Know your income tax liability - fy 2014-15

[RKhatkar]

Dear Friends;
Draw your Income Tax Liability–FY 2014-15(Assessment Yr 2015-16)

There are 3 main changes that happened in Budget 2014 (presented on July 10, 2014)
These are:
1- Income up to Rs 2.5 lakhs for General Public and up to Rs. 3 lakhs for Senior citizens

(Age above 60 yrs) is now exempted from paying Income tax.

Earlier this limit was Rs 2 Lakhs for General Public and rs 2.5 Lakhs for Senior Citizens

2- The exemption limit for investments under section 80C has been raised from Rs 1 Lakh to Rs 1.5 Lakhs.

3- The exemption on paying interest on Home Loan has been raised from Rs 1.5 Lakhs to Rs 2 Lakh.

Draw Details from Income Tax Calculator attached :

https://www.dropbox.com/s/h6ir3nt9o22tz55/I-Tax%20Calculator-%20%20%20%20%20%202014-15%20DETAILED.xls?dl=0

or

https://drive.google.com/file/d/0B0UQs_ogi8kbX3pqLTVUel9sVzA/view?usp=sharing

Limitations of the Calculator:

1- This Calculator is for people with only one home.

2-it does not compute Capital Gains Tax





Income Tax Slab Rates for financial year 2014-2015 (AY: 2015-16)



F O R M E N Resident Individuals


Upto Rs. 2,50,000
Nil


Rs. 2,50,001 to Rs. 5,00,000
10 per cent


Rs. 5,00,001 to Rs. 10,00,000
20 per cent


Above Rs. 10,00,000
30 per cent


F O R W O M E N Resident Individuals


Upto Rs. 2,50,000
Nil


Rs. 2,50,001 to Rs. 5,00,000
10 per cent


Rs. 5,00,001 to Rs. 10,00,000
20 per cent


Above Rs. 10,00,000
30 per cen


F O R Resident Individual of 60 Years or Above (Senior Citizens)


Upto Rs. 3,00,000
Nil


Rs. 3,00,001 to Rs. 5,00,000
10 per cent


Rs. 5,00,001 to Rs. 10,00,000
20 per cent


Above Rs. 10,00,000
30 per cent


F O R Resident Individual of 80 Years or Above (Very Senior Citizens)


Upto Rs. 5,00,000
Nil


Rs. 5,00,001 to Rs. 10,00,000
20 per cent


Above Rs. 10,00,000
30 per cent

[RKhatkar]

Dear Friends;
Draw your Income Tax Liability–FY 2014-15(Assessment Yr 2015-16)


SIMPLE INCOME TAX CALCULATOR

https://drive.google.com/file/d/0B0UQs_ogi8kbQnJKSHcxakxEVHc/view?usp=sharing

Thanks

[RKhatkar]

ANOTHER SIMPLE WAY INCOME TAX CALCULATOR

https://drive.google.com/file/d/0B0UQs_ogi8kbVElGWEZTNUcwbHM/view?usp=sharing



Thanks