Income tax changes in Union Budget explained

Following is the table indicating the impact of changes in income tax provisions proposed by Finance Minister Arun Jaitley in the Budget for 2014-15. Tax exemption limit has been raised to Rs 2.5 lakh from Rs 2 lakh.

Here’s a look at changes in tax slab:

INCOME: Up to Rs 2.5 lakh 50,000 (Savings)

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TAX RATE: Nill

IMPACT (Individual tax payers): Rs 5,000

INCOME: Rs 2,50,001 to Rs 5,00,000

TAX RATE: 10 per cent

IMPACT (Individual tax payers): Rs 5,000

INCOME: Rs 5,00,001 to Rs 10,00,000

TAX RATE: 20 per cent

IMPACT (Individual Tax Payers): Rs 5,000

INCOME: Above Rs 10,00,000

TAX RATE: 30 per cent

IMPACT (Individual Tax Payers): Rs 5,000

For senior citizens

INCOME: Up to Rs 3,00,000

TAX RATE: Nil

IMPACT (Individual Tax Payers): Rs 5,000 (Savings)

INCOME: Rs 3,00,001 to Rs 5,00,000

TAX RATE: 10 per cent

IMPACT (Individual Tax Payers): Rs 5,000

INCOME: Rs 5,00,001 to Rs 10,00,000

TAX RATE: 20 per cent

IMPACT (Individual Tax Payers): Rs 5,000

INCOME: Rs 5,00,001 to Rs 10,00,000

TAX RATE: 30 per cent

IMPACT (Individual Tax Payers): Rs 5,000