In keeping with trend of publishing the Income Tax Calculator every year, here is the Income Tax Calculator for FY 2014-15 [AY 2015-16].
Changes in Budget 2014:
We have incorporated the 3 changes that happened in Budget 2014 (presented on July 10, 2014)
- Income up to Rs 2.5 lakhs for General Public and up to Rs. 3 lakhs for Senior citizens are now exempted from paying Income tax. Earlier this limit was Rs 2 Lakhs for General Public and rs 2.5 Lakhs for Senior Citizens.
- The exemption limit for investments under section 80C has been raised from Rs 1 Lakh to Rs 1.5 Lakhs.
- The exemption on paying interest on Home Loan has been raised from Rs 1.5 Lakhs to Rs 2 Lakh.
Download Income Tax Calculator
You can download the Income Tax Calculator for FY 2014-15 [AY 2015-16] from the link below. You might need to unlock this by any of the options below:
[button link=”https://apnaplan.files.wordpress.com/2018/02/income-tax-calculator-fy-2014-15.xlsx” size=”large” style=”download” color=”darkcyan” text=”light”]Income Tax Calculator for FY 2014-15 [AY 2015-16] (351.50 KB)[/button]
Income Tax Slab for FY 2014-15 [AY 2015-16]
The income tax slab has changed for General Public and Senior Citizens.
For Income Tax Purpose – citizens above age of 60 are considered as Senior Citizens and above age of 80 are considered Very Senior citizens.
You can also Download a Simple Presentation to Plan and Save tax
[button link=”https://www.apnaplan.com/tax-planning-for-fy-2014-15-ay-2015-16/” size=”large” color=”orangered” text=”light”]Quick Guide to Save Tax for FY 2014-15 (AY 2015-16)[/button]
Limitations of the Calculator:
- This Calculator is for people with only one home.
- it does not computes Capital Gains Tax
These features might be incorporated in next versions of the Tax calculator
Your suggestions and feedback are welcome!