Online Income Tax Calculator 2014 for Individuals : AY 2015-2016
Online Income Tax Calculator 2014 is for individuals who wish to calculate their income tax for the assessment year 2015-16. In the first budget of NDA Government, limits of tax exemptions are increased. The notable changes in the online income tax calculator 2014 from the income tax calculator for the year 2013.
Online Income Tax Calculator 2014
Only fill the details in the fields marked with yellow colour. Remaining fields will be calculated automatically. As all the calculations for tax calculations will be done instantly and online, no need to download this to your desktop. Also no need of any incompatible online income tax calculator in excel.
HRA calculation can be done at the bottom of calculator and the calculated value of HRA will be filled automatically for tax calculation. If HRA is not applicable to you, just fill zeros in HRA Exemption Calculator section, at the bottom of this online income tax calculator.
Deductions under section 80 C of Income tax has enhanced from earlier limit of 1,00,000 to 1,50,000 in this year budget. This is applicable from FY 2014-15 (AY 2015-16). Investments in Provident Fund, ELSS mutual funds, Fixed Deposits with a tenure of 5 years and above, Insurance premium, NPS etc., are eligible under this section. Even though the investments under all these headings exceeds 1,50,000, the maximum tax exemption is pegged at 1.5 Lakhs.
Under Section 24 of Income tax act, interest part of house loan is exempted upto an amount of 2,00,000. Earlier the limit was 1.5 lakh. The exemption is applicable for tax payers with a housing loan and is self occupied.
Select category of investors from dropdown list as applicable. You can select as Male, Female (Now the tax structure is same for both), Senior citizens above 60 years and very senior citizens who are above 80 years of age.
For HRA calculation the least of the following will be allowed as tax exemption.
a) Actual amount of House Rent Allowance received from employer.
b) 50% of salary + dearness allowance for taxpayers in Metros and 40% of salary + DA who reside in non-metros (Select Metro / Non-Metro) as applicable from the dropdown of online income tax calculator 2014.
No major changes are announced in other aspects of tax like treatment of tax for RGESS schemes, Tax credit exemption of 2000 for taxpayers with a taxable income below 5 lacs, etc.,
Explanations regarding other columns and the applicability of tax can be read from my last year income tax calculator explanations.
Overall, the budget provided some long awaited tax benefits. These will help middle class tax payers to save on the tax out goings. Tax exemption limit from 2 to 2.5 lakh will benefit tax payers in the bracket of 10%,20% and 30% by 5000, 10000 and 15000 respectively. Most of the analysts were expecting tax exemption limit will be increased to atleast to 3,00,000. The finance minister met them half the way with an exemption of 2.5 lakhs.
Sample screenshot of online income tax calculator 2014
This calculator is prepared just after the proposals are made in the union budget 2014 presented to parliament on 10 Jul 2014. There may be changes at a later stage. This is meant for educational purposes only and should not be considered as a substitute of professional tax advice. Please consult your financial / tax advisor before taking any investment decision.
This online income tax calculator 2014 is based on last year’s calculator in excel provided by Mr Sadique Neelgund CFP of NetworkFP.