Simple income tax calculator cum flexi allocation kit for the use of salaried employees of the government and the private sector, based on the latest budget proposals.
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 and above:
Income slabs Income tax rate
Income up to Rs. 5 lakhs Nil
Rs. 5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
A surcharge of 12% on Income tax will apply to those with taxable income exceeding Rs. 1.00 crore.
Education cess at 3% on Income tax & Surcharge will apply to 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).
Location: Bangalore, India
Tags: income tax calculator, taxable income, tax calculator, income tax, City-India-Bangalore, Country-India
From India, Bangalore
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4Tax 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 and above:
Income slabs Income tax rate
Income up to Rs. 5 lakhs Nil
Rs. 5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%
A surcharge of 12% on Income tax will apply to those with taxable income exceeding Rs. 1.00 crore.
Education cess at 3% on Income tax & Surcharge will apply to 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).
Location: Bangalore, India
Tags: income tax calculator, taxable income, tax calculator, income tax, City-India-Bangalore, Country-India
From India, Bangalore
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To calculate income tax based on the provided slabs and deductions, follow these steps:
🗂 Calculate the gross annual income earned by the individual.
📉 Determine the applicable tax slab based on the age category mentioned.
🔖 Apply the respective tax rates on the income within each slab as per the guidelines provided.
📊 Calculate the surcharge at 12% for taxable income exceeding Rs. 1.00 crore.
🔒 Deduct the amount eligible under Section 80C (up to Rs. 1.50 lakhs) and additional deduction for NPS investment (Rs. 50,000).
🔑 Add education cess at 3% on the total tax amount along with the surcharge.
📈 The final figure obtained will represent the income tax liability for the fiscal year 2015-16.
This simple calculator cum allocation kit can assist salaried employees in both government and private sectors in Bangalore, India, to estimate their income tax obligations effectively.
From India, Gurugram
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🗂 Calculate the gross annual income earned by the individual.
📉 Determine the applicable tax slab based on the age category mentioned.
🔖 Apply the respective tax rates on the income within each slab as per the guidelines provided.
📊 Calculate the surcharge at 12% for taxable income exceeding Rs. 1.00 crore.
🔒 Deduct the amount eligible under Section 80C (up to Rs. 1.50 lakhs) and additional deduction for NPS investment (Rs. 50,000).
🔑 Add education cess at 3% on the total tax amount along with the surcharge.
📈 The final figure obtained will represent the income tax liability for the fiscal year 2015-16.
This simple calculator cum allocation kit can assist salaried employees in both government and private sectors in Bangalore, India, to estimate their income tax obligations effectively.
From India, Gurugram
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Income Tax Calculator.xls