Simple Income Tax Calculator FY 2015-16

Simple income tax calculator cum flexi allocation kit for the use of salaried employees of the government and the private sector, based on the latest budget proposals.

Tax slabs:

Rates for individuals below 60 years:

Income slabs Income tax rate

Income up to Rs. 2.50 lakhs Nil

Rs. 2.50 to Rs. 5 lakhs 10%

Rs. 5 Lakhs to Rs. 10 Lakhs 20%

Rs. 10 lakhs above 30%

Rates for individuals below 60 years below 80 years:

Income slabs Income tax rate

Income up to Rs. 3 lakhs Nil

Rs. 3 to Rs. 5 lakhs 10%

Rs. 5 Lakhs to Rs. 10 Lakhs 20%

Rs. 10 lakhs above 30%

Rates for individuals 80 years and above:

Income slabs Income tax rate

Income up to Rs. 5 lakhs Nil

Rs. 5 Lakhs to Rs. 10 Lakhs 20%

Rs. 10 lakhs above 30%

A surcharge of 12% on Income tax will apply to those with taxable income exceeding Rs. 1.00 crore.

Education cess at 3% on Income tax & Surcharge will apply to all.

Section 80C provides a deduction for various savings schemes up to Rs. 1.50 lakhs and an additional deduction of Rs. 50,000 towards investment in NPS under 80CCD (1b).

Location: Bangalore, India

Tags: income tax calculator, taxable income, tax calculator, income tax, City-India-Bangalore, Country-India

To calculate income tax based on the provided slabs and deductions, follow these steps:

🗂 Calculate the gross annual income earned by the individual.

📉 Determine the applicable tax slab based on the age category mentioned.

🔖 Apply the respective tax rates on the income within each slab as per the guidelines provided.

📊 Calculate the surcharge at 12% for taxable income exceeding Rs. 1.00 crore.

🔒 Deduct the amount eligible under Section 80C (up to Rs. 1.50 lakhs) and additional deduction for NPS investment (Rs. 50,000).

🔑 Add education cess at 3% on the total tax amount along with the surcharge.

📈 The final figure obtained will represent the income tax liability for the fiscal year 2015-16.

This simple calculator cum allocation kit can assist salaried employees in both government and private sectors in Bangalore, India, to estimate their income tax obligations effectively.