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How to Calculate Salaried Employee Tax Liability For A.Y. 2014-15?

After Budger-2013 and proposed income tax slab of F. Year 2013-14, we have uploaded below Income Tax Calculator for Financial Year 2013-14 or Assessment Year 2014-15 and also contains Income Tax Rate. The Calculator calculates tax for Individual (Salaried Employee), HUF, Senior citizens, super Senior citizens and Females Assessees.

This Income tax Calculator is in Excel Format for Salaried Persons for Financial year 2013-14 / Assessment Year 2014-15. This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the Government other than State Government as per current and proposed D.A. Rates.

Income Tax Slab for Asstt. Year 2014-15.
I. In case of individual (other than II and III below) and HUF
*** Tax credit of Rs.2000 for annual income of Rs. 5 lakh

II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:

*** Tax credit of Rs.2000 for annual income of Rs. 5 lakh

III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:

*** Tax credit of Rs.2000 for annual income of Rs. 5 lakh

IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:

*** Tax credit of Rs.2000 for annual income of Rs. 5 lakh
  • Education Cess: 3% of the Income-tax.
  • New Rs 50,000 tax exemption for retail equity investments
  • Sale of residential property exempt from Capital Gains tax if invested in equity or equipment of an SME.
  • Implementation of Direct Tax Code (DTC) deferred. GST to be operational by August 2012.
  • Surcharge of 10% on income more than Rs. 1 crore
  • Tax credit of Rs.2000 for annual income of Rs. 5 lakh
  • Home Loan Income tax Exemption limit increased from Rs.1.5 lakhs to Rs.2.5 lakhs for loan up to Rs.25 lakhs
  • Rajiv Gandhi Equity Savings Scheme extended to mutual funds.
  • Rajiv Gandhi Equity Savings Scheme to be liberlised.
  • Rajiv Gandhi Equity Savings Scheme limit increased.

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