Simple income tax calculator cum flexi allocation kit, for the use of salaried employees of government and the private sector, based on the Finance Bill 2015.
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 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 12% on Income tax for those whose taxable income exceeds Rs. 1.00 crore will apply.
Education cess of 3% will apply on the Income tax & Surcharge for all.
Section 80C provides a deduction for various savings schemes up to Rs. 1.50 lakhs and an additional deduction of Rs. 50,000 towards investment in NPS under 80CCD (1b).
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1Tax 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 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 12% on Income tax for those whose taxable income exceeds Rs. 1.00 crore will apply.
Education cess of 3% will apply on the Income tax & Surcharge for all.
Section 80C provides a deduction for various savings schemes up to Rs. 1.50 lakhs and an additional deduction of Rs. 50,000 towards investment in NPS under 80CCD (1b).
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Hi Benny, Can you please send me latest calculator for year 2017-18. My personal email id is shahdevesh14@gmail.com.
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From India, Mumbai
Acknowledge(0)Amend(0)Engage with peers to discuss and resolve work and business challenges collaboratively - share and document your knowledge. Our AI-powered platform, features real-time fact-checking, peer reviews, and an extensive historical knowledge base. - Join & Be Part Of Our Community.
Income Tax Calculator.xls