NRIs CORNER - TAX RATES TABLE AS REGARDS TAXABLE INCOME
FOR THE FINANCIAL YR 2014-15 & FOR THE FINANCIAL YR 2013-14
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TOTAL INCOME (INR)
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RATE OF INCOME TAX
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i)
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0 < 2,50,000
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NIL
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ii)
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2,50,001 < 5,00,000
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10% of the amount by which the total income exceeds Rs.2,50,000
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iii)
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5,00,001 < 10,00,000
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Rs.25,000 + 20% of amount by which the total income exceeds Rs.5,00,000
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iv)
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Total income more than 10,00,000
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Rs.1,25,000 + 30% of amount by which the total income exceeds Rs.10,00,000
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TOTAL INCOME (INR)
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RATE OF INCOME TAX
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i)
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0 < 3,00,000
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NIL
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ii)
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3,00,001 < 5,00,000
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10% of the amount by which the total income exceeds Rs.3,00,000
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iii)
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5,00,001 < 10,00,000
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Rs.20,000 + 20% of amount by which the total income exceeds Rs.5,00,000
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iv)
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Total income more than 10,00,000
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Rs.1,20,000 + 30% of amount by which the total income exceeds Rs.10,00,000
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TOTAL INCOME (INR)
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RATE OF INCOME TAX
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i)
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0 < 5,00,000
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NIL
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ii)
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5,00,001 < 10,00,000
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20% of amount by which the total income exceeds Rs.5,00,000
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iii)
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Total income more than 10,00,000
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Rs.1,00,000 + 30% of amount by which the total income exceeds Rs.10,00,000
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Note: When the Aggregate income exceeds Rs 1 Crore, Tax Amount shall be increased by Surcharge at the rate of 10%.
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TOTAL INCOME (INR)
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RATE OF INCOME TAX
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|
i)
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0 < 2,00,000
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NIL
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ii)
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2,00,001 < 5,00,000
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10% of the amount by which the total income exceeds Rs.2,00,000
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iii)
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5,00,001 < 10,00,000
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Rs.30,000 + 20% of amount by which the total income exceeds Rs.5,00,000
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iv)
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Total income more than 10,00,000
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Rs.1,30,000 + 30% of amount by which the total income exceeds Rs.10,00,000
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TOTAL INCOME (INR)
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RATE OF INCOME TAX
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i)
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0 < 2,50,000
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NIL
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ii)
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2,50,001 < 5,00,000
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10% of the amount by which the total income exceeds Rs.2,50,000
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iii)
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5,00,001 < 10,00,000
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Rs.25,000 + 20% of amount by which the total income exceeds Rs.5,00,000
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iv)
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Total income more than 10,00,000
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Rs.1,25,000 + 30% of amount by which the total income exceeds Rs.10,00,000
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TOTAL INCOME (INR)
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RATE OF INCOME TAX
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|
i)
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0 < 5,00,000
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NIL
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ii)
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5,00,001 < 10,00,000
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20% of amount by which the total income exceeds Rs.5,00,000
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iii)
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Total income more than 10,00,000
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Rs.1,00,000 + 30% of amount by which the total income exceeds Rs.10,00,000
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Note: When the Aggregate income exceeds Rs 1 Crore, Tax Amount shall be increased by Surcharge at the rate of 10%.
Special Rates For Income Tax:- (For the Financial Year 2014-15 & 2013-14)
4. Short Term Capital Gain
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INCOME (INR) |
RATE OF INCOME TAX % |
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i) |
Short Term Capital Gain of Equity Shares or unit of an equity oriented fund |
15% |
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ii) |
Other Short Term Capital Gain |
Normal rate of Tax of 0% to 30% |
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iii) |
Benefit of Threshold Exemption Limit is not available to NRI |
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5. Long Term Capital Gain
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INCOME (INR) |
RATE OF INCOME TAX % |
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i) |
Long Term Capital Gain from equity share or unit of an equity oriented fund |
Exempt |
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ii) |
Long Term Capital Gain from listed securities |
Tax @ 20% after indexation. or Tax @ 10% without indexation. |
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iii) |
Long Term Capital Gain from unlisted securities [In case of a Non-Resident (not being a Company) or a Foreign Company] |
10% |
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iv) |
Long term Capital Gains on Specified Assets (In case of NRI) |
10% |
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v) |
Long Term Capital Gain other than the above |
20% |
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vi) |
Benefit of Threshold Exemption Limit is not available to NRI | |
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TDS RATE CHART FOR FINANCIAL YEAR 2014-15 FOR RETURNING NRIs |
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Sr. No. |
Nature of Payments |
Threshold Limit (in Rs.) |
Rate in % |
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W.e.f. 01.07.10 |
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1 |
Interest From Bank |
10000 |
10 |
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2 |
Other Interest – eg. On company Deposits, Post Office accounts, etc. |
5000 |
10 |
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3 |
Commission/Brokerage |
5000 |
10 |
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4 |
Property Rent |
180000 |
10 |
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5 |
Plant/Machinery Rent |
180000 |
2 |
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6 |
Professional Fees |
30000 |
10 |
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7 |
Salary |
Rs. 2,50,000 (Individual / HUF) Rs. 300000 (Senior Citizen), and Rs. 500000 (Very Senior Citizen) |
TDS @ Applicable slab Rate |
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Note – 1 |
Surcharge and Education Cess is not applicable on TDS on any payment made to Resident. |
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Note – 2 |
If PAN not provided by the Deductee then rate as per above table or 20% which ever is higher is to be deducted. |
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Note – 3 |
So forth status of the Returning NRI is Resident but Not Ordinary Resident (R but NOR), Interest on FCNR Deposits and RFC Deposits is exempt from Tax and hence not liable for TDS. His global income will also not be charged to tax in India. |
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alttag
