Income Tax Calculator 2015-16

Calculate income tax payable for the assessment year 2015-16 (ie., income generated during the period April 1, 2014 to March 31, 2015) using the tax planner below. This is a simple and easy to use online Income Tax calculator for Financial Year 2014-15. Input the income and expense details to find out your taxable income. This tax calculator also tells you where you are in the Income Tax slab, and also provides information on the payment of advance tax.

Click here for an advanced income tax calculator »

Basic Info • Income Tax Calculation 2015-16
Income

All the fields are to be entered per annum.

 

Major changes in tax calculation compared to 2013-14

  • Increase in the basic exemption limit from Rs. 2 lakhs to Rs. 2.5 lakhs
  • For senior citizens, basic exemption limit has been raised to Rs. 3 lakhs from Rs. 2.5 lakhs
  • 80C deduction limit raised from Rs. 1 lakh to Rs. 1.5 lakhs
  • Investment limit in Public PF Account increased Rs. 1.5 lakhs
  • Deduction of interest on residential house property for self occupation raised to Rs. 2 lakhs

Income Tax Slab For Financial Year 2014-15

GeneralWomenSenior CitizenSuper Senior CitizenIncome Tax
0-250000 0-250000 0-300000 0-500000 No Tax
250000-500000 250000-500000 300000-500000 - 10%
500000-1000000 500000-1000000 500000-1000000 500000-1000000 20%
Above-1000000 Above-1000000 Above-1000000 Above-1000000 30%
 

Disclaimer:While all efforts are made to provide accurate results, this online tax calculator should only be used as an indicator. Your net taxable amount may differ depending upon other factors in your income. Kindly talk to your advisor for more details.