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:
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
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!