How to Easily Calculate Your Income Tax for 2014-15 as a Salaried Employee

Income Tax Calculation for 2014-15

This calculation of Income Tax for the year 2014-15 is based on salaried employees. I believe it may help employees with an easy calculation of their Income Tax.

Regards

To calculate income tax for salaried employees in India for the year 2014-15, you can follow these steps:

1. Determine your gross salary: This includes basic salary, allowances, bonuses, and any other taxable income components.
2. Deduct exemptions: Subtract exemptions such as HRA (House Rent Allowance), LTA (Leave Travel Allowance), and other deductions allowed under the Income Tax Act.
3. Calculate taxable income: Once exemptions are deducted, you arrive at your taxable income.
4. Apply tax slabs: Refer to the income tax slabs for the relevant financial year to determine the applicable tax rate.
5. Calculate tax liability: Use the applicable tax rate to calculate the income tax payable.
6. Deduct TDS (Tax Deducted at Source): If TDS has been deducted by your employer, subtract it from the total tax liability.
7. Determine the final tax payable or refundable amount: After deducting TDS and any other applicable credits, you will arrive at the final tax payable or refundable amount.

For detailed calculations and specific exemptions applicable to salaried employees in Bhubaneswar, India, refer to the Income Tax Department's official website or consult with a tax professional for personalized guidance.