For FY 2014-15 (AY 2015-16), an individual below 60 paid: Nil up to ₹2,50,000, 10% from ₹2.5L–₹5L, 20% from ₹5L–₹10L and 30% above ₹10L, plus 3% education cess. Budget 2014 raised the basic exemption to ₹2.5L (from ₹2L) and Section 80C to ₹1.5L (from ₹1L). Only the regular (old) regime existed — the new regime came much later.
This page documents FY 2014-15 (AY 2015-16) as a historical reference. For the current year (FY 2025-26 / AY 2026-27), the new regime is the default with Nil tax up to ₹12,00,000 taxable income after the Section 87A rebate. See our current income tax slabs and FY 2026-27 slabs.
Income Tax Slabs FY 2014-15 — Individual (Below 60)
The regular-regime slab rates that applied to a resident individual below 60 years of age for income earned in FY 2014-15.
| Income Slab | Tax Rate | Effective Tax |
|---|---|---|
| Up to ₹2,50,000 | Nil | ₹0 |
| ₹2,50,001 – ₹5,00,000 | 10% | Up to ₹25,000 (less 87A rebate ₹2,000) |
| ₹5,00,001 – ₹10,00,000 | 20% | ₹25,000 + 20% above ₹5L |
| Above ₹10,00,000 | 30% | ₹1,25,000 + 30% above ₹10L |
Add 3% education cess (2% + 1%) on income tax after the 87A rebate. Rates are for AY 2015-16 and are historical.
Senior Citizens (60–79) — FY 2014-15
| Income Slab | Tax Rate |
|---|---|
| Up to ₹3,00,000 | Nil |
| ₹3,00,001 – ₹5,00,000 | 10% |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Basic exemption for senior citizens was raised from ₹2.5L to ₹3L in Budget 2014.
Super Senior Citizens (80+) — FY 2014-15
| Income Slab | Tax Rate |
|---|---|
| Up to ₹5,00,000 | Nil |
| ₹5,00,001 – ₹10,00,000 | 20% |
| Above ₹10,00,000 | 30% |
Super-senior exemption stayed at ₹5L; there is no 10% slab for them.
Budget 2014 — What Changed for Individuals
The Finance Act 2014 delivered broad relief to individual taxpayers. The headline changes for FY 2014-15:
| Change | FY 2013-14 (Before) | FY 2014-15 (After) |
|---|---|---|
| Basic exemption — below 60 | ₹2,00,000 | ₹2,50,000 |
| Basic exemption — senior (60-79) | ₹2,50,000 | ₹3,00,000 |
| Section 80C deduction limit | ₹1,00,000 | ₹1,50,000 |
| PPF annual deposit limit | ₹1,00,000 | ₹1,50,000 |
| Home-loan interest — Sec 24(b) | ₹1,50,000 | ₹2,00,000 |
| Section 87A rebate | ₹2,000 (≤ ₹5L) | ₹2,000 (≤ ₹5L) — continued |
| Surcharge (income > ₹1Cr) | 10% | 10% — unchanged |
| Education cess | 3% | 3% — unchanged |
The ₹1.5L Section 80C limit set in Budget 2014 still applies under the old regime today.
Budget 2014 raised Section 80C from ₹1L to ₹1.5L, a 50% increase, and it has not moved since. Under the current new regime (default), most Chapter VI-A deductions including 80C are not available — a ₹75,000 standard deduction and the 87A rebate do the heavy lifting instead. Compare with old vs new regime.
Comparing an old-year filing with today? Use the current calculator.
Income Tax Calculator →
Key Deductions Available in FY 2014-15
FY 2014-15 was entirely on the regular (old) regime, so the full menu of Chapter VI-A deductions applied.
| Deduction / Exemption | Limit (FY 2014-15) |
|---|---|
| Section 80C (EPF, PPF, LIC, ELSS, NSC, tuition, home-loan principal) | Up to ₹1,50,000 (raised from ₹1L) |
| Section 80CCD(2) — NPS employer contribution | 10% of salary (outside 80C) |
| Section 80CCG — RGESS (equity savings) | 50% of investment, up to ₹25,000 (income ≤ ₹12L) |
| Section 80D — health insurance premium | ₹15,000 (₹20,000 for senior citizens) |
| Section 80TTA — savings bank interest | Up to ₹10,000 |
| Home-loan interest — Section 24(b) | Up to ₹2,00,000 (self-occupied) |
| Transport allowance | ₹9,600/year (₹800/month) |
| Medical reimbursement | ₹15,000/year (with bills) |
| Standard deduction | Not applicable (reintroduced FY 2018-19) |
Section 80CCG (RGESS) was later discontinued from FY 2017-18; the standard deduction did not exist in AY 2015-16.
Historical Comparison: FY 2013-14 → FY 2015-16
| Feature | FY 2013-14 | FY 2014-15 | FY 2015-16 |
|---|---|---|---|
| Basic exemption (individual) | ₹2,00,000 | ₹2,50,000 | ₹2,50,000 |
| Senior citizen exemption | ₹2,50,000 | ₹3,00,000 | ₹3,00,000 |
| Section 87A rebate | ₹2,000 (new) | ₹2,000 | ₹2,000 |
| Surcharge (income > ₹1Cr) | 10% | 10% | 12% |
| Section 80C limit | ₹1,00,000 | ₹1,50,000 | ₹1,50,000 |
| Section 80CCD(1B) NPS extra | — | — | ₹50,000 (new) |
| Wealth Tax | Applicable | Applicable | Abolished |
The ₹50,000 NPS deduction under 80CCD(1B) and wealth-tax abolition arrived in FY 2015-16, not FY 2014-15.
Section 87A Rebate & Surcharge — FY 2014-15
The Section 87A rebate, introduced in FY 2013-14, continued in FY 2014-15: resident individuals with total income up to ₹5,00,000 got a rebate of up to ₹2,000 (or the actual tax, whichever was lower), applied before the 3% cess.
| Income Level | Surcharge |
|---|---|
| Up to ₹1,00,00,000 | Nil |
| Above ₹1,00,00,000 | 10% of income tax |
The 10% surcharge above ₹1 crore (from FY 2013-14) continued; marginal relief applies. It rose to 12% only in FY 2015-16.
AY 2015-16 is closed for normal filing. If you need to file or revise a current return, use the present-year rules: new regime default, Nil tax up to ₹12,00,000 (salaried effectively ~₹12.75L with the ₹75,000 standard deduction). See the current exemption limit.
- Slabs & forms: incometax.gov.in
- Finance Act 2014 (Budget 2014) — CBDT / incometax.gov.in
- Section 80C, 80CCG, 87A & 24(b): Income-tax Act, 1961 (as in force for AY 2015-16)
- Current-year replacement: Income Tax Slabs & the Income-tax Act, 2025
Disclaimer: This guide is general information based on the law and notifications in force when it was last updated. It is not professional advice for your case — rates, thresholds and due dates change, so check the current position with the official source before you act on it.