Income Tax Calculator AY 2015-16 for Individuals

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Income Tax Calculator AY 2015-16

For Resident Individuals & HUFs

Use Calculator for

AY 2014-15 ( FY 2013-14 )
AY 2013-14 ( FY 2012-13 )

This calculator carries out following calculations for Individual and HUF assessees for the
Assessment Year 2015-16 ( i.e. on income earned during 01.04.2014 - 31.03.2015 ) for determining
your taxable income and income tax liability:
Calculates Taxable Income by computing income from all sources viz. Salary and Allowances,
House Property, Capital Gains, Income from other sources, Agriculture Income etc.
Calculates income chargeable at Special Rate for computing the Taxable Income.
Calculates deductions available from the Taxable Income under various Sections of Income Tax Act.
Calculates and shows Income Tax with slab-wise Income details.
Calculates Surcharge net of Marginal Relief *, wherever applicable.
Calculates Income net of Income Tax Liability.

Do not use this calculator if you have Loss from 'Business or Profession' and/or 'Capital Gains' and/or
'Other Sources'.
Enter data in applicable bordered cells
Select Age / Status
A. Income from Salary / Pension
1 Total Salary/Pension as per Form 16 ( Excl. all exempt / non-exempt allow., perquisites &

Hide data

430000

profit in lieu of salary )

2 Allowances Exempt under Section 10 ( Not to be added to Total Income from Salary
chargeable to Income Tax )

3 Add : Allowances not exempt

4 Add : Value of Perquisites and / or Fringe Benefits
5 Add : Profits in lieu of Salary
Total Income from Salary chargeable to Income Tax
B. Income (Profits) from Business / Profession
C. Income / Loss from House Property
D. Income from Capital Gains (Do not use this calculator for Capital Loss)
E. Income from Other Sources
F. Agricultural Income (For Rate purpose)
G. Aggregate Income (A+B+C+D+E+G)
H. Eligible Deductions
1 Deductions under Sec. 80C
2 Deductions under Sec. 80CCC
3 Deductions under Sec. 80CCD1
4 Total of Deductions u/s 80C, 80CCC and 80CCD(1) (Max. Rs. 1.50 lakh)
5 Deductions under Sec. 80CCD2
6 Deductions under Sec. 80CCG
7 Deductions under Sec. 80D Health Insurance - Self & family
8 Deductions under Sec. 80D Health Insurance - Parents

430000
Enter data
Enter data
Enter data

440000
Hide data

90000

90000

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Income Tax Calculator AY 2015-16 for Individuals

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9 Deductions under Sec. 80DD

10 Deductions under Sec. 80DDB
11 Deductions under Sec. 80E
12 Deductions under Sec. 80G
13 Deductions under Sec. 80GG
14 Deductions under Sec. 80RRB
15 Deductions under Sec. 80TTA
16 Deductions under Sec. 80U
17 Any other eligible deduction
Total Deductions from Taxable Income
I. Total Taxable Income (G - H)
J. Income included in Aggregate Income above and taxable at special rate
K. Income taxable at Normal Rates (I - J)
L. Tax already paid
1 Tax Deducted at Source
2 Tax Collected at Source
3 Advance Tax paid
4 Self Assessment Tax paid
1 total Tax paid
Taxable Income and Tax Liability details
Description
Income
Exempt Income
250000
Income chargeable at 10%
85000
Income chargeable at 20%
0
Income chargeable at 30%
0
Income chargeable at Special Rates
0
Total
335000
Less: Tax Credit (Available only to Individual Resident assessees having total taxable income upto

15000

105000
335000
Enter data

335000
Hide data

8000

8000

Income Tax
Nil
8500
0
0
0
8500
2000

Rs. 5 lacs)

Less : Income Tax on Agricultural Income included above

Income Tax
Surcharge @ 10% of Income Tax, if taxable income is more is more than Rs. 1 crore
Less: Marginal Relief in Surcharge, if applicable
Net Surcharge
Income Tax + Net Surcharge
Education Cess @ 3% of (Income Tax + Net Surcharge)
Gross Income Tax liability
Less: Tax relief under sections 89, 90 and 91
Net Income Tax liability
Add: Interest Payable under Sections 234A, 234B and 234C
Aggregate Income Tax liability
Tax Payable / Refund
Income Net of Income Tax Liability
Calculate interest under Section 234 A, B and C

0
6500
0
0
0
6500
195
6695
6695
6695
-1305
328305

* Marginal Relief :
When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed
rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and
Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by
more than the amount of increase in taxable income.

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Income Tax Calculator AY 2015-16 for Individuals

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Example In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/1.
2.
3.
4.

Income Tax
Surcharge @10% of Income Tax
Income Tax on income of Rs. 1 crore
Maximum Surcharge payable
(Income over Rs. 1 crore less income tax on income over
Rs. 1 crore)
5. Income Tax + Surcharge payable
6. Marginal Relief in Surcharge

Rs. 28,25,300
Rs. 2,82,530
Rs. 28,25,000
Rs. 700/- (1000 - 300)

Rs. 28,26,000
Rs. 2,81,830/- (2,82,530 - 700)

1/31/2015 10:59 PM