Finance Act, 2014Re-read 2 September 2026Previous year 2013-14

Income-tax rates for assessment year 2014-15

The rates Finance Act, 2014 charged on the income of the previous year 2013-14, taken from the Act’s own charging section and First Schedule.

Independently re-read on 2 September 2026

A second pass went back to the department’s text at the sources listed at the foot of this page and read these figures again. That check is recorded in the record itself as verified_on: 2026-09-02.

What this year’s reading did not reach

The rebate under section 87A is in the Income-tax Act, not in this Finance Act, so no rebate figure is recorded.

Which Act set these rates

Act

Finance Act, 2014

Assessment year

2014-15

Income of the previous year

2013-14

What was read

the charging section and the First Schedule

The Act itself

Finance Act, 2014 in this library

Finance Act, 2014 charged income-tax for the assessment year commencing 1 April 2014. What it charged was the income of the previous year 2013-14. The two are a year apart and the difference matters: a table headed by the wrong one is useless.

The slabs

Old

individual (other than resident individuals of sixty years or more), HUF, AOP, BOI, artificial juridical person

Maximum amount not chargeable to income-tax: Rs 2,00,000

Total income	Rate of income-tax
Up to Rs 2,00,000	Nil
Rs 2,00,001 – Rs 5,00,000	10%
Rs 5,00,001 – Rs 10,00,000	20%
Rs 10,00,001 and above	30%

First Schedule, Part I, Paragraph A, sub-paragraph (i). The 2,50,000 / 3,00,000 exemption table of this Act is in Part III (AY 2015-16) and is deliberately not used here.

Senior citizens, very senior citizens, and women

Only where the Act for this year set a separate threshold or a separate table. Where it did not, this page says so.

Resident senior citizens

resident individual of sixty years or more but less than eighty years (Paragraph A, sub-paragraph (ii))

Maximum amount not chargeable to income-tax: Rs 2,50,000

Total income	Rate of income-tax
Up to Rs 2,50,000	Nil
Rs 2,50,001 – Rs 5,00,000	10%
Rs 5,00,001 – Rs 10,00,000	20%
Rs 10,00,001 and above	30%

Resident very senior citizens

resident individual of the age of eighty years or more (Paragraph A, sub-paragraph (iii))

Maximum amount not chargeable to income-tax: Rs 5,00,000

Total income	Rate of income-tax
Up to Rs 5,00,000	Nil
Rs 5,00,001 – Rs 10,00,000	20%
Rs 10,00,001 and above	30%

Resident women

This year’s record carries no separate table or threshold under this head.

Surcharge

Total income	Surcharge on the income-tax
Rs 1,00,00,000 and above	10%

Paragraph A of Part I: every individual, HUF, AOP or BOI having a total income exceeding one crore rupees, at 10 per cent of such income-tax. Companies bear the different Paragraph E rates (5/10 per cent domestic, 2/5 per cent foreign) and must not be confused with this.

Cess

Cess	Rate
Education Cess	2%
Secondary and Higher Education Cess	1%

Section 2(11) and 2(12) compute both cesses on the income-tax as specified in sub-sections (1) to (10) as increased by the applicable surcharge; sub-section (1) is the charge for this assessment year, so both cesses apply to it.

Marginal relief

In the case of persons having a total income exceeding one crore rupees, the total amount payable as income-tax and surcharge on such income shall not exceed the total amount payable as income-tax on a total income of one crore rupees by more than the amount of income that exceeds one crore rupees.

Companies, firms, co-operative societies and local authorities

Reproduced in the Act’s own words, because these rates carry conditions a single percentage cannot.

Assessee	Rate as the Act states it
Domestic company	30 per cent of the total income; surcharge 5 per cent where total income exceeds one crore rupees but does not exceed ten crore rupees, and 10 per cent where it exceeds ten crore rupees
Foreign company	40 per cent, and 50 per cent on specified royalties and fees for technical services under approved pre-1976 agreements; surcharge 2 per cent where total income exceeds one crore rupees but does not exceed ten crore rupees, and 5 per cent where it exceeds ten crore rupees
Firms and limited liability partnerships	30 per cent on the whole of the total income; surcharge 10 per cent where total income exceeds one crore rupees
Co-operative societies	up to Rs. 10,000: 10 per cent; Rs. 10,001 to Rs. 20,000: Rs. 1,000 plus 20 per cent of the excess over Rs. 10,000; above Rs. 20,000: Rs. 3,000 plus 30 per cent of the excess over Rs. 20,000; surcharge 10 per cent where total income exceeds one crore rupees
Local authorities	30 per cent on the whole of the total income; surcharge 10 per cent where total income exceeds one crore rupees

What changed from the year before

Worked out by comparing this record with the one for the preceding assessment year in this collection. Where a figure is absent from either record, that is said rather than guessed.

Against assessment year 2013-14 (Finance Act, 2013): the old regime’s exemption limit is unchanged at Rs 2,00,000.
The top slab rate is unchanged at 30%.
The surcharge is unchanged: 1 tier, topping out at 10%.
The cess is unchanged: Education Cess 2%; Secondary and Higher Education Cess 1%.
The company rates stand in the same words as the year before.
The firm rate stand in the same words as the year before.
The co-operative society rates stand in the same words as the year before.
The local authority rate stand in the same words as the year before.
The separate threshold for resident senior citizens is unchanged at Rs 2,50,000.
The separate threshold for resident very senior citizens is unchanged at Rs 5,00,000.

Sources

The Income Tax Department’s own records for this Act. These are the documents the figures above were read out of.

The department’s index of Finance Acts is at https://www.incometaxindia.gov.in/finance-acts.

The years either side

← AY 2013-14 · AY 2015-16 →

What this page is, and what it is not

The figures are the Finance Act’s own. Every rate, threshold and exemption on this page was taken out of the Income Tax Department’s own text of the Act that charged the year — the charging section and the First Schedule — and the records we read are linked under Sources on each year’s page. The writing around the figures is ours: the arrangement, the headings, the comparison with the year before and every sentence of explanation. Those are not the Act.

These tables are for orientation. The Act governs. A rate table is a finding aid, not the law. The Act, its First Schedule and the provisos in it decide what is payable, and a table cannot carry the provisos. If you are about to rely on a figure here — in a return, in a computation, in a reply to a notice — open the source linked on the year’s page and read the figure in the Act for yourself. Where a record did not reach a rate, this library says so rather than filling the gap.