Download Income Tax Calculator FY 2014-15 / AY 2015-16
This downloadable Income Tax Calculator, calculate Tax on your Income for for Financial Year 2014-15 / Assessment Year AY 2015-16 Automatically without any hassle.
Simple tax calculator for the use of salaried employees of govt and private sector, basis the latest budget changes.
Latest updates:
Increase of Basic exemption limit:
Major expectation of increase in basic exemption limit has been given in the budget; the limit has been increased from Rs.2 lakhs to Rs. 2.50 lakhs for individuals except senior citizens and for senior citizens between 60 to 80 years has been increased from Rs. 2.50 lakhs to Rs. 3 lakhs. The revised income tax slabs are given below the table
Rates for Individuals below 60 years
| Income slabs | Income tax rate |
| Income up to Rs. 2.50 lakhs | Nil |
| Rs. 2.50 to Rs. 5 lakhs | 10% |
| Rs.5 Lakhs to Rs. 10 Lakhs | 20% |
| Rs. 10 lakhs above | 30% |
Rates for Individuals below 60 years below 80 Years
| Income slabs | Income tax rate |
| Income up to Rs. 3 lakhs | Nil |
| Rs. 3 to Rs. 5 lakhs | 10% |
| Rs.5 Lakhs to Rs. 10 Lakhs | 20% |
| Rs. 10 lakhs above | 30% |
Rates for Individuals 80 years & above
| Income slabs | Income tax rate |
| Income up to Rs. 3 lakhs | Nil |
| Rs. 3 to Rs. 5 lakhs | Nil |
| Rs.5 Lakhs to Rs. 10 Lakhs | 20% |
| Rs. 10 lakhs above | 30% |
Surcharge of 10% on Income tax those taxable income exceeds Rs. 10 crore will apply.
Education cess will apply 3% on the Income tax & Surcharge will apply for all.
Increase in limit under section 80C:
Section 80C gives deduction for various savings schemes till now Rs. 1 lakhs has been enhanced to Rs. 1.50 lakhs .
Increase in housing interest deduction:
Existing limit of Rs.1.50 lakhs for self occupied property interest deduction has been enhanced to Rs. 2 lakhs.
please help me to arrive at correct special special rate of tax for A.Y.2015-16 to be calculated 9353210/- . Thanks a lot
sir, my friend is a salary person, his advance tax deduct monthly automatically from salary, he is a armed forces personal below officers rank no one file return in this rank, he file return ay 2014_15,after that he not file return ay17_18,IT Dept compressing for filling return AY15_16 an their after, pl suggest how much penalty will paid @ by ind till date. regards
Trying to download income tax calculator FY 2014-2015 / AY 2015-2016. Please help me to download or mail me on vijaymakhi@rediffmail.com
Hi,
I worked for one employer from Apr 2014 to July 2014, where no tax was deducted.
I worked for another employer there after where the tax deducted was for income from second employer only.
Now how can I calculate the tax and how I can pay the outstanding tax.
Pls guide
Is there any concept of apportioning of Salary Income while calculating personal Income Tax as per IT Act,1961. If so, how this need to be worked out. Say, my annual salary is Rs.5Lacs. Rs.2.3lacs is the Arrear salary which was actually due for the FY 2012-13, now only received. Please help me to arrive at the tax liability assuming there is no chapter VI A deduction
Hi
My company accountant has deduct double TDS on salary for this year.LIke last year he deduct rs.822.00 and this year deduct rs.1644.00.
So can u send me the excel where i can put my all the salary details and check, what is right.
Thanks
DEAR SIR,
PLEASE HELP ME I HAVE PAID THE INCOME TAX OF A.Y. 2015-2016 IN A.Y.2014-2015 HOW CAN I TREATED THIS PROBLEM IF I FILLED A.Y. 2014-2015 INCOME TAX RETURN
When will the online forms be available on Income Tax website for AY 2015-16 ?
Hi,
Any information when the ITR-1 forms for AY 2015-16 (FY 2014-15) will be available. The forms on the income tax site still shows AY 2014-15.
Any information in this regard will be great
Dear Deepa: The amount you got is net and the the offer you got, it appears, CTC. Cost to company. Obtain a payslip from you employer to know the reason about the difference.
I was unemployed for 5 months i.e from Sep14 to Jan 15. I got new job in Feb15 and 3.36 pa salary but i got salary only 24,700 while it was expected to be 25,000 . please explain how? There are no deduction like PF and all.
My total income comprising of pension and interest on fixed deposits for the period 01.04.2014 to 20.03.2015 is Rs.591269. After deduction under 80 c income will be Rs.441269. My question is whether income after deduction under 80c to be taken for arriving at taxable income.(coming under 10 % slab) Please clarify
Deductions in respect of retirement benefits is covered under sub-sections of Section 10. These are to be deducted from the graoss receipts before calculating Taxable Income. More on the topic is in this link: incometaxindia.gov.in/Tutorials/Retirement-Benefits-Theoretical.pdf
Income tax exemptions of the retirement benefits comes under different subsections of Section 10 of I.T. Act. These amounts are to be deducted before arriving at taxable income. For clear understanding of various subsections dealing with IT Act Section 10 please see the link: incometaxindia.gov.in/Tutorials/Retirement-Benefits-Theoretical.pdf
Dear Sir,
Tax Calculator mein after retirement ke hisab se kya set up nahi hai. Kyuki calculator to Grauity & Encashment & others all income ko jod kar tax calculate karta hai.