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0 responses to “Income tax Calculator for Financial year 2015-16”

  1. ca.ankaiah says:

    if i have not submitted my Lta and medical bills , i will get that amount at the end of the year .But in this statement it is showing in the monthly salary.

    pls connect the formula c48 & j54 .

    and also conect r17,r18 to c21 & c22 respectively.

    dont include that medical and lta as part of special allowances .

    I hope u will make these adjustments .

  2. ca.ankaiah says:

    Here it is not considered employee contrbution to provident fund .If we give gross ctc( inclusive of employer contribution to Provident fund ), it is considering only employer contribution as part of deductions .

    It is very simple format to find out Tds on salary income .

  3. JSS says:

    The Excel sheet Calculator is very raw one, working on direct Formula of Total earnings minus eligible tax exemptions and calculating the Tax directly, without giving any provision to include other exemptions like, HL interest, Sec 80D etc. This may not help all to the extent required.

  4. s sudarshana says:

    Mr.Srikanth: Simple but good calculator to know the tax on taxable income. Can you clarify: (1) weather additional 50k relief u/s 80-C for investment in pension schemes is effective from F.Y 2014-15 or from 2015-16. (2) Addl. relief u/s 80-D is effective from F.Y 2014-15 or from 2015-16. (3) If the income is only from share market (Short term gains) and salary income is zero, which form is to be used.
    Thanks in advance.

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