZ” in the above PAN are alphabetic series running from AAA to ZZZ

Fourth character of PAN i.e. “P” in the above PAN represents the status of the PAN holder.
“P” stands for Individual,
“F” stands for Firm,
“C” stands for Company,
“H” stands for HUF,
“A” stands for AOP,
“T” stands for TRUST etc.

Fifth character i.e. “K” in the above PAN represents first character of the PAN holder’s last name/surname.

Next four characters i.e. “7190” in the above PAN are sequential number running from 0001 to 9999.

Last character i.e. “K” in the above PAN is an alphabetic check digit.

Apply for PAN

If you do not have a PAN (Permanent Account Number), you can apply for it online. Click on the link below and follow the instructions:
Apply for a PAN

Know your PAN

If you already have a PAN (Permanent Account Number), but you don't remember it you can check it online using the link below:
Know your PAN (Permanent Account Number)

Income Tax Slab

Income Tax Slab for Financial Year 2013 - 2014

(Assessment year 2014 - 2015)

For Individuals below 60 years age (including Woman): 

Income	Tax Rate
Upto 200,000	Nil
200,000 to 500,000	10% of the amount exceeding 200,000
500,000 to 1,000,000	Rs.30,000 + 20% of the amount exceeding 500,000
1,000,000 & above	Rs.130,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 60 years and above but below 80 years (Senior Citizen):

Income	Tax Rate
Upto 250,000	Nil
250,000 to 500,000	10% of the amount exceeding 250,000
500,000 to 1,000,000	Rs.25,000 + 20% of the amount exceeding 500,000
1,000,000 & above	Rs.125,000 + 30% of the amount exceeding 1,000,000

For Individuals aged 80 years and above (Very Senior Citizen):

Income	Tax Rate
Upto 500,000	Nil
500,000 to 1,000,000	20% of the amount exceeding 500,000
1,000,000 & above	Rs.100,000 + 30% of the amount exceeding 1,000,000