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    Jul 14, 2014

    Income tax calculator for FY 2014-15 and AY 2015-16

    Income tax rate slab changed for financial year 2014-15 and the analysis year 2015-16 on the union budget. Now income tax exemption is raised by 50000 to 250000. New income tax slabs are as under.

    For Individual (Male or Female) and H.U.F.
    Slabs
    Income tax rates
    Income upto Rs. 250000
    Nil
    Income Above250000 to 500000
    10%
    Income Above 500000 to 1000000
    20%
    Income more than 1000000
    30%

    For Senior sitizen above 60 years but less than 80 years 
    Slabs
    Income tax rates
    Income upto 300000
    NIL
    Income Above300000 to 500000
    10%
    Income Above 500000 to 1000000
    20%
    Income more than 1000000
    30%

     For Senior citizen above 80 years 
    Slabs
    Income tax rates
    Income upto 500000
    NIL
    Income Above 500000 to 1000000
    20%
    Income more than 1000000
    30%

    One of my friend Mr. Pranab Banerjee has developed complete income tax calculator for financial year 2014-15 and analysis year 2015-16. He is happy to share it with taxalertindia.com. Our team is really thankful to him. Features of this excel based calculator are as follows.


    1. Complete excel based calculator.
    2. Separate Pay sheet.
    3. Work with government as well as non-government employees.
    4. Separate HRA calculation.
    5. Separate form 10 




    Download income tax calculator for financial year 2014-15 relevant to analysis year 2015-16.
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