Simple income tax calculator cum flexi allocation kit, for the use of salaried employees of govt and private sector, basis the finance bill 2015.
Tax slabs;
Rates for Individuals below 60 years
Income slabs Income tax rate
Income up to Rs. 2.50 lakhs Nil
Rs. 2.50 to Rs. 5 lakhs 10%
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
Rates for Individuals below 60 years below 80 Years
Income slabs Income tax rate
Income up to Rs. 3 lakhs Nil
Rs. 3 to Rs. 5 lakhs 10%
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
Rates for Individuals 80 years & above
Income slabs Income tax rate
Income up to Rs. 3 lakhs Nil
Rs. 3 to Rs. 5 lakhs Nil
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
Surcharge of 12% on Income tax those taxable income exceeds Rs.1.00 crore will apply.
Education cess will apply 3% on the Income tax & Surcharge will apply for all.
Section 80C gives deduction for various savings schemes upto Rs. 1.50 lakhs and additional deduction of Rs.50,000 towards investment in NPS under 80CCD (1b).
Tax slabs;
Rates for Individuals below 60 years
Income slabs Income tax rate
Income up to Rs. 2.50 lakhs Nil
Rs. 2.50 to Rs. 5 lakhs 10%
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
Rates for Individuals below 60 years below 80 Years
Income slabs Income tax rate
Income up to Rs. 3 lakhs Nil
Rs. 3 to Rs. 5 lakhs 10%
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
Rates for Individuals 80 years & above
Income slabs Income tax rate
Income up to Rs. 3 lakhs Nil
Rs. 3 to Rs. 5 lakhs Nil
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
Surcharge of 12% on Income tax those taxable income exceeds Rs.1.00 crore will apply.
Education cess will apply 3% on the Income tax & Surcharge will apply for all.
Section 80C gives deduction for various savings schemes upto Rs. 1.50 lakhs and additional deduction of Rs.50,000 towards investment in NPS under 80CCD (1b).
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