Income Tax Slab for FY 2014-15 (updated)

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This is a follow-up post to our post on Income Tax Implications for Freelancers  since there has been revisions in the tax slab for Income tax by the Finance Minister recently. This is the most updated Tax slab for FY 2014-15 (AY 2014-15) . If you are a freelancer having a taxable income greater than 2,50,000 in the current financial year (14-15), you ought to ensure that you pay your taxes on time to avoid any hassles.

Education Cess: 3% of Income Tax plus Surcharge

The government has additionally raised the limits for investments under 80C to Rs 1,50,000 from Rs 1,00,000. The investments under 80C are non taxable and hence help you in saving taxes.

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  • Srinath

    I am planning to take an Independent Contractor role for a company based out of US . Wanted to get some help / inputs on the tax implication for this kind of scenario :

    1. Does the income from this contractor role be considered as “Salaried Income” or “Other Income” ?

    2. If it will be considered as “Other Income” , would it be possible to show the deductions which come under Chapter VI A , 80C and all that ?

    For eg :

    Investment in saving instruments like NSC, PPDF, ELSS ?
    Housing Loan interest
    HRA benefits
    Health Insurance for self and dependants ?

    3. What are the tax liability which would be coming with this role ?

    4. Would the income be liable for taxation in US ? TDS in US .

    5. What all deductions can be claimed for bringing down the tax outgo ?

    Any help is highly appreciated .

    • worknhire

      Hi Srinath,

      A CA would ideally be the best person to give recommendations for your questions. But still in order to give you an idea here are the answers to your various questions
      1. You should be filling ITR-4 (since you don’t have a salaried income) and showing the income as income from business/profession
      2. You can claim deductions
      3. Same tax slabs as a salaried individual
      4. No, income won’t be liable for taxation in US
      5. Consult a CA for better understanding on this.

      • Srinath

        Thank you very much for the inputs . Much appreciated .

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  • CompStat

    I am a freelancer. A client is US said I should have a registered company to receive payments due to tax issues in US. I find forming an OPC will take a long time & may be costly. What should I do?

  • Raju

    Good article you can find more details about income tax from following link http://caknowledge.in/topics/income-tax/