Total taxable income 2015-16

12,500,000.00 upto 250000

250000-500000
500000-1000000
30% above 10 lakhs
Total tax
Surcharge @ 12%
Education cess @ 3% on tax and surcharge
Total tax liability
Total taxable income 2015-16
7,000,000.00 upto 250000
250000-500000
500000-1000000
30% above 10 lakhs
Total tax
Surcharge @ 12% (not applicable as total
taxable income does not exceed 1 crore)
Education cess @ 3% on tax and surcharge
Total tax liability
Total taxable income 2014-15
900,000.00 upto 250000
250000-500000
500000-1000000
30% above 10 lakhs (not applicable as total
taxable income does not exceed 10 lakhs)
Total tax
Surcharge @ 12% (not applicable as total
taxable income does not exceed 1 crore)
Education cess @ 3% on tax and surcharge
Total tax liability
Total taxable income 2015-16
400,000.00 upto 250000
250000-500000
500000-1000000 (not applicable as total
taxable income does not exceed 5 lakhs)
30% above 10 lakhs (not applicable as total
taxable income does not exceed 10 lakhs)
Total tax
Less: Rebate of 2000 if total taxable income is
less than 5,00,001
Surcharge @ 12% (not applicable as total
taxable income does not exceed 1 crore)

Education cess @ 3% on tax and surcharge

Total tax liability
Total taxable income 2015-16
300,000.00 upto 250000
250000-500000
500000-1000000 (not applicable as total
taxable income does not exceed 5 lakhs)
30% above 10 lakhs (not applicable as total
taxable income does not exceed 10 lakhs)
Total tax
Less: Rebate of 2000 if total taxable income is
less than 5,00,001
Surcharge @ 10% (not applicable as total
taxable income does not exceed 1 crore)
Education cess @ 3% on tax and surcharge less
rebate
Total tax liability

Tax
25,000.00
100,000.00
3,450,000.00
3,575,000.00
429,000.00 ONLY IF Salary more than 1 crore
120,120.00
4,124,120.00
Tax
25,000.00
100,000.00
1,800,000.00
1,925,000.00
- Salary is not more than 1 crore
57,750.00
1,982,750.00
Tax
25,000.00
80,000.00

105,000.00
3,150.00
108,150.00
Tax
15,000.00
-

15,000.00
2,000.00
-

450.00
15,450.00
Tax
5,000.00
-

5,000.00
2,000.00
90.00
3,090.00

TAX FORMAT
A

Gross Salary + allowances+Perquisites

Less Exemption under Section 10

HRA - As per formula
Edn Allowance - (Rs. 100 per child pm for a maximum of 2 children)
Conveyance Allowance - Rs. 1600 pm max or actuals whichever is less
LTA - As per rules
No limit for LTA
In a block of 4yrs, there will

Less Professional Tax

Rs. 200 pm in Karnatka subject to the following
Upto Rs. 15,000 pm Gross Salary - Nil
Rs 15,001 & above - rs.200 pm

Income Chargeable under Salaries

Add All Other Incomes apart from A (Gross Salary + Allowances + Perquisites)

Gross Total Income

Income Chargeable under Salaries (D) + All Other Incomes apart from A (E)

Less deductions under Chapter 6 (80 C, 80 D, 80 E, 80 CCG)

Total Income

HRA Calculation
In Metros (Mumbai, Delhi, Kolkata, Chennai) - 50 % of Basic
Non Metros - 40 % of Basic
Minimum of the three below:

1 40 or 50 % of Basic depending upon the city (HRA Eligible)

2 Actual HRA received
3 Rent paid over 10% of Basic
Basic - Rs. 100,000 pm
HRA being received - Rs. 40,000 pm
Rent being paid - Rs. 30,000 pm
1 Rs. 40,000
2 Rs. 40,000
3 Rs. 30,000 - Rs. 10,000 = Rs.20,000
Rent being paid-10% of Basic
Exemption will be Rs. 20,000 pm and Rs. 240,000 pa
Minimum of the three
If Rent paid is Rs. 100,000
1 Rs. 40,000
2 Rs. 40,000
3 Rs. 100,000 - Rs. 10,000 = Rs. 90,000 pm
Exemption - Rs.40,000
Minimum of the three

um of 2 children)
als whichever is less
n a block of 4yrs, there will be 2 tax exemptions

A- (B+C)

+ Perquisites)
D+E

ncomes apart from A (E)

F-G

Minimum of the three

Investments u/s 80 C (maximum 2,00,000 for FY 2015-16)-Inclusive of 50,000 (invest on my money)to inves
Contribution to Pension Fund (Jeevan Suraksha)
Life Insurance Premium
Deferred Annuity
Public Provident Fund
Deposit in Post Office Savings scheme
Deposit in NSS
Deposit in NSC
Interest on NSC Reinvested (upto 5th completed year only)
ULIP of UTI / LIC
Principal loan (Housing loan) repayment
Mutual funds (tax saving schemes)
Investment in Infrastructure bonds
Tuition fees payment towards education of children( maximum two children )

Investment in Fixed deposits in schedule banks (for a term of 5 years or more)

Sec 80 CCD Employer contribution to NPS(entire) @10% of basic

Investments u/s 80 D (maximum 55,000)

Mediclaim Insurance premium for self and spouse, child
Mediclaim Insurance premium for dependant parents (senior citizens above 60 years of age)
Total
80E Interest on higher education loan
If let out property
Gross annual value (rent received)
Less: Maintenance @ 30% of gross annual value
Less: Municipal taxes
Net annual value
Less: Interest on housing loan (Net annual Value - Interest on Housing Loan)
Loss/income from house property
(if gross annual value is 3,60,000)
Rent received
Maintenance
Municipal taxes
Net annual value
Interest
Loss

Rent received
Maintenance
Municipal taxes

Net annual value

Interest
Income
In case of two self occupied properties, interest can be claimed on one of the property as deemed to be let out

)to invest in PF

25,000
30,000
55,000
no upper limit

1
2
3
1-(2+3)
no upper limit

360,000
108,000
10,000
242,000
300,000
(58,000) (Will be deducted from Other Income)

360,000
108,000
10,000

242,000
200,000
42,000 (Will be added to Other Income)