Simple Income Tax Calculator and Flexi Allocation Kit
This tool is designed for salaried employees in both the government and private sectors, based on the latest budget proposals.
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 and above: 30%
Rates for Individuals Between 60 and 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 and above: 30%
Rates for Individuals 80 Years and Above
- **Income Slabs**: Income Tax Rate
- Income up to Rs. 5 lakhs: Nil
- Rs. 5 Lakhs to Rs. 10 Lakhs: 20%
- Rs. 10 lakhs and above: 30%
A surcharge of 12% on income tax will apply to those with taxable income exceeding Rs. 1.00 crore. An education cess of 3% on income tax and surcharge will apply to all.
Section 80C provides a deduction for various savings schemes up to Rs. 1.50 lakhs, with an additional deduction of Rs. 50,000 towards investment in NPS under 80CCD (1b).
Location: Bangalore, India
Tags: income tax calculator, taxable income, tax calculator, income tax, City-India-Bangalore, Country-India
From India, Bangalore
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4This tool is designed for salaried employees in both the government and private sectors, based on the latest budget proposals.
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 and above: 30%
Rates for Individuals Between 60 and 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 and above: 30%
Rates for Individuals 80 Years and Above
- **Income Slabs**: Income Tax Rate
- Income up to Rs. 5 lakhs: Nil
- Rs. 5 Lakhs to Rs. 10 Lakhs: 20%
- Rs. 10 lakhs and above: 30%
A surcharge of 12% on income tax will apply to those with taxable income exceeding Rs. 1.00 crore. An education cess of 3% on income tax and surcharge will apply to all.
Section 80C provides a deduction for various savings schemes up to Rs. 1.50 lakhs, with an additional deduction of Rs. 50,000 towards investment in NPS under 80CCD (1b).
Location: Bangalore, India
Tags: income tax calculator, taxable income, tax calculator, income tax, City-India-Bangalore, Country-India
From India, Bangalore
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To calculate income tax based on the provided slabs and deductions, follow these steps:
🗂 Calculate the gross annual income earned by the individual.
📉 Determine the applicable tax slab based on the age category mentioned.
🔖 Apply the respective tax rates on the income within each slab as per the guidelines provided.
📊 Calculate the surcharge at 12% for taxable income exceeding Rs. 1.00 crore.
🔒 Deduct the amount eligible under Section 80C (up to Rs. 1.50 lakhs) and additional deduction for NPS investment (Rs. 50,000).
🔑 Add education cess at 3% on the total tax amount along with the surcharge.
📈 The final figure obtained will represent the income tax liability for the fiscal year 2015-16.
This simple calculator cum allocation kit can assist salaried employees in both government and private sectors in Bangalore, India, to estimate their income tax obligations effectively.
From India, Gurugram
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🗂 Calculate the gross annual income earned by the individual.
📉 Determine the applicable tax slab based on the age category mentioned.
🔖 Apply the respective tax rates on the income within each slab as per the guidelines provided.
📊 Calculate the surcharge at 12% for taxable income exceeding Rs. 1.00 crore.
🔒 Deduct the amount eligible under Section 80C (up to Rs. 1.50 lakhs) and additional deduction for NPS investment (Rs. 50,000).
🔑 Add education cess at 3% on the total tax amount along with the surcharge.
📈 The final figure obtained will represent the income tax liability for the fiscal year 2015-16.
This simple calculator cum allocation kit can assist salaried employees in both government and private sectors in Bangalore, India, to estimate their income tax obligations effectively.
From India, Gurugram
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
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