Friday, July 31, 2015

income tax calculation sheet for salaried individuals FY 2015-16 AY 2016-17

How to calculate income tax on salary in India 2015-2016 free | Income tax calculation sheet for salaried individuals FY 2015-16 AY 2016-17| Income Tax Calculator for FY 2015-16 and AY 2016-17

Individual Male, Female and Senior Citizen Tax payers , Income Tax Calculation for Men and Women and Salaried Employees and people
  • Calculate your Taxable Income by taking into account income from all sources viz. Salary and Allowances, House Property, Capital Gains, Income from other sources, Agriculture Income etc. You can also include income chargeable at Special Rate for computing the Taxable Income.
  • Calculate deductions available from the Taxable Income under various Sections of Income Tax Act
  • Calculate Income Tax and Education Cess Payable with slab-wise details of Income and Income Tax payable.
  • Calculate Income net of Income Tax Liability

Income Tax and Taxable Income Calculator for AY 2016-17 (FY 2015-16)

First of you have to know the latest income tax slabs for 2012-2013.

    RATES FOR TAX CALCULATION  ( In case of Male )
 1UPTO 2,00,000   NIL
 2FROM 2,00,001 TO 5,00,000   10%
 3FROM 5,00,001 TO 10,00,000   20%
 4FROM 10,00,001 ONWARDS     30%
 5E. CESS IN TAX AMOUNT IS     03%

Tax Calcu. for MALE -Tax free Amt. Rs.200000 FY:2012-2013
X = Gross Total income (Regular)
Y = LESS: Deductions U/Chapter IV-A (80C Etc.,)
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Z = Net Total income after 80C deduction-To be taxed @ slab rates
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000,000 = TAX @ 0% Income Exempt from Tax on 200,000
000,000 = Tax @10% between 2 to 5.0 lakhs on 000,000
000,000 = Tax @20% between 5 to 10Lakhs on 000,000
000,000 = Tax @30% on >10 lakhs on Rs. 000,000
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000,000 = Tax Payable on Net Income X
K = ADD: Education cess @ 3% on tax. 000,000
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K = Net Total Tax Payable.
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Sample income Tax Calculation Sheet: Demonstration

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