Income Tax Calculator 2014-15 (AY 2015-16)
for Non-Individuals

This calculator calculates income tax liability for non-individual assessees viz. Firm, Domestic Company, Other Company, Local Authority and Co-operatives for the next Assessment Year 2015-16. This Calculator takes into account Marginal Relief in Surcharge, wherever applicable.

Enter data in applicable unshaded cells
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Income
and
Deductions
Income from Business or Profession
Income from House Property ( enter -ve, if loss )
Income from Capital Gains
Income from Other Sources
Less: Deductions under Chapter VI A
Less: Any other eligible deductions
Total Income Taxable at Normal Rate
Additional
Inputs
Income at Special Rate
Income Tax at Special Rate
Rebate under Section 88E
Income
and
Income Tax
Liability
Total Income (Income Taxable at Normal Rate + Income Taxable at Special Rate )
Income Tax at Normal Rates
Total Income Tax [Income Tax (Normal Rate + Spl. Rate) - Ded. under section 88E]
Surcharge at applicable rates
Less: Marginal Relief in Surcharge, if applicable
Net Surcharge
Income Tax + Surcharge
Education Cess (3% of Income tax + Surcharge)
Total Tax liability
Income Net of Income Tax Liability

Surcharge Rates

  • If total income is more than Rs. 1 Crore, 5% of Income Tax in case of domestic companies, 2 % of Income Tax in case of other than domestic companies and 10% in case of others. The surcharge is reduced by Marginal Tax Relief, if applicable.
  • If total income is more than Rs. 10 Crores, 10% of Income Tax in case of domestic companies, 5 % of Income Tax in case of other than domestic companies and 10% in case of others

Marginal Relief in Surcharge

When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at the rates (as 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 a domestic firm having taxable income of Rs. 1,00,01,000/-

1. Income TaxRs. 30,00,300
2. Surcharge @5% of Income TaxRs. 1,50,015
3. Income Tax on income of Rs. 1 croreRs. 30,00,000
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. 30,01,000
6. Marginal Relief in SurchargeRs. 1,49,315/- (1,50,030 - 700)

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