Income Tax Calculator for FY 2015-16 [AY 2016-17] – Excel Download

Income Tax Calculator for FY 2015-16 (AY 2016-17) - Excel Based
Income Tax Calculator for FY 2015-16 (AY 2016-17) – Excel Based

The Union Budget for 2015 was presented today by Arun Jaitely. The tax slabs have remain unchanged but there have been some changes in terms of Transport Allowance, Medical Insurance benefits and exemption for Physically challenged tax payers.

Budget 2015: Changes

We have incorporated the 7 changes that happened in Budget 2015 (presented on February 28, 2015)

  1. Transport Allowance increased to Rs 1,600 from Rs 800
  2. Increase in Medical Insurance Premium exemption limit from Rs 15,000 to Rs 25,000 u/s 80D (up to 30K for Senior Citizens)
  3. Sukanya Samriddhi Account a new investment option u/s 80C
  4. Very Senior Citizens (above 80 Years of age) to be allowed deduction of Rs 30,000 for medical expenditure in case they do not have health insurance
  5. Additional exemption of Rs 50,000 under sec 80CCD for investing in NPS (New Pension Scheme)
  6. Increase in the limit of deduction available for treatment of chronic diseases u/s 80DDB from Rs 60,000 to Rs 80,000
  7. Rs 25,000 increase in deduction available to persons with disability and severe disability u/s 80DD and 80U
  8. 2% surcharge on Super rich (i.e. individuals with income > 1 crore)

Download: Tax Calculator for FY 2016-17 [AY 2017-18] with all changes in Budget 2016

Download Income Tax Calculator

You can download the Income Tax Calculator for FY 2015-16 [AY 2016-17] from the link below. You might need to unlock this by any of the options below:

[button link=”” size=”large” style=”download” color=”darkcyan” text=”light”]Income Tax Calculator for FY 2015-16 [AY 2016-17] (351.00 KB)[/button]

Download: Free Tax Planning Guide for FY 2015-16

Income Tax Slab for FY 2015-16 [AY 2016-17]

There is no change in income tax slabs except additional 2% increase in cess for super rich (i.e. individuals with income > 1 crore). For Income Tax Purpose – citizens above age of 60 are considered as Senior Citizens and above age of 80 are considered Very Senior citizens.

Income Tax Slab for FY 2015-16 (AY 2016-17)
Income Tax Slab for FY 2015-16 (AY 2016-17)

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

You can also download Income Tax Calculator for FY 2014-15,  FY 2013-14 FY 2012-13 and FY 2011-12 by clicking on respective links.

64 thoughts on “Income Tax Calculator for FY 2015-16 [AY 2016-17] – Excel Download”

  1. Ihv already submitted my income tax returns for 15.16.its acknowledge receipt is I want to send my income details to concerned

  2. I have already paid my income tax return through e return for the year 15.16.n it’s acknowledge receipt no.704856230280317 now I want to send it’s details please guide me

  3. Hi Amith,

    This is really wonderful calculation, gives me lot of clarity. Do you have anything like this ( Calculator ) for Company.
    Can you suggest any article which you have written for companies.
    Any way very good and very informative


    1. You can get tax benefit similar to home loan if the top up loan was used to buy a house. You should have relevant proofs of the transaction.

  4. sir, i invested Rs 1,80,000 in LIC & HBA principle. my contribution in NPS Rs 50000

    so, can i claim deduction of Rs 50,000 from this amount of Rs 50000 under section 80ccd(1b)? plz reply … Thank you

    1. No for AY 2016-17 there was no additional benefit for home loan interest u/s80EE. However it has been again introduced in this year budget and would be applicable for AY 2017-18.

  5. Hi
    Bank had asked me to submit form 15G for the bank to not to deduct TDS on my FD. My total salary for last financial year was 7 lakhs and will almost be the same this year too. Can I sign and give this form 15G. ?

    1. No you should not as your income crosses the tax income limit. In fact it would be illegal if you do so and can be fined/punished by I-T department.

    1. The banks deduct TDS on RD/FD every year irrespective of maturity time. So if you have paid taxes in accordance to the TDS you would already have paid most of the taxes irrespective of the maturity date.

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