Income Tax Calculator AY 2014-15
Individuals & HUFs

About this Calculator

This calculator carries out following calculations for Individual and HUF assessees for the Assessment Year 2014-15 ( i.e. on income earned during 01.04.2013 - 31.03.2014 ) for determining your taxable income and income tax (also written shortly as itax / inc. 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.

You can use this calculator as an aid to compile your tax return.

Please send us your feedback and suggestions to enable us to make this calculator more user friendly.

Enter data in applicable bordered cells
Select Age / Status
A.   Income from Salary / Pension Amend dataEnter data
1Total Salary/Pension as per Form 16 ( Excl. all exempt / non-exempt allow., perquisites & profit in lieu of salary )
2Allowances Exempt under Section 10 ( Not to be added to Total Income from Salary chargeable to Income Tax )
3Add : Allowances not exempt
4Add : Value of Perquisites and / or Fringe Benefits
5Add : Profits in lieu of Salary
Total Income from Salary chargeable to Income Tax
B.   Income from Business / Profession
C.   Income / Loss from House Property Amend dataEnter data
1Annual Lettable Value or Rent Received or Receivable
2Amount of Rent, which cannot be realized
3Taxes paid to Local Authorities ('0', If self occupied)
4Taxable amount of Rent Received / Realized {70% of (1 - 2 - 3)]
5Interest payable on borrowed capital
Income from House Property chargeable to Income Tax
D.   Income / Loss from Capital Gains Amend dataEnter data
2Short Term Capital Gain (u/s 111A) - Taxable @ 15%
1Short Term Capital Gain - Taxable at Normal Rates
3Long Term Capital Gain (Without Indexation) - Taxable @ 20%
4Long Term Capital Gain (With Indexation) - Taxable @ 10%
Total Income from Capital Gains
E.   Income from Other Sources Amend dataEnter data
1Income - Taxable at Normal Rates
2Winnings from Lottery, Puzzle, Crossword etc. - Taxable @ 30%
Total Income from Other Sources
F.   Agricultural Income (For Rate purpose)
G.   Aggregate Income (A+B+C+D+E+G)
H.   Eligible Deductions Amend dataEnter data
1Deductions under Sec. 80C
2Deductions under Sec. 80CCC
3Deductions under Sec. 80CCD1
4Total of Deductions u/s 80C, 80CCC and 80CCD(1) (Max. Rs. 1 lakh)
5Deductions under Sec. 80CCD2
6Deductions under Sec. 80CCG
7Deductions under Sec. 80D Health Insurance - Self & family
8Deductions under Sec. 80D Health Insurance - Parents
9Deductions under Sec. 80DD
10Deductions under Sec. 80DDB
11Deductions under Sec. 80E
12Deductions under Sec. 80G
13Deductions under Sec. 80GG
14Deductions under Sec. 80RRB
15Deductions under Sec. 80TTA
16Deductions under Sec. 80U
17Any other eligible deduction
Total Deductions from Taxable Income
I.   Total Taxable Income (G - H)
J.   Income included in Aggregate Income taxable at Special RatesAmend dataEnter data
IncomeTax RateIncome Tax
1Short Term Capital Gain (u/s 111A) taxable at 15%15
2Long Term Capital Gain - taxable at 20%20
3Long Term Capital Gain - Taxable @ 10%10
4Winnings from Lottery, Puzzle, Crossword etc.30
5Any other income included in Aggregate Income above and taxable at special rate
Total Income & Income Tax at Special Rate
K.   Income taxable at Normal Rates (I - J)
L.   Tax already paid Amend dataEnter data
1Tax Deducted at Source
2Tax Collected at Source
3Advance Tax paid
4Self Assessment Tax paid
1total Tax paid
Taxable Income and Tax Liability details
DescriptionIncomeIncome Tax
Exempt Income
Income chargeable at 10%
Income chargeable at 20%
Income chargeable at 30%
Income chargeable at Special Rates
Total
Less: Tax Credit (Available only to Individual Resident assessees having total taxable income upto Rs. 5 lacs)
Less : Income Tax on Agricultural Income included above
Income Tax
Surcharge @ 10% of Income Tax, if taxable income is more is more than Rs. 1 crore
Less: Marginal Relief in Surcharge, if applicable
Net Surcharge
Income Tax + Net Surcharge
Education Cess @ 3% of (Income Tax + Net Surcharge)
Gross Income Tax liability
Less: Tax relief under sections 89, 90 and 91
Net Income Tax liability
Add: Interest Payable under Sections 234A, 234B and 234C
Aggregate Income Tax liability
Tax Payable / Refund
Income Net of Income Tax Liability
Calculate interest under Section 234 A, B and C
     

* 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/-

1. Income TaxRs. 28,30,300
2. Surcharge @10% of Income TaxRs. 2,83,030
3. Income Tax on income of Rs. 1 croreRs. 28,30,000
4. Maximum Surcharge payable
(Income over Rs. 1 crore less income tax on income over Rs. 1 crore)
Rs. 700/- (1000 - 300)
5. Income Tax + Surcharge payableRs. 28,31,000
6. Marginal Relief in SurchargeRs. 2,82,330/- (2,83,030 - 700)