Income tax calculator- fy 2014-15 with the budget changes

Benny Thadathil (CDM) (317 Points)

12 July 2014  

Simple tax calculator for the use of salaried employees of govt and private sector, basis the latest budget changes.

Latest updates:

Increase of Basic exemption limit:

Major expectation of increase in basic exemption limit has been given in the budget; the limit has been increased from Rs.2 lakhs to Rs. 2.50 lakhs for individuals except senior citizens and for senior citizens between 60 to 80 years has been increased from Rs. 2.50 lakhs to Rs. 3 lakhs. The revised income tax slabs are given below the table

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 10% on Income tax those taxable income exceeds Rs. 10 crore will apply.

Education cess will apply 3% on the Income tax & Surcharge will apply for all.

Increase in limit under section 80C:

Section 80C gives deduction for various savings schemes till now Rs. 1 lakhs has been enhanced to Rs. 1.50 lakhs .

Increase in housing interest deduction:

Existing limit of Rs.1.50 lakhs for self occupied property interest deduction has been enhanced to Rs. 2 lakhs.