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    Know your income tax liability - fy 2014-15

    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/h6ir3nt9o2...AILED.xls?dl=0

    or

    https://drive.google.com/file/d/0B0U...ew?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
    Last edited by RKhatkar; January 21st, 2015 at 07:29 PM.

  2. The Following 4 Users Say Thank You to RKhatkar For This Useful Post:

    ayushkadyan (January 21st, 2015), DrRajpalSingh (January 22nd, 2015), neetu21 (January 21st, 2015), sukhbirhooda (January 22nd, 2015)

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