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.

Download Income Tax Calculator FY 2014-15 / AY 2015-16

 ALSO READ
S.NO. INCOME TAX SLAB
INCOME TAX CALCULATORS
1. Income Tax Slabs for FY 2016-17 / AY 2017-18
2. Income Tax Slab for FY 2015-16 AY 2016-17
3. Income Tax Slab for FY 2014-15 AY 2015-16
4.
5.  Income tax Slab for FY 2012-13 / AY 2013-14 Income Tax Calculator FY 2012-13 / AY 2013-14
6. Income tax calculator for FY 2006-07 to FY 2016-17
7. Income Tax Slab Rates from AY 1992-93 to AY 2015-16

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65 responses to “Income Tax Calculator FY 2014-15 / AY 2015-16”

  1. MV Singh says:

    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

  2. Vijay Makhija says:

    Trying to download income tax calculator FY 2014-2015 / AY 2015-2016. Please help me to download or mail me on vijaymakhi@rediffmail.com

  3. Mukesh Varde says:

    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

  4. S.Lakshminarayanan says:

    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

  5. Gautam says:

    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

  6. POONAM CHAND SAHU says:

    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

  7. jamrith says:

    When will the online forms be available on Income Tax website for AY 2015-16 ?

  8. Prakash S.Rum says:

    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

  9. s sudarshana says:

    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.

  10. deepa says:

    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.

  11. B C Keshava Murthy says:

    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

  12. S Sudarshana says:

    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

  13. S Sudarshana says:

    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

  14. N.Bodha says:

    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.

  15. N.Bodha says:

    Dear Sir,
    Meri age 52 yrs hai. meri Rajasthan govt.job thi.jisme muje gross above 48000/- PM tha.meine VRS liya hai .muje 300 PL ke agst mein leave encashment ,grautiey ,GPF ,SI etc.mile hai.
    Inme se muje kin kin par tax chukana hoga aur kitna.
    kya muje 300 PL ke agst mein milne vale encashment par bhi tax dena hoga ya yeh exempt hoga.pls muje mail se javab deve taki yadi tax libilities banti hai to 15 march se purva tax jama kara du

  16. MNG Nayar says:

    Sir,
    I am a senior citizen (76 years old)
    in 2014 August the State Government has acquired around nine cents of my agricultural land (Coconut farm- Tapioca seasonal crop)and paid compensation. A friend of mine tells me that since the land acquired by the Govt. is agricultural land the proceeds do not attract Inome tax. Kindly advise.

  17. harpal singh says:

    please i want to calculate the salaey break up with hra conv medicalc insurance
    tuition fee lic

  18. SWAPAN KUMAR SARKAR says:

    My date of birth is 19.7.54. I have retired from Govt service on 31.7.2014 and income tax for earning upto 31.7.14. has been deducted. Now, from 1.8.14. onwards I will have to pay income tax, then what would be the relief in respect of tax slabs , it would be as per Senior Citizen slab or in gener

  19. Kumbhar Machindranath says:

    sir handicapped person ko kitani chut hain

  20. Praddip c.Malgaonkar says:

    आदरणीय महोदय,

    80 सी के अंतर्गत स्‍टेट गव्‍हरमेंट कर्मचारीयों को कितनी छूट मिलती है. जैसे की Rs.50,000/- तक है या बढ गयी है, कृपया उत्‍तर आवश्‍यक है. गलती हो गयी तो क्षमा करे.

  21. sunil kumar says:

    R/Sir
    Is tax deduction u/s 87A up to 2000 maximum is valid for FY 2014-15 also or not ?
    Thanks

  22. s sudarshana says:

    Mr.Krishna B: Assuming his income is taxable income theoritically his Income Tax will be Rs.3000/- for the whole year assuming he has earned Rs.25kx12 = 3 Lakh.

  23. krishna B says:

    Dear Sir,

    We are paying one employee 25 k for month ,And wt is the TDS amt ,Kindly guide us regarding the TDS Deduction………

  24. Rocky says:

    Below is the password (alongwith *)
    AAABBABAABB*

  25. S Sudarshana says:

    You can call for any assistance 9880037215, volunteer and senior citizen

  26. Kasa Apparao says:

    PLEASE CALL AND INFORME
    MOBILE NO = 09885073203

    FOR
    INCOM TAX DETAILS

  27. S Sudarshana says:

    Mr.Gobinda Bag: under section 80-E.

  28. S Sudarshana says:

    Mrs.M.Chaudhuri: You can share in any ratio (can be changed every year) both for principal and interest components of the repayment byEMI.

  29. S Sudarshana says:

    Mr.Prabal: Yes. Rs.9,000.

  30. gobinda bag says:

    Does child education fee is under 80C?

  31. maumeeta chaudhuri says:

    I have a query .We are having a housing loan(where in my husband is primary applicant and i am a co-applicant).we are paying the EMI from our joint account.Now during tax filing can both of us show this (e.g say 1.5lac interest is shown by my husband and 50k by me).Kindly advice.

  32. prabal says:

    Sir,
    I have one query regarding 80D preventive health check up.
    If my expenditure for my wife for her preventive health check up is Rs.5000 and that for my mother is Rs. 4000. What would be the total deduction from my salary?
    Thanking you

  33. S Sudarshana says:

    Mr.Umesh Mhatre: Pl see section 80-D in this regard. Quantum of rebate, weather to dependants and limit in case of physically challenged ones is dealt there.

  34. Umesh Mhatre says:

    Whether the medicines purchased by me & Doctor’s consultation fee,will attract Income-Tax rebate?

  35. s sudarshana says:

    Mr.A.K.Singh, 1) The NSCs with the nomination will go to the nominee and it can be treated as inheritance. 2) The property he purchased from his relatives as mentioned belongs to him and it’s disposal is as per his will, if any. In the absence of Will, this will be inherited by his family members as happens with any other property. Just because he purchased from a particular relative will not mean it will go back to him/her. A matter of common sense.

  36. s sudarshana says:

    Mr Kamalakkannan, No limit. Full exemption.

  37. A. K. Singh says:

    My father, after retirement, purchased land and and shops for my wife, my brothers wife and my sister in 2014-15. On his death we came to know that he had Rs. 12.00 lascs invested in NSC’s and made each of the above nominee for Rs. 4.00 lacs. Can we assume the above land/shop/NSC as gift from father in law to my wife and my brothers’ wife and gift from father to my sister. Let me know the tax libilities.

  38. kamalakkannan says:

    you are mentioning that Existing limit of Rs.1.50 lakhs for self occupied property interest deduction has been enhanced to Rs. 2 lakhs

    but presently staying in a rented house and rent it out my property. in that case what is the max exemption for the interest on my loan

    kamalakkannan.V

  39. sudarshana says:

    Mr.Swapan, it is 3 lakhs. Rule says “…60 or above at any time in the financial year”. Welcome to the senior citizen group!

  40. Swapan Bhattacharyya says:

    My date of birth is 16-10-1954. So for Income Tax calculation purpose, how my basic deductions for tax relief will be considered. Whether it will be 2,50,000/- or 3,00,000/- or 2,75,000/-. Please advise

  41. deepesh says:

    Kindly share the password for the changes as per our calculation.

  42. sudarshana says:

    Mr.Thakur Prasad,
    Generally it happens with the pensioners. TDS is less than what it should be as the bank calculates the TDS blindly until the pensioner submits the estimate of his salary and the tax due and TDS to be effected.
    So pensioners should submit the (i)estimate of their income (including other incomes over and above pension), (ii) saving details for deductions under various sections and (iii) TDS to be effected; preferably in the beginning of the financial years.
    Having missed the opportunity the pensioner has to make a ADVANCE TAX for the current financial year quoting PAN etc correctlya and checking it is reflected in the Form 26AS. Payment online or in bank through challen. Online is better as we need not preserve the challen etc.

  43. thakur prasad says:

    sir i getting pension 24500/m.my bank take tds of 821rs /m frm april to till.i dont know how he cut rs9700 upto sep. plz gide me what todo.

  44. V K Trama says:

    Dear Sir,

    Why the questions are not answered? If answers are provided after the questions it will help even others who have similar doubts in their minds.

    This website would be more useful and also encourage users to ask different and unique questions.

  45. Amit Mishra says:

    Please provide option for “Other Deductions” as we have to account for Gurgaon salary also, where Labour Welfare Fund is a compulsory deductible.

    Regards,

  46. Abhishek says:

    b. Deductions under sec. 80C still showing 100000/- ; It should be 150000/-
    c. Deduction of Interest on housing loan is still 150000/- it should be 200000/-

    Please do the necessary changes in the excel sheet formula. Otherwise it is not showing the right amount of tax calculated.

  47. A M GURUMURTHY says:

    Rates for Individuals above 60yrs and below 80 yrs,, not below 60yrs and below 80 yrs. Pl. Correct the table.

  48. s sudarshana says:

    Plese download the one in this thread and it is not password protected.

  49. Shraddha says:

    Dear Sir,

    Tax calculator file is password protected sheet, please advise the password for updating in our system.

  50. Nagendra says:

    Thanks for the calculator, very helpful.

    I noticed that food coupons are not a part of the taxable deductions. Could you include it for completeness please?

    And a suggestion:
    It will be helpful to forecast the next month’s net salary basis the tax that could be deducted due to changes in earnings. For now, an average tax per month is available, which provides an yearly view.

    For eg. I know I will receive, say, 20000 as bonus 3 months from now. So the tax in that month will be higher compared to other months.

    A view of approx monthly tax deduction will help users plan finance better.

  51. Shirish says:

    Dear sir, For FY. 2014-2015,
    1. Investments under sec. 80c 1,00,000.
    2. Housing loan interest paid (Sec.3) 1,50,000.

    In calculator, the above values are seen. Is it correct? Please reply.

  52. s sudarshana says:

    Mr.Sushil: That window or investment is not there now. There was a time such insvestment was over and above the usual 80-C limit; later a part of it.

  53. David says:

    Hi Sir,

    Kindly Share the revised Income tax calculator with the revised income tax slab

  54. sushil says:

    dear sir u have not mentioned the investment exemption on long term infra bond up to 20 k…….

  55. s sudarshana says:

    Mr A Ramesh,
    1. Calculator is correct and you can check with dummy values.
    2. Airfare to Hongkong or any place is not taxable if you are paying out of your salary income which is already accounted.
    3. If you are going with a LTA then you should consider the Rules governing that.

  56. a.ramesh says:

    sir,

    basic 2.5lakh is not provided in the Income tax calculator

    Sl.No. 12 of Tax Rules and other useful information does not reflect in the cells of Income tax calculations.

    also pl. clarify the following.

    i am going for conference presentation to Honkong in the month of December 2014. will the air fare comes under exemption if made by me

    if it is allowed how much is allowed

    pl. clarify

    regards

    a.ramesh

  57. s sudarshana says:

    The calculator in perfect conditon now. All figures are coming correctly. It has taken care of observations of all writers. Not protected by password also. TaxGuru is to be complimented for the effort and more so for keeping the ears wide open for incorporation.!

  58. Gajalakshmi says:

    password to unprotect file;
    I provide medical bills submitted amount as 15000 but is not considering under medical reimbursements? how to fix that…pwd pls

  59. Swara says:

    whats the password to unprotect the file

  60. karthikeyan says:

    asks for password to open the file. password any ?

  61. C N Thakur says:

    Thank you for making income tax calculator for FY 14-15 in excel form.
    However I notice that the concessions given in this year’s budget are reflected properly.
    a. Basic income tax relief for Sr. Citizen is still 250000/- instead of 300000/-
    b. Deductions under sec. 80C are still 100000/- only against modified 150000/-.
    c. Deduction of Interest on housing loan is still 150000/- instead of 200000/-
    As such your spread sheet requires necessary corrections to this effect and other changes made during this years tax rules.

  62. s sudarshana says:

    If he is also a co-owner of the property, it is a definite yes. Otherwise also, there is a possibility and you should check up with the banker, who will know the tax implication.

  63. Venkatesalu Naidu says:

    Sir, I am planning to avail homeloan, as I am pensioner, I will avail loan with the my son as coapplicant and I will not claim any exemption in the Incometax, but whether my son will get Incometax rebate on the homeloan interest repaid. Please advise.

  64. s sudarshana says:

    The calculator gives 2 lakh as exemption towards house loan interest repayment for the year 2014-15 FY itself. It is effective from next year please.
    Mr.CA Sandeep Kanoi may check it please.

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