Income Tax Slab Rates FY 2014-15 (AY 2015-16)
Updated: 3 June 2026 | FY 2014-15 / AY 2015-16 | Budget 2014 | Income-tax Act, 2025
For Financial Year 2014-15 (Assessment Year 2015-16), Budget 2014 — the first full budget of the Modi government — brought significant relief: basic exemption raised to ₹2,50,000 (from ₹2L), Section 80C limit raised to ₹1,50,000 (from ₹1L), PPF annual limit raised to ₹1,50,000, home loan interest deduction under Section 24(b) raised to ₹2,00,000 (from ₹1.5L), and the Section 87A rebate of ₹2,000 continued. There was no new tax regime — only the regular (old) regime applied.
80C: ₹1.5L
Budget 2014 raised the Section 80C limit from ₹1,00,000 to ₹1,50,000 — a 50% increase. This limit has remained unchanged under the old regime through FY 2025-26 and beyond.
Individual — Below 60 Years (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 = max ₹23,000) |
| ₹5,00,001 – ₹10,00,000 | 20% | ₹25,000 + 20% of amount above ₹5L |
| Above ₹10,00,000 | 30% | ₹1,25,000 + 30% of amount above ₹10L |
Add: Education Cess 2% + Secondary & Higher Education Cess 1% = 3% cess on income tax payable (after 87A rebate).
Senior Citizens (Age 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% |
Super Senior Citizens (Age 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% |
Section 87A Rebate — FY 2014-15
The Section 87A rebate, introduced in FY 2013-14, was continued in FY 2014-15. Resident individuals with total income up to ₹5,00,000 were entitled to a rebate of up to ₹2,000 (or actual tax, whichever was lower). This was applied against income tax payable before adding 3% cess. With the enhanced basic exemption of ₹2,50,000, the effective tax-free slab for low-income individuals extended slightly further before the rebate became relevant.
Surcharge — FY 2014-15
| Income Level | Surcharge Rate |
|---|---|
| Up to ₹1,00,00,000 | Nil |
| Above ₹1,00,00,000 | 10% of income tax |
The 10% surcharge for income above ₹1 crore (reintroduced in FY 2013-14) was continued in FY 2014-15. Marginal relief applies to prevent the tax increase from exceeding the income in excess of ₹1 crore.
Budget 2014 Key Changes for Individual Taxpayers
| Change | FY 2013-14 (Before) | FY 2014-15 (After) |
|---|---|---|
| Basic exemption — individuals below 60 | ₹2,00,000 | ₹2,50,000 — raised |
| Basic exemption — senior citizens (60-79) | ₹2,50,000 | ₹3,00,000 — raised |
| Section 80C deduction limit | ₹1,00,000 | ₹1,50,000 — raised |
| PPF annual deposit limit | ₹1,00,000 | ₹1,50,000 — raised |
| Home loan interest — Section 24(b) | ₹1,50,000 (self-occupied) | ₹2,00,000 — raised |
| Section 87A rebate | ₹2,000 (income ≤ ₹5L) | ₹2,000 (income ≤ ₹5L) — continued |
| Surcharge (income > ₹1Cr) | 10% | 10% — unchanged |
| Education cess | 3% | 3% — unchanged |
| Section 80CCG (RGESS) | Available (income ≤ ₹12L) | Available — continued |
Key Deductions Available in FY 2014-15
| Deduction / Exemption | Limit (FY 2014-15) |
|---|---|
| Section 80C (EPF, PPF, LIC, ELSS, NSC, home loan principal, tuition fees) | Up to ₹1,50,000 (raised from ₹1L) |
| Section 80CCD(1) — NPS employee contribution | Within ₹1,50,000 80C limit |
| Section 80CCD(2) — NPS employer contribution | 10% of salary (outside 80C limit) |
| Section 80CCG — RGESS (equity savings) | 50% of investment up to ₹25,000 (income ≤ ₹12L) |
| Section 80D — Health insurance premium | Up to ₹15,000 (₹20,000 for senior citizens) |
| Section 80TTA — Savings bank interest | Up to ₹10,000 |
| Section 87A rebate | ₹2,000 (income ≤ ₹5L) |
| Home loan interest — Section 24(b) | Up to ₹2,00,000 (self-occupied) — raised |
| HRA exemption | Least of: actual HRA, 50%/40% of basic, rent minus 10% basic |
| Transport allowance | ₹9,600/year (₹800/month) |
| Medical reimbursement | ₹15,000/year (with bills) |
| Standard deduction | Not applicable (introduced FY 2018-19) |
Historical Slab Comparison: FY 2013-14 to FY 2015-16
| Feature | FY 2013-14 | FY 2014-15 | FY 2015-16 |
|---|---|---|---|
| Basic exemption (individual) | ₹2,00,000 | ₹2,50,000 — raised | ₹2,50,000 — unchanged |
| Senior citizen exemption | ₹2,50,000 | ₹3,00,000 — raised | ₹3,00,000 — unchanged |
| Super senior exemption | ₹5,00,000 | ₹5,00,000 — unchanged | ₹5,00,000 — unchanged |
| Section 87A rebate | ₹2,000 — introduced | ₹2,000 — continued | ₹2,000 — continued |
| Surcharge (income > ₹1Cr) | 10% | 10% | 12% — raised |
| Section 80C limit | ₹1,00,000 | ₹1,50,000 — raised | ₹1,50,000 — unchanged |
| PPF limit | ₹1,00,000 | ₹1,50,000 — raised | ₹1,50,000 — unchanged |
| Section 80CCD(1B) NPS extra | Not available | Not available | ₹50,000 — introduced |
| Wealth Tax | Applicable | Applicable | Abolished |
Frequently Asked Questions
What were the income tax slab rates for FY 2014-15 (AY 2015-16)?
For Financial Year 2014-15 (Assessment Year 2015-16), the income tax slabs for individuals below 60 years were: Nil up to ₹2,50,000; 10% on ₹2,50,001 to ₹5,00,000; 20% on ₹5,00,001 to ₹10,00,000; and 30% above ₹10,00,000. Senior citizens (60-79 years) had a basic exemption of ₹3,00,000. Super senior citizens (80+ years) had a basic exemption of ₹5,00,000. The Section 87A rebate of ₹2,000 (for income up to ₹5 lakh) was continued from FY 2013-14. Education cess remained at 3%.
What was the Section 80C deduction limit raised to in Budget 2014?
Budget 2014 (Finance Act 2014), the first full budget of the Modi government, raised the Section 80C deduction limit from ₹1,00,000 to ₹1,50,000 — a 50% increase. This limit under Section 80C covers contributions to EPF, PPF, LIC premium, ELSS, NSC, home loan principal repayment, tuition fees for two children, Sukanya Samriddhi, and several other investments. The enhanced ₹1,50,000 limit has remained unchanged through subsequent budgets and continues to apply under the old regime even in 2026.
Was the PPF annual deposit limit changed in Budget 2014?
Yes. Budget 2014 raised the Public Provident Fund (PPF) annual deposit limit from ₹1,00,000 to ₹1,50,000, aligned with the enhanced Section 80C limit. The PPF interest rate at the time was 8.7% per annum (notified periodically by the government). PPF deposits are eligible for Section 80C deduction, interest is tax-free, and the maturity amount is also exempt — making it one of the most tax-efficient savings instruments under the old regime.
What was Section 80CCG (Rajiv Gandhi Equity Savings Scheme) in FY 2014-15?
Section 80CCG — the Rajiv Gandhi Equity Savings Scheme (RGESS) — was available in FY 2014-15 and provided a deduction of 50% of the amount invested (up to ₹25,000 deduction on ₹50,000 investment) for first-time equity investors with gross total income up to ₹12,00,000. The scheme was designed to encourage retail participation in the equity market. The deduction was available for three consecutive years. Section 80CCG was later discontinued from FY 2017-18 onwards — no new deductions were allowed, though existing investors could claim for their remaining lock-in years.
What were the key Budget 2014 changes that affected individual taxpayers?
Key Budget 2014 changes for individuals (FY 2014-15): (1) Basic exemption limit raised from ₹2,00,000 to ₹2,50,000 (individuals below 60); ₹2,50,000 to ₹3,00,000 for senior citizens; (2) Section 80C limit raised from ₹1,00,000 to ₹1,50,000; (3) PPF limit raised to ₹1,50,000; (4) Home loan interest deduction under Section 24(b) for self-occupied property raised from ₹1,50,000 to ₹2,00,000; (5) Section 87A rebate of ₹2,000 continued (income ≤ ₹5L); (6) Surcharge of 10% continued for income above ₹1 crore; (7) Section 80CCG (RGESS) continued with income limit at ₹12 lakh.
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