Professional Documents
Culture Documents
1 of 3
http://finotax.com/income-tax/calc-next
Top
This calculator carries out following calculations for Individual and HUF assessees for the
Assessment Year 2015-16 ( i.e. on income earned during 01.04.2014 - 31.03.2015 ) for determining
your taxable income and income tax liability:
Calculates Taxable Income by computing income from all sources viz. Salary and Allowances,
House Property, Capital Gains, Income from other sources, Agriculture Income etc.
Calculates income chargeable at Special Rate for computing the Taxable Income.
Calculates deductions available from the Taxable Income under various Sections of Income Tax Act.
Calculates and shows Income Tax with slab-wise Income details.
Calculates Surcharge net of Marginal Relief *, wherever applicable.
Calculates Income net of Income Tax Liability.
Do not use this calculator if you have Loss from 'Business or Profession' and/or 'Capital Gains' and/or
'Other Sources'.
Enter data in applicable bordered cells
Select Age / Status
A. Income from Salary / Pension
1 Total Salary/Pension as per Form 16 ( Excl. all exempt / non-exempt allow., perquisites &
Hide data
430000
2 Allowances Exempt under Section 10 ( Not to be added to Total Income from Salary
chargeable to Income Tax )
430000
Enter data
Enter data
Enter data
440000
Hide data
90000
90000
1/31/2015 10:59 PM
2 of 3
http://finotax.com/income-tax/calc-next
15000
105000
335000
Enter data
335000
Hide data
8000
8000
Income Tax
Nil
8500
0
0
0
8500
2000
Rs. 5 lacs)
0
6500
0
0
0
6500
195
6695
6695
6695
-1305
328305
* Marginal Relief :
When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed
rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and
Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by
more than the amount of increase in taxable income.
1/31/2015 10:59 PM
3 of 3
http://finotax.com/income-tax/calc-next
Example In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/1.
2.
3.
4.
Income Tax
Surcharge @10% of Income Tax
Income Tax on income of Rs. 1 crore
Maximum Surcharge payable
(Income over Rs. 1 crore less income tax on income over
Rs. 1 crore)
5. Income Tax + Surcharge payable
6. Marginal Relief in Surcharge
Rs. 28,25,300
Rs. 2,82,530
Rs. 28,25,000
Rs. 700/- (1000 - 300)
Rs. 28,26,000
Rs. 2,81,830/- (2,82,530 - 700)
1/31/2015 10:59 PM