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.
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
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.
please i want to calculate the salaey break up with hra conv medicalc insurance
tuition fee lic
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
sir handicapped person ko kitani chut hain
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.
R/Sir
Is tax deduction u/s 87A up to 2000 maximum is valid for FY 2014-15 also or not ?
Thanks
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.
Dear Sir,
We are paying one employee 25 k for month ,And wt is the TDS amt ,Kindly guide us regarding the TDS Deduction………
Below is the password (alongwith *)
AAABBABAABB*
You can call for any assistance 9880037215, volunteer and senior citizen
PLEASE CALL AND INFORME
MOBILE NO = 09885073203
FOR
INCOM TAX DETAILS
Mr.Gobinda Bag: under section 80-E.
Mrs.M.Chaudhuri: You can share in any ratio (can be changed every year) both for principal and interest components of the repayment byEMI.
Mr.Prabal: Yes. Rs.9,000.
Does child education fee is under 80C?
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.
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
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.
Whether the medicines purchased by me & Doctor’s consultation fee,will attract Income-Tax rebate?
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.
Mr Kamalakkannan, No limit. Full exemption.
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.
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
Mr.Swapan, it is 3 lakhs. Rule says “…60 or above at any time in the financial year”. Welcome to the senior citizen group!
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
Kindly share the password for the changes as per our calculation.
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.
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.
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.
Please provide option for “Other Deductions” as we have to account for Gurgaon salary also, where Labour Welfare Fund is a compulsory deductible.
Regards,
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.
Rates for Individuals above 60yrs and below 80 yrs,, not below 60yrs and below 80 yrs. Pl. Correct the table.
Plese download the one in this thread and it is not password protected.
Dear Sir,
Tax calculator file is password protected sheet, please advise the password for updating in our system.
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.
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.
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.
Hi Sir,
Kindly Share the revised Income tax calculator with the revised income tax slab
dear sir u have not mentioned the investment exemption on long term infra bond up to 20 k…….
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.
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
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.!
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
whats the password to unprotect the file
asks for password to open the file. password any ?
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.
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.
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.
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.