tax clculator

Income Tax Calculator for FY 2015-16

www.ApnaPlan.com
Shakeeb Khan
AXXXXXXXX

Name
PAN Number

Birth date
Age

Gross Annual Income/Salary (with all allowances)

Less: Allowances exempt u/s 10(for Service Period)

1,000,006

(I) H.R.A. exemption

Non-Metro
249,996
120,000
130,152
20,400
0
0

City of Residence
Basic Salary (Basic+DA)
Rent Paid
H.R.A received
(II) Conveyance allowances(Max Rs.1600/-p.m)
(iii) Any Other Exempted Receipts/ allowances
(iv) Professional Tax

Income under the head salaries

Add: Any other income from other sources
1. Interest received from following Investments
a. Bank ( Saving /FD /Rec )
b. N.S.C.(accrued/ Recd )
c. Post Ofice M.I.S (6 yrs.)
d. Post Office Recring Deposit (5 yrs.)
2. Any Other Income

0
0
0
0
0
0

3. Any Other Income

Less: Exemption on Home Loan Interest (Sec 24)

Income from house property (Section 24)
Interest paid on Home Improvement Loan (max 30,000)

150,000
50,000

Gross Total Income

Less: Deduction under Sec 80C (Max Rs.1,50,000/-)
A. EPF & VPF Contribution
B. Public Provident Fund (PPF)
C. Senior Citizens Saving Scheme (SCSS)
D. N.S.C (Investment + accrued Interest before Maturity Year)
E. Tax Saving Fixed Deposit (5 Years and above)
F. Tax Savings Bonds
G. E.L.S.S (Tax Saving Mutual Fund)
H. Life Insurance Premiums
I. New Pension Scheme (NPS) (u/s 80CCC)
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72,080
0
0
0
61,336
0
0
100,000
0

tax clculator
J. Pension Plan from Insurance Companies/Mutual Funds (u/s 80CCC)
K. 80 ccd Central Govt. Employees Pension Plan (u/s 80CCD)
L. Housing. Loan (Principal Repayment)
M. Sukanya Samriddhi Account
N. Stamp Duty & Registration Charges
O. Tuition fees for 2 children

Less: Additional Deduction under Sec 80CCD(1B) NPS (Max Rs 50,000/-)

Less: Deduction under RGESS Sec 80CCG (Max Rs. 50,000/-)
Less: Deduction under chapter VI A
A. 80 D Medical Insurance premiums (for Self )
B. 80 D Medical Insurance premiums (for Parents)
C. 80 E Int Paid on Education Loan
D. 80 DD Medical Treatment of handicapped Dependent
E. 80DDB Expenditure on Selected Medical Treatment for self/ dependent
F. 80G, 80GGA, 80GGC Donation to approved funds
G. 80GG For Rent in case of no HRA Component
H. 80U For Physically Disable Assesse
I. Any other

0
0
0
0
0
100,000
50,000
0
15,179
0
0
0
0
0
0
0

Total Income
Tax Rebate of Rs. 2,000 (For Income of less than 5 lakhs)
Total Tax Payable

Tax Surcharge @ 10% (For Income of more than 1 Crore)

Add; Edn Cess @ 3%

Net Tax Payable

Tax to Total Income Ratio
In case of any queries or doubts please mail at - apnaplan.com@gmail.com

Terms of Usage: I encourage you to share this Income Tax Calculator for benefit of your friends and family. The usage is res
to non commercial use only.

Disclaimer: All care has been taken to keep the information upto date and correct and is for educational purpose only. You a
encouraged to consult your Tax Advisor before taking any decesion based on this calculator.

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5-16

For any Queries write to apnaplan.com@gmail.co

m
Shakeeb Khan
AXXXXXXXX
Fill up only the Orange
31-Mar-16Cells

30-Dec-79
36
1,000,006
-114,200

95,000
99,998
95,000
130,152
19,200
0
0

You can take Tax Benefit on both

HRA & Home Loan.
In case of any queries Click here.
885,806

For Income Tax purpose - only

Delhi, Mumbai, Chennai &
Kolkatta are considered as
metro cities. Noida, Gurgaon etc
are Non-metro cities.

-180,000

###
-30,000

Interest up to Rs 10,000 in Saving

Bank Account is not taxable under
Sec 80TTA. So deduct Rs 10,000
while entering interest income from
Saving account.
All interest received via FD is
taxable.

This calculator only works for people

with one house. The maximum
exemption on Home Loan interest is
Rs. 2 lakhs [in Budget 2014]

705,806

150,000

-150,000

Click here to
Choose the best investment under
80C.
Click here to choose the Best Tax
Saving Fixed Deposit rates from
banks
Click here to choose the Best Tax
Saving Mutual Funds (ELSS)
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tax clculator

Click here to choose the Best Tax

Saving Mutual Funds (ELSS)
Click Here to know about
Sukanya Samriddhi Account
-50,000
-25,000
-15,179

0
15,179
0
0
0
0
0
0
0

Should you invest Rs 50,000 in NPS

for additional tax benefit? May be
NOT
Read more about RGESS at
Apnaplan.com
Click Here in case of any doubt on
Education Loan Tax Exemption

465,627
-2,000
19,563
0
587

20,150
2%

A Tax Rebate of Rs. 2,000 has been

given in Budget 2013 u/s 87A for
people with income less than Rs 5
Lakhs
Income here means Gross Income Chapter VI Deduction - 80 C
Deduction
Click for more details

Want to Save more taxes?

Click here to Download a simple presentation on Tax

Saving!

@gmail.com

nds and family. The usage is restricted

educational purpose only. You are

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e more taxes?

simple presentation on Tax

ing!

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Income Tax for General

Tax

0 -250000
250001 - 500000
500001 - 1000000

Tax Slabs Incremental Taxable Inc

250,000

21,563
-

500,000
1,000,000

500001 +

Total Tax

21,563

Income Tax for Senior Citizen

0 -300000
300001 - 500000
500001 - 1000000
500001 +

Tax

Total Tax
Income Tax for very Senior Citize Tax
0 - 500000
500001 - 1000000
1000001 +
Total Tax

Tax Bracket

250000

0%

250,000
500,000

215627
(34,373)

10%
20%

-534,373

-534373.4

30%

Tax Slabs Incremental Taxable Inc Tax Bracket

300,000
300,000
0%
16,563
500,000
200,000
165,627
10%
- 1,000,000
500,000
(34,373)
20%
-534,373
(534,373)
30%
16,563
Tax Slabs Incremental Taxable Inc Tax Bracket
500,000
500,000
0%
- 1,000,000
500,000
-34,373
20%
(1,000,000)
(534,373)
30%
-

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