Income Tax Calculator FY 2014-15

Particulars Details Type Amount in Rs.

Gross Income (CTC) Salary, Bonus, Allowances, Other income etc Input 1,500,000
HRA Exemptions u/s 10 A HRA Calculation below Input 99,000
Other Exemptions u/s 10 A Medical, Convenyance etc Input 24,600
Professional Tax Professional Tax Input 2,500
Net Income under Salaries Gross Income - Exemptions Output 1,373,900
Deductions u/s 80 C Investments in PF, PPF, Life Ins., ELSS, NPS etc Input 150,000
Deductions u/s 80 CCG Investments in RGESS (50% of Investments) Input 25,000
Deductions u/s 80 D Medical Insurance Premium (Self, Parents) Input 15,000
Deductions u/s 80 G Eligible Donations upto specified percentage Input 20,000
Deductions u/s 80 E Interest Paid on Education Loan Input 15,000
Deduction u/s 80 TTA Interest Received on Savings Bank A/C Input 10,000
Tax Benefit u/s 24 Interest Paid On Home Loan (Max 2 L) Input 200,000
Total Deductions/Benefits 435,000
Taxable Income Tax payable on this income Output 938,900

Tax Slab Slab Income Tax Rate Tax Amount

Income Tax Payee Type Male, Female, Sr. Citizen>60, Very Sr. Citizen>80 Input Male
250,000 250,000 0% -
500,000 250,000 10% 25,000
1,000,000 438,900 20% 87,780
10,00,000+ - 30% -
Tax on Total Income Output 112,780
Surcharge 10% on Tax if Income > Rs 1 Crore 10% -
Tax with Surcharge Output 112,780
Education Cess 3% 3,383
Tax with Cess Output 116,163
Tax Credit Upto Rs. 2000 if Taxable Income < Rs. 5 lakhs Output -
Tax Liability Output 116,163

Income Tax Ratio

Monthly Income Gross Income/12 Output 125,000
Monthly Tax (Appx TDS) Tax Liability/12 Output 9,680
Income Tax Ratio Gross Income/Tax Liability Output 7.74%

HRA Exemption Calculator

City living in Input Metro
Basic Salary + DA Input 450,000
HRA Received Input 144,000
Actual Rent Paid Input 144,000
Least of the following will be HRA Exemption 99,000
1 HRA Receieved Output 144,000
2 % of Salary+DA (50%-Metro & 40%-Non-metro) Output 225,000
3 Rent paid in excess of 10 % of salary Output 99,000

Copyright - Network FP l Created by - Sadique Neelgund, CFPCM, Founder, Network FP l Applicable for FY 2013-14

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