There are not very many changes in the calculation of income tax for the financial year 2013-14 and the analysis year 2014-15. But there are some changes too in the finance bill 2013 which are as follows.
1- Income tax section 87A provides the additional relief of 2000 to the income tax slabs 200000-5000000. It means now the income is exempted up to 220000 as this is 10% slab of income tax.
2- Section 80TTA is already introduced in which interest on saving account is exempted up to Rs. 100000.
3- Rajiv Gandhi equity saving scheme under section 80CCG.
4- Payment of advance tax must be online if taxable income is more than 10 lakh.
One of my friend Mr. Pranab Banerjee has developed an excel based income tax calculator for financial year 2013-14 and the analysis year 2014-15 and he shares this excel based utility with Taxalertindia.com
The features of this excel based income tax calculator for central government employees are as under.
1- It’s an excel based calculator.
2- Full explanation given of different sections in which one can get relief (New section introduced).
3- Full instruction given on how to use it.
4- Data input sheet, pay sheet, salary calculation and hra calculation given on different pages.
5- Available for free download.
Download income tax calculator for fy 2013-14 and ay 2104-14
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