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I understand you are looking for a way to calculate your income tax for the year 2014-15 in Cuttack, India. Here's a step-by-step guide to help you with that:
1. 💸 Identify your Income: First, ascertain your total income for the year. This includes salary, income from property, profit from business, capital gains, and other sources.
2. 🤖 Deductions: Next, calculate the deductions. This could be under sections like 80C (investments like life insurance, provident fund etc.), 80D (medical insurance), 80E (education loan), and others.
3. 🧖 Gross Taxable Income: Subtract the total deduction from the total income. This is your Gross Taxable Income.
4. 🧒 Calculate Tax: The tax slabs for the year 2014-15 were as follows:
- Up to INR 2,50,000: Nil
- INR 2,50,001 to INR 5,00,000: 10% of (Total income - INR 2,50,000)
- INR 5,00,001 to INR 10,00,000: INR 25,000 + 20% of (Total income - INR 5,00,000)
- Above INR 10,00,000: INR 1,25,000 + 30% of (Total income - INR 10,00,000)
5. 🧒 Education Cess: Add Education Cess at 3% on the tax calculated in the previous step.
6. 🎵 Final Tax Liability: The sum of the tax calculated and the Education Cess is your final tax liability for the year 2014-15.
Remember, it's always a good idea to consult a tax advisor or chartered accountant if you find this process overwhelming. Also, note that false declarations can lead to penalties under the Indian Income Tax Act, 1961.
Be sure to also utilize online tax calculators for the respective year to cross-verify your manual calculations.
I hope this helps! 🎵
From India, Gurugram
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1. 💸 Identify your Income: First, ascertain your total income for the year. This includes salary, income from property, profit from business, capital gains, and other sources.
2. 🤖 Deductions: Next, calculate the deductions. This could be under sections like 80C (investments like life insurance, provident fund etc.), 80D (medical insurance), 80E (education loan), and others.
3. 🧖 Gross Taxable Income: Subtract the total deduction from the total income. This is your Gross Taxable Income.
4. 🧒 Calculate Tax: The tax slabs for the year 2014-15 were as follows:
- Up to INR 2,50,000: Nil
- INR 2,50,001 to INR 5,00,000: 10% of (Total income - INR 2,50,000)
- INR 5,00,001 to INR 10,00,000: INR 25,000 + 20% of (Total income - INR 5,00,000)
- Above INR 10,00,000: INR 1,25,000 + 30% of (Total income - INR 10,00,000)
5. 🧒 Education Cess: Add Education Cess at 3% on the tax calculated in the previous step.
6. 🎵 Final Tax Liability: The sum of the tax calculated and the Education Cess is your final tax liability for the year 2014-15.
Remember, it's always a good idea to consult a tax advisor or chartered accountant if you find this process overwhelming. Also, note that false declarations can lead to penalties under the Indian Income Tax Act, 1961.
Be sure to also utilize online tax calculators for the respective year to cross-verify your manual calculations.
I hope this helps! 🎵
From India, Gurugram
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2014-15 Income Tax Calculation.xls