The tax rates of the financial year 201415:
All the Rows are called as slabs that is slab one, two, three etc.
i. Incometax: Tax slab for individuals

Income Slabs 
Income Tax Rate 
i. 
Where the total income does not exceed Rs. 2,00,000/. 
NIL 
ii. 
Where the total income exceeds Rs. 2,00,000/ but does not exceed Rs. 5,00,000/. 
10% of amount by which the total income exceeds Rs. 2,00,000/. 
iii. 
Where the total income exceeds Rs. 5,00,000/ but does not exceed Rs. 10,00,000/. 
Rs. 30,000/ + 20% of the amount by which the total income exceeds Rs. 5,00,000/. 
iv. 
Where the total income exceeds Rs. 10,00,000/. 
Rs. 130,000/ + 30% of the amount by which the total income exceeds Rs. 10,00,000/. 
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess: 3% of the total of Income Tax and Surcharge.
II.Tax slabs for individuals who are resident in India above 60yrs but below 80yrs: (Senior Citizens)

ate 

i. 
Where the total income does not exceed Rs. 2, 50,000/. 
NIL 
ii. 
Where the total income exceeds Rs. 2,50,000/ but does not exceed Rs. 5,00,000/ 
10% of the amount by which the total income exceeds Rs. 2,50,000/. 
iii. 
Where the total income exceeds Rs. 5,00,000/ but does not exceed Rs. 10,00,000/ 
Rs. 25,000/ + 20% of the amount by which the total income exceeds Rs. 5, 00,000/. 
iv. 
Where the total income exceeds Rs. 10,00,000/ 
Rs. 125,000/ + 30% of the amount by which the total income exceeds Rs. 10, 00,000/. 
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess: 3% of the total of Income Tax and Surcharge.
The above table consists of tax slabs for persons who are above 60yrs who are termed as Senior Citizens. I would like to explain the calculation of tax here.
In the first slab a relaxation up to Rs.2, 50,000 is given to Senior Citizens so no tax I levied up to Rs.2, 50,000 for them.
Coming to the second slab where the total income exceeds Rs.2,50,000 but does not exceed Rs,500,000 then the tax is 10% of the amount by which the total income exceeds Rs.2,50,000 but does not exceed Rs.5,00,000 i.e. if suppose the income is Rs.2,60,000 then the tax is Rs.2,60,000 * 10% which is Rs. 26,000.
Coming to the next third slab where the total income exceeds Rs.5,00,000 but does not exceed Rs10,00,000 then the tax calculated is as follows i.e. if suppose the income is Rs.5,50,000 then the tax calculated is Rs.25,000 which is taken from the previous slab and then 20% of the amount which is exceeded by Rs.5,00,000, here the amount which is exceeded by 5,00,000 is Rs.50,000 so the tax is Rs.25,000+50,000*20%=Rs.35,000.
Coming to the fourth slab where the total income exceeds Rs.10,00,000 the tax is calculated as follows Rs.1,25,000à(5,00,00010,00,000=5,00,000*20%=100,000 taken from 3^{rd} slab+25000 taken from 2^{nd} slab) plus 30% of the amount which exceeds Rs10,00,000 i.e. if the income is Rs10,50,000 then the tax to be paid is 1,25,000+50,000*30%= 140,000.
III.Tax slab for individual residents who are above 80yrs: – (Super Senior Citizens)

Income Slabs 
Income Tax Rate 
i. 
Where the total income does not exceed Rs. 5,00,000/. 
NIL 
ii. 
Where the total income exceeds Rs. 5,00,000/ but does not exceed Rs. 10,00,000/ 
20% of the amount by which the total income exceeds Rs. 5,00,000/. 
iii. 
Where the total income exceeds Rs. 10,00,000/ 
Rs. 100,000/ + 30% of the amount by which the total income exceeds Rs. 10,00,000/. 
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
Education Cess: 3% of the total of Income Tax and Surcharge.
The Method of Calculation of tax Shown for the Senior Citizens is also to be applied in all the rest cases above.
iv. CoOperative Societies:

Income Slabs 
Income Tax Rate 
i. 
Where the total income does not exceed Rs. 10,000/. 
10% of the income. 
ii. 
Where the total income exceeds Rs. 10,000/ but does not exceed Rs. 20,000/. 
Rs. 1,000/ + 20% of income in excess of Rs. 10,000/. 
iii. 
Where the total income exceeds Rs. 20,000/ 
Rs. 3.000/ + 30% of the amount by which the total income exceeds Rs. 20,000/. 
Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
iii. Education Cess: 3% of the total of Income Tax and Surcharge.
V. Firm
i. Incometax: 30% of total income.
ii. Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
iii. Education Cess: 3% of the total of Income Tax and Surcharge.
VI. Local Authority
i. Incometax: 30% of total income.
ii. Surcharge: 10% of the Income Tax, where total taxable income is more than Rs. 1 crore.
iii. Education Cess: 3% of the total of Income Tax and Surcharge.
VI. Domestic Company
i. Incometax: 30% of total income.
ii. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge
 At the rate of 5% of such income tax, provided that the total income exceeds Rs. 1 crore.
 At the rate of 10% of such income tax, provided that the total income exceeds Rs. 10 crores.
iii. Education Cess: 3% of the total of Income Tax and Surcharge.
VII. Company other than a Domestic Company
i. Incometax:
 @ 50% of on so much of the total income as consist of (a) royalties received from Government or an Indian concern in pursuance of an agreement made by it with the Government
or the Indian concern after the 31st day of March, 1961 but before the 1st day of April, 1976; or (b) fees for rendering technical services received from Government or an Indian concern in pursuance of an agreement made by it with the Government or the Indian concern after the 29th day of February, 1964 but before the 1st day of April, 1976, and where such agreement has, in either case, been approved by the Central Government.  @ 40% of the balance
ii. Surcharge: The amount of income tax as computed in accordance with above rates, and after being reduced by the amount of tax rebate shall be increased by a surcharge as under
 At the rate of 2% of such income tax, provided that the total income exceeds Rs. 1 crore.
 At the rate of 5% of such income tax, provided that the total income exceeds Rs. 10 crores.
iii. Education Cess: 3% of the total of Income Tax and Surcharge.
Credits for the tax tables:Finotax
By Taruni Banda
thanqq for this attachment our viewers would get something more to know..:)