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
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Author Bio

Qualification: CA in Practice
Company: T. K. ANDHARIA & CO.
Location: BHAVNAGAR, Gujarat, IN
Member Since: 08 Apr 2018 | Total Posts: 29
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

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