Income tax Calculator for Financial Year 2015-16 Assessment Year 2016-17 in Excel Format

Attached is the Income tax calculator with flexi allocation kit for the FY 2015-2016.

Simple income tax calculator cum flexi allocation kit, for the use of salaried employees of govt and private sector, basis the latest budget proposals.

Tax slabs;

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 12% on Income tax those taxable income exceeds Rs.1.00 crore will apply.

Education cess will apply 3% on the Income tax & Surcharge will apply for all.

Section 80C gives deduction for various savings schemes upto Rs. 1.50 lakhs  and additional deduction of Rs.50,000 towards investment in NPS under 80CCD (1b).

Click here to Download Income tax Calculator for F.Y. 2015-16 A.Y. 2016-17

Prepared by Benny Thadathil

 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

(Republished with amendments)

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13 Comments

  1. Surendra Kumar S says:

    You need to change the wording of 2nd Slab, It should be as Under:
    Rates for Individuals above 60 years below 80 years

  2. SRINIVASARAO PANGULURI says:

    Sir dhanunjay where are you working. Mine is also same case. Covered under NPS, working as ddo. I too have same doubt.

  3. shantanu says:

    Sir my company has given HRA for 3 months only whereas i paid rent for 10 months.Form 16 says HRA 3 months.Can i claim HRA for remaining amount while submitting tax

    1. Rahul kadam says:

      both have to be rounded of to nearest ten. as per sec 288A total taxable income must be rounded off to nearest ten and as per sec 288B tax liability must be rounded of to nearest ten.

  4. charu says:

    Hi, I am getting 4,80,000 in hand as my annual salary and i am investing 25000 per year towards my life insurance and depositing 1,00,000 in ppf and 12,000 in post office . do i need to invest any more for saving taxes

  5. Kanna says:

    Kindly Change the Income Tax Slab as Rates for Individuals (mention you) B/w 60 Years & Below 80 Years instead of below 60 years below 80 Years ( F.Y – 2015 -2016)- Income Tax Calculator

  6. Dhananjay says:

    Please check the cell no:N”75″.As per U/S 80CCD(2)the employers contribution toward NPS( upto 10% of basic+grade Pay+DA)would be allowed as deduction.
    In my case:
    My own contribution in NPS is:77527/ – (10% of salary)
    Employers contribution is also:77527/- (10% of salary)
    My other savings are :145914/-

    Your calculator gives me deductions under chapter-VI as below:
    U/S:80C ——->150000/
    U/S:80CCD 1(b)—–>50000/
    U/S:80CCD(2)——->35400/(Whereas in this section an amount of Rs77527/-is deductible)

    Please clarify my doubt.I’m also DDO of a govt department and responsible to deduct the tax of my colleges.

  7. Sourindranath Mondal says:

    Sir,
    I have retired from my service at the age of 60 on 31st.January 2015. Am I entitled to avail Senior citizen benefit for the financial year 2014-15.

  8. SANDEEP JANWALKAR says:

    WHAT ABOUT REBATE U/S 87A FOR TAXABLE INCOME LESS THAN RS. 500000/- FOR F.Y 2015-16 (A.Y. 2016-17). WHETHER IT IS THERE OR NOT.
    PLEASE REPLY

  9. pankaj says:

    This sheet doesn’t have option of DOJ, if you could add the same for calculation will make it full proof.

    since, current version doesn’t help to calculate salary for current FY in the absence of this field.

    Also adding dept. name as drop down window (open for change), will help most of the HR professionals.

  10. swathi says:

    i am from accounts background, now i need to look after in HR also. please help me one of Employee Gross salary is 75000/- Per Month April i paid full salary Without deductions but my boss told me to deducted tds from this month. as per above 2.5 lacs exemption is their. After paying April salary still 175000/- exemption is their.

  11. Sachin Acharya says:

    In Income Tax Calculator for FY 2015-16 sheet there is some problem in Row No.10, It is Showing Salary from April 2014 to March 2015 and we cannnot edit the same as the same is protected cell , hence requesting for Modification

    As the file is actually for Financia Year 2015-2016

  12. TAHERA BEGUM says:

    My salary per month 60000, 12 months 720000 which deduction tds amount every month please give me details ( no pf no esi)

  13. A S Bisht says:

    In income tax Calculator for F.Y. 2015-16 there still mention SALARY FROM APRIL 2014 TO MARCH 2015 instead of April 2015 to March 2016 please correct

  14. A S Bisht says:

    In income tax Calculator for F.Y. 2015-16 there still mention SALARY FROM APRIL 2014 TO MARCH 2015 instead of April 2015 to March 2016

  15. Mervin says:

    Hi,

    I have downloaded the Excel income tax calculator for the Financial Year 2015-2016. In that, where can I input ULIP investment? am not able to find it. Please help.

  16. Kanna says:

    Thanks to Taxguru team, its really a good one, but i’m also facing the same problem which Vasantha having, So please let us know once the problem got rectified. Thanks once again.

  17. raj chawla says:

    I above attached sheet, Pension scheme fund should be deducted from taxable income where as it is given a same calculation as 2014-15.

  18. SHAILESH says:

    In income tax Calculator for F.Y. 2015-16 there still mention SALARY FROM APRIL 2014 TO MARCH 2015 instead of April 2015 to March 2016

  19. VASANTHA SUVARNA says:

    In Income Tax Calculator for FY 2015-16 sheet there is some problem in cell no.E49 i.e LTA/LTC. Its not giving to enter amount more than 15000 rupees. Please let me know if rectified.

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