13 June 2022 10:14

Indian income tax 2014-2015

Income Tax Slab & Deductions FY 2014-15

For Men below 60 years of age For Senior Citizens (Age 80 years or more)
Rs. 2,50,000 Nil Nil
Rs. 2,50,001 – Rs. 500,000 10% 20%
Rs. 500,001 – Rs. 10,00,000 20% 30%
Above Rs. 10,00,000 30%

What was the tax rate in 2014?

2014 Tax Brackets and Rates

Single Married Filing Jointly
10% $0 to $9,075 $0 to $18,150
15% $9,076 to $36,900 $18,151 to $73,800
25% $36,901 to $89,350 $73,801 to $148,850
28% $89,351 to $186,350 $148,851 to $226,850

What was the income tax rate in 2015?

Heads of Households

Taxable Income 2015 Tax
Not over $13,150 10% of the taxable income
Over $13,150 but not over $50,200 $1,315 plus 15% of the excess over $13,150
Over $50,200 but not over $129,600 $6,872.50 plus 25% of the excess over $50,200
Over $129,600 but not over $209,850 $26,722.50 plus 28% of the excess over $129,600

What was the personal tax allowance for 2014 to 2015?

2. Income tax allowances

£ a year
2013-14 2014-15
Personal Allowance
those born after 5 April 1948 9,440 10,000
those born between 6 April 1938 and 5 April 1948 10,500 10,500

What is the tax allowance for 2015 to 2016?

Background to the measure

Budget 2014 announced that the personal allowance would be increased to £10,500 for 2015-16. This measure goes further by increasing the personal allowance to £10,-16. Legislation will be introduced in Finance Bill 2015 to increase the personal allowance by £-16.

What was the tax rate in 2016?

Estimated Income Tax Brackets and Rates

Rate Single Filers Married Joint Filers
10% $0 to $9,275 $0 to $18,550
15% $9,275 to $37,650 $18,550 to $75,300
25% $37,650 to $91,150 $75,300 to $151,900
28% $91,150 to $190,150 $151,900 to $231,450

What was the tax rate in 2017?

Estimated Income Tax Brackets and Rates

Rate Taxable Income Bracket Tax Owed
10% $0 to $9,325 10% of Taxable Income
15% $9,325 to $37,950 $932.50 plus 15% of the excess over $9,325
25% $37,950 to $91,900 $5,226.25 plus 25% of the excess over $37,950
28% $91,900 to $191,650 $18,713.75 plus 28% of the excess over $91,900

What was the tax rate in 2013?

Income Tax Slab & Deductions FY 2013-14

For Men below 60 years of age For Senior Citizens (Age 80 years or more)
Rs. 2,00,000 Nil Nil
Rs. 2,00,001 – Rs. 500,000 10% 20%
Rs. 500,001 – Rs. 10,00,000 20% 30%
Above Rs. 10,00,000 30%

What was the tax rate in 2018?

2018 tax brackets

Federal tax brackets and rates for 2018
Tax rate Single Married filing jointly
10% $0–$9,525 $0–$19,050
12% $9,526–$38,700 $19,051–$77,400
22% $38,701–$82,500 $77,401–$165,000

What was the highest tax rate in 2015?

For 2015, there are seven federal income tax brackets: 10%, 15%, 25%, 28%, 33%, 35% and 39.6%. No matter which bracket you’re in, you won’t pay that rate on your entire 2015 income. First, exemptions and deductions are subtracted to determine your taxable income.

What is the tax allowance for 2016 to 2017?

£11,000

For tax year 2016/2017 the UK basic income tax rate was 20%. This increased to 40% for your earnings above £43,000 and to 45% for earnings over £150,000. Your earnings below £11,000 were tax free. This is called the personal allowance.

What is income tax rate?

The federal income tax rates remain unchanged for the tax years: 10%, 12%, 22%, 24%, 32%, 35% and 37%. The income brackets, though, are adjusted slightly for inflation. Read on for more about the federal income tax brackets for Tax Year 2021 (due April 15, 2022) and Tax Year 2022 (due April 15, 2023).

What are the tax bands for 2016-17?

1. Bands of taxable income and corresponding tax rates

2015-16 2016-17
Starting rate limit (savings income) [footnote 1] £5,000 £5,000
Basic rate band £0-31,785 £0-32,000
Higher rate band £31,786-£150,000 £32,001-150,000
Additional rate band Over £150,000 Over £150,000

What is the tax allowance for 2018 to 2019?

Tax thresholds, rates and codes

PAYE tax rates and thresholds
Employee personal allowance £228 per week £988 per month £11,850 per year
UK basic tax rate 20% on annual earnings above the PAYE tax threshold and up to £34,500
UK higher tax rate 40% on annual earnings from £34,501 to £150,000

What are the tax bands for 2017 18?

1.1 Income tax bands of taxable income (£ per year)

Tax year 2016-17 Tax year 2017-18
Basic rate £0-32,000 £0-33,500
Higher rate £32,001-150,000 £33,500-150,000
Additional rate Over £150,000 Over £150,000

What was the tax free allowance for 2017 18?

£11,500

For tax year 2017/2018 the UK basic income tax rate was 20%. This increased to 40% for your earnings above £45,000 and to 45% for earnings over £150,000. Your earnings below £11,500 were tax free. This is called the personal allowance.

What is the tax allowance for 2019 to 2020?

Personal Allowances

Allowances
Personal Allowance £12,570 £12,500
Income limit for Personal Allowance £100,000 £100,000

What is the basic rate tax code for 2018-19?

1185L

The 6th April 2018 is the date that your new tax code will start being used by your employer or other source of income.

What is the personal allowance for 2019 20?

£12,500

As in the rest of the UK, the tax-free personal allowance has gone up to £12,500 — a £650 a year increase over the current personal allowance. The starter rate threshold has gone up from £13,-19 to £14,-20.

What income is tax free?

NOTE: Income tax exemption limit is up to Rs 2,50,000 for Individuals , HUF below 60 years aged and NRIs. An additional 4% Health & education cess will be applicable on the tax amount calculated as above.

What is current tax?

Current tax is the amount of income taxes payable/recoverable in respect of the current profit/ loss for a period. Deferred Tax liability is the amount of income tax payable in future periods with respect to the taxable temporary differences.

What is the income tax for 2019?

Income Tax Brackets and Rates

Rate For Unmarried Individuals, Taxable Income Over For Married Individuals Filing Joint Returns, Taxable Income Over
10% Up to $9,700 Up to $19,400
12% $9,701 to $39,475 $19,401 to $78,950
22% $39,476 to $84,200 $78,951 to $168,400
24% $84,201 to $160,725 $168,401 to $321,450

What was 2017 standard deduction?

For tax year 2017, the IRS increased the value of some different tax benefits, while leaving some the same as last year: Personal and dependent exemptions remain $4,050. The standard deduction rises to $6,350 for single, $9,350 for head of household, and $12,700 for married filing jointly.

What is the 2020 tax rate?

2020 Federal Income Tax Brackets and Rates

Rate For Single Individuals For Married Individuals Filing Joint Returns
10% Up to $9,875 Up to $19,750
12% $9,876 to $40,125 $19,751 to $80,250
22% $40,126 to $85,525 $80,251 to $171,050
24% $85,526 to $163,300 $171,051 to $326,600

What is the 2020 standard deduction?

$12,400

The 2020 standard deduction is increased to $24,800 for married individuals filing a joint return; $18,650 for head-of-household filers; and $12,400 for all other taxpayers. Under the new law, no exceptions are made to the standard deduction for the elderly or blind.

What is the minimum taxable income for 2020?

$12,400

Single. Not 65 or older: The minimum income amount needed for filing taxes in 2020 should be $12,400. 65 or older: It should be over $14,050 to file a tax return. If your unearned income was more than $1,050, you must file a return.

What is the 2021 standard deduction?

$12,550

2021 Standard Deductions
$12,550 for single filers. $12,550 for married couples filing separately. $18,800 for heads of households. $25,100 for married couples filing jointly.