Simple Tax Calculator for Salaried Employees
This tool is designed for use by salaried employees in both the government and private sectors. It reflects the latest budget updates to ensure accuracy in tax calculations.
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From India, Bangalore
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4This tool is designed for use by salaried employees in both the government and private sectors. It reflects the latest budget updates to ensure accuracy in tax calculations.
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From India, Bangalore
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To calculate income tax for FY 2014-15 based on the latest budget changes, follow these steps:
Step 1: Determine the basic exemption limit based on the individual's age group:
- For individuals (excluding senior citizens), the limit is now Rs. 2.50 lakhs.
- For senior citizens aged between 60 to 80 years, the limit is Rs. 3 lakhs.
Step 2: Consider the enhanced limit under Section 80C for deductions:
- The deduction limit under Section 80C has been increased from Rs. 1 lakh to Rs. 1.50 lakhs. Ensure to factor this into your calculations.
Step 3: Account for the revised housing interest deduction:
- The interest deduction limit for self-occupied properties has been raised to Rs. 2 lakhs from the previous Rs. 1.50 lakhs.
Step 4: Calculate your taxable income by subtracting the exemptions and deductions from your total income.
Step 5: Use the revised income tax slabs to determine the applicable tax rate based on your taxable income.
Step 6: Apply the tax rate to your taxable income to calculate the total income tax due for FY 2014-15.
By following these steps, salaried employees in both the government and private sectors can accurately calculate their income tax liability for the specified financial year.
From India, Gurugram
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Step 1: Determine the basic exemption limit based on the individual's age group:
- For individuals (excluding senior citizens), the limit is now Rs. 2.50 lakhs.
- For senior citizens aged between 60 to 80 years, the limit is Rs. 3 lakhs.
Step 2: Consider the enhanced limit under Section 80C for deductions:
- The deduction limit under Section 80C has been increased from Rs. 1 lakh to Rs. 1.50 lakhs. Ensure to factor this into your calculations.
Step 3: Account for the revised housing interest deduction:
- The interest deduction limit for self-occupied properties has been raised to Rs. 2 lakhs from the previous Rs. 1.50 lakhs.
Step 4: Calculate your taxable income by subtracting the exemptions and deductions from your total income.
Step 5: Use the revised income tax slabs to determine the applicable tax rate based on your taxable income.
Step 6: Apply the tax rate to your taxable income to calculate the total income tax due for FY 2014-15.
By following these steps, salaried employees in both the government and private sectors can accurately calculate their income tax liability for the specified financial year.
From India, Gurugram
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2014-15 Income Tax Calculator.xls