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'.
* 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.
Example In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-
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)