Tax Proposals of Budget-2014 for Salaried and Retired People along with Automatic Income Tax Tax Calculator in Excel  format for Financial Year 2014-15 or Assessment Year 2015-16.

Finance Minister (FM) Arun Jaitley in his Budget presented on 10.07.2014 announced changes in Income tax Slab for Individual and HUF with effect from Assessment year 2015-16. In his Budget FM has raised the Income Tax Exemption Limit for Individual below 60 Years and HUF to Rs. 2,50,000 and for Senior Citizens below the Age of 80 Years to Rs. 3,00,000/- .

Further FM has increased Limit of Deduction U/s. 80C to Rs. 1,50,000/-

In this article we have analyzed tax rate chart after giving effect to Budget proposals and possible tax saving from these changes.

We have also attached a Income Tax Calculator to calculate your tax liability for Assessment year 2015-16 i.e. Financial Year 2014-15.

Download Income Tax Calculator for A.Y. 2015-16 / F.Y. 2014-15  

Tax Proposals of Budget-2014 for Salaried and Retired People along with Tax Calculator

Budget – 2014 has proposed the following income tax rates

For Individuals below 60 years age (including Woman Assessees): 

Income Tax Rate
Upto 2,50,000 Nil
250,000 to 5,00,000 10% of the amount exceeding 250,000
500,000 to 10,00,000 Rs.25,000 + 20% of the amount exceeding 5,00,000
10,00,000 & above Rs.1,25,000 + 30% of the amount exceeding 10,00,000


For Individuals aged 60 years and above but below 80 years (Senior Citizen):

Income Tax Rate
Upto 3,00,000 Nil
3,00,000 to 5,00,000 10% of the amount exceeding 3,00,000
5,00,000 to 10,00,000 Rs.20,000 + 20% of the amount exceeding 5,00,000
10,00,000 & above Rs.1,20,000 + 30% of the amount exceeding 10,00,000


For Individuals aged 80 years and above (Very Senior Citizen):

Income Tax Rate
Upto 5,00,000 Nil
5,00,000 to 10,00,000 20% of the amount exceeding 5,00,000
10,00,000 & above Rs.1,00,000 + 30% of the amount exceeding 10,00,000

 Plus 3% education cess on the tax calculated as above. Further, limit to get deduction under section 80C is increased to Rs. 1,50,000/- from Rs. 1,00,000/-

Now, we will study certain income scenarios based on above mentioned budget proposals.

Person with Age of less than 60 years
  scenario – 1 scenario – 2 scenario – 3 scenario – 4
Gross Total Income 2,70,000 3,70,000 4,20,000 4,20,000
Less:Deductions u/s. 80C
Eligible upto Rs. 1,50,000/-
0 1,00,000 1,00,000 1,50,000
Taxable Income 2,70,000 2,70,000 3,20,000 2,70,000
Tax on above income 2,000 2,000 7,000 2,000
Less: Rebate u/s 87A 2,000 2,000 2,000 2,000
Tax after Rebate 0 0 5,000 0
Add: Education Cess 3% 0 0 150 0
Total Tax Liability 0 0 5,150 0
Person with Age of 60 years or more but less than 80 years
  scenario – 1 scenario – 2 scenario – 3 scenario – 4
Gross Total Income 3,20,000 4,20,000 4,70,000 4,70,000
Less:Deductions u/s. 80C
Eligible upto Rs. 1,50,000/-
0 1,00,000 1,00,000 1,50,000
Taxable Income 3,20,000 3,20,000 3,70,000 3,20,000
Tax on above income 2,000 2,000 7,000 2,000
Less: Rebate u/s 87A 2,000 2,000 2,000 2,000
Tax after Rebate 0 0 5,000 0
Add: Education Cess 3% 0 0 150 0
Total Tax Liability 0 0 5,150 0
Person with Age of 80 years or more
  scenario – 1 scenario – 2 scenario – 3 scenario – 4
Gross Total Income 5,00,000 5,10,000 6,10,000 6,60,000
Less:Deductions u/s. 80C
Eligible upto Rs. 1,50,000/-
0 0 1,00,000 1,50,000
Taxable Income 5,00,000 5,10,000 5,10,000 5,10,000
Tax on above income 0 2,000 2,000 2,000
Less: Rebate u/s 87A 0 0 0 0
Tax after Rebate 0 2,000 2,000 2,000
Add: Education Cess 3% 0 60 60 60
Total Tax Liability 0 2,060 2,060 2,060

 To calculate the tax for other scenarios, you may use the tax calculator attached herewith.

Author:

CA. Tejas K. Andharia
B. COM, F.C.A., D.I.S.A.(ICAI),  D.I.R.M.(ICAI)
Bhavnagar, Gujarat
Email: tejasinvites@gmail.com

Click here to Read Other Articles of CA Tejas Andharia

 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

Author Bio

Qualification: CA in Practice
Company: T. K. ANDHARIA & CO.
Location: BHAVNAGAR, Gujarat, IN
Member Since: 08 Apr 2018 | Total Posts: 28
He is Chartered Accountant by profession plus Song Writer, Composer, Piano player and Singer. One of his hobbies is to share technological knowledge . He was President of Bhavnagar C. A. Association for two consecutive terms. His Youtube Channel is "CA. Tejas Andharia" which contains videos on vario View Full Profile

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

  1. Anil Kumar.S says:

    Sir,
    A friend of mine received Rs.65 Lacs in Kerala Lottery during July 2014. TDS of 30% and Rs.5 lacs agents commission were deducted and about Rs.40 lacs was given as prize money. He is aged 75 yrs. now.
    Now he has received a notice from Tax Dept to pay the Edu.Cess applicable on the above amount. He has not filed Tax Return.Is he bound to pay Educational Cess @3% and submit a return .Will there be any interest for delay?
    Await your reply.

  2. Kasturi Rangan says:

    HI Sir,,
    can Relief under IT Sec 89 -NOT CLAIMED during A.Y.2014-15 ,be claimed now vide A.Y.2016-17 before 31 July 2016

    thank you and regards,
    Rangan

  3. a k sinha says:

    a was play about 11 lakhs in casino games at nepal in fy 2011-12, all transaction used by credit card only. now notice served against me u/s 142(1) how can solve the problem.

  4. luhar haidarali says:

    respected sir,

    i had paid tax of 2013-14 due to my mistake in chaLLAN I WROTE ASSEMENT YEAR 2014-15 AT THE PLACE OF 2015-16 AND I HAD PAID TAX ON THE DATE OF 31 MARCH,2015 NOW HOW COUKLD I WILL GET BACK MY AMOUNT

  5. Manish says:

    Isn’t NPS deduction exempt under SEC80CCE over the limit of 1.5 lacs? I don’t see it in the excel worksheet.

  6. bineesh pg says:

    Sir,
    My relative sold his property at Rs.70 lac and the buyer deducted TDS 1% from the total value. He has not
    a permanent job and not a tax payer. He is working on daily wages and has not any other source of income.

    Can he get refunded the amount from Income tax and what to do for that.

    Please give your valued reply.

    Thanks

    Bineesh

  7. Ankit says:

    HI,

    As the per budget 2014, the tax slab limit under 80C is revised to 1.5 lakh, but on online portal for ITR it shows 1 Lakh only, can you please let me know the limit is 1.5 lakh or 1 lakh only for FY 2014-15

    Thanks in advance for your response.

  8. h parthasarathy says:

    Sir,
    pl. let me know if the full pension + dearness relief is to be taken for income tax calculation or the residul pension (after 40% commutted) along with the dearness relief is to be reckoned.

    parthasarathy H

  9. Tanmay Dutta says:

    agricultural income 500000/-
    if i want to show agricultural income in Tax return how much tax i need to pay and how it would be calculated.
    Kindly let me know that how much amount I would have to pay to income tax?

  10. Prabir Dey says:

    Dear Sir,
    I retired on 31-01-2015 from PSU service after superannuation of 60 yers on 31.01.2015. Now I need to e-file my Income Tax Return for the FY 2014-15 AY 2015-16 complying with Form-16 as per TDS deducted by the employer (Govt. of India).
    Kindly let me know under what category my Tax Return should be filed — as Senior Citizen or General citizen ? Will it be automatically calculated in ITR-1 Utility on submission of my date of birth as recorded in my PAN No.?

    Thanking you in anticipating your suitable rely soon = Prabir Dey

  11. Shyam Agarwal says:

    Sir, my age is 63 years, my annual income for fin. year 2014-15 is less than 3 lakh, I have no saving. Please tell me, is filing of income tax return for the assesment year 2015-16 is compesory for me?

  12. dipmala says:

    dear sir
    i got loan for hp from bank.hp is on the name of my mother.hp loan was taken on the basis of my b/s & bank loan is also on my name.
    now my question to you sir what kind of impact on my b/s & on my mother b/ s?
    bank loan repayment from my a/c then what will be the effect of rebate?

  13. Hemant Saliya says:

    Hello Sir,

    My Gross Salary 420000/- + Consultant Income 110000/- + agricultural income 200000/-
    if i want to show agricultural income in Tax return how much tax i need to pay and how it would be calculated.

    Kindly let me know that how much amount I would have to pay to income tax?

  14. Suresh chandra says:

    My salary monthly 36000 how can save income taxes

  15. Suresh chandra says:

    My salary monthly 36000 how can save income tax

  16. S Sudarshana says:

    MrSKDubey: It is not that simple as your question! Salary is only only aspect. Yes, all of us wants to minimize the tax. We have to consider various aspects which a financial investment consultant takes into consideration. An example some one took a huge policy but couldnot sustain to pay the premium and discontinued it. (near 50% of the new subscribers fall pray to taking/investing in instruments which are not suitalbe for them. Similary people go for housing loan with a penure of 20-25 years without worrying about the extra money required with the passage of time. But the safest and all must do is to take a pension fund (min: 1000 pm), PPF account with a minimum investment of Rs.1000 pa and ensure you will park 1.5 lakh towards the instruments that qualify for deduction u/s 80-C.

    • santosh kumar dubey says:

      thanks sir
      sir i don’t say that we want to avoid tax .there’s my question after saving
      some investment like we already have saved in 80c total amt Rs 150000 and 80 D is
      15000 and we are already gives gift to my mother for his other investment amt Rs 300000. but after this i have no idea about more saving tax by legal planning.

      if we are taking loan for residential house then we getting max 150000 u/s 24
      so please sir if any other extra saving idea you have please share with me.

  17. S Sudarshana says:

    Mr.AKSingh: You have to give all inputs to compute the tax. Use the tax calculator for this. Approx: Salary – 80-C – 2,50,000(basic exemption). Then multiply by 10% as your net comes less than 5 lakhs. You are in 2.5 lakhs to 5.00 lakh btacket. After multiplying by 10% deduct Rs.2000 exemption u/s 87-A. (9880037215)

  18. santosh kumar dubey says:

    hello sir
    i want to know that my salary is approx 12 laths per year so please tell

    me how much
    we can maximum save tax by tax planning and where i could invest our money.

  19. Ajay Kumar Singh says:

    Sir,My gross salary Rs6,46,884 and saving u/s 80c is Rs89097 respectively. Kindly let me know that how much amount I would have to pay to income tax?

  20. S Sudarshana says:

    Rashi: He has to file the return and take the exemption u/s 87A and make the taxable income as nil. He has to file the return to get the exemption u/s 87A.

  21. Rashi says:

    Please let me know whether tax rebate the section 87A continues.???If so then a person who is having the taxable income up to 270000/- need not pay tax.

  22. Rashi says:

    Please let me know whether tax rebate the section 87A continues.???If so then a person who is having the taxable income up to 270000/- need not pay tax. – See more at: https://taxguru.in/income-tax/income-tax-calculator-fy-201415-effect-tax-proposals-individuals.html#sthash.Ztn8FdFm.dpuf

  23. PRASHANT says:

    DEAR SIR,

    MY SALARY IS 25000 IN HAND WHAT IS AMOUNT I HAVE TO PAY?

    THANKS FOR YOUR TIME.

  24. S Sudarshana says:

    Mrs.Shephali (hope no error in this): Section 80-C is a part of Chapter VI-A. Express the figures properly. Rs.75,000/= in Chpater VI-A cannot include Rs.1,50,000 u/s 80-C?!

  25. S Sudarshana says:

    Mr Yogesh:
    As your taxable income will be less than Rs.5,00,000/- rebate u/s 87-A is applicable. Taxable income is after rebate under Ch.VI A.

  26. Yogesh says:

    my gross salary is 535284, deduction under VI A is 150000 can i get rebate u/s 87a?

  27. Shephali Bakre says:

    Dear Sir,
    My estimated income from salary during the accounting year 2014-15 would be approximately Rs. 5,75,000/-. After taking benefits from all deductions such as chapter VI-A i.e. Rs. 75,000/- and under section 80C Rs. 1,50,000/-, please let me know how much tax i will have to pay for the accounting year 2014-15.

  28. rp samant says:

    loan amount rs 25,8000/-
    cost of house for loan taken on 28 march 2014 rs 42,23,232/-

    Eligible for 80EE

  29. sudarshana says:

    Provided the property is a joint holding of 3 persons, loan is sanctioned for that property and the ratio between them is 33.33% each. Max can be 1.5 x 3 = 4.5 lakhs

  30. Purvi says:

    hello sir,

    if loan interst is 300000 for finacial year 2014-15 and brrower is 3 person then full 1 l00000 benifit will get each person

  31. sudarshana says:

    Thnaks should go to TaxGuru for the platform provided. Knowledge is useless uless it is used positively.

  32. tapan kumar das says:

    its great to c u here with your commendable presence to help out people. regards, tapan

  33. s sudarshana says:

    Mr.S.Ramamoorthy, Super Sr. Citizen: Why did you deduct Rs.3.00 lakh? You have to deduct Rs.5.00 lakh from taxable income and pay tax for the rest. i.e. for 8.00 lakh taxable salary, tax to be paid for Rs.3.00 lakh. Rs.6000 plus surcharge etc.
    Mr. Naren, Section 87-A is not removed, It is in existance now and in future also!
    Mr. Sa: For a salary above 4.2 lakh, you have to pay tax, unless you take housing loan whose interest upto Rs. 2.0 lakh per year is exempt now.

  34. btjairam says:

    what are the methods to save the arrears of pay in the incometax for the FY 2014-15 for a senior citizen above in addition to the usual pension for that year

  35. sa says:

    i want to know that my salary 5 lac p.a so how we pay zero income tax from new budget

  36. T.Selvadorai says:

    Sir,
    I want to know whether any change in the limit for TDS – 194i for rent received from company Lease
    For my flat given to company for rent.Please clarify.

    T.Selvadorai

  37. Naren says:

    Please tell me anyone whether direct tax credit section 87A (Rs.2000 for below 500000 taxable income) is removed from this budget or retained.

  38. VENKAT says:

    Ramamoorthy
    Is not the taxable income(total income minus legitimate deductions) is the limit (whether less than five lakhs or more) and NOT the total income.

  39. SANJAY says:

    Please let me know whether tax rebate the section 87A continues.??

  40. S.Ramamoorthy says:

    I will be drawing more than Rs 5 lakhs during FY 2014-15 and I am a super senior citizen.I am a central Govt.pensioner.After deducting Rs 3 lakhs from my gross income my take home pension will be well within the limit of Rs 5 lakhs provided for senior citizens in the recent budget as. general exemption.
    Am I to pay any income tax over and above of Rs 5 lakhs and should I file return.

  41. jm wasdev says:

    good job. keep it up.

  42. s sudarshana says:

    Regarding the exemption towards Housing Loan interest from 1.5 lakh to 2.00 lakh is given in your another threada and it says…

    These amendments will take effect from 1st April, 2015 and will, accordingly, apply in relation to the assessment year 2015-16 and subsequent assessment years – See more at: https://taxguru.in/income-tax/budget-2014-home-loan-interest-exemption-limit-sop-increased-rs-2-lakh.html#sthash.OUUz8EAT.dpuf

    What does it mean.?

    • CA Sandeep Kanoi says:

      It Means Deduction is available from FY 2014-15 i.e. AY 2015-16.

    • CA Sandeep Kanoi says:

      Limit for Housing Loan interest is deliberately not set as author has not said that house is self occupied, it may be let out also. So no limit is set.

  43. GANESH BHANDARKAR says:

    dear sir,

    will you please advice, whether mediclaim provision increased from 15000/- to ?? how much – or any similer new provision available
    with reagards
    ganesh bhandarkar
    9870680034

  44. Deepak V. Kulkanri says:

    Dear Sir,
    Please let me know whether tax rebate the section 87A continues.???
    If so then a person who is having the taxable income up to 270000/- need not pay tax.

    Regards
    deepak

  45. VENKAT says:

    what are the present avenues for 80C?

  46. s sudarshana says:

    MrCA Sandeep Kanoi may check/get it checked once as the exemption towards Housing loan is taking without limit. The increase in the limit from 1.5 lakh to 2.00 from 2015-16 FY only.

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