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Income Tax Calculator AY 2014-15 Individuals & HUFs

About this Calculator HideThis calculator carries out following calculations for Individual and HUF assessees for the NextAssessment Year 2014-15 ( i.e. on income earned during 01.04.2013 - 31.03.2014 ) for determining yourtaxable income and income tax (also written shortly as itax / inc tax) liability:

Calculates Taxable Income by computing income from all sources viz. Salary and Allowances, HouseProperty, Capital Gains, Income from other sources, Agriculture Income etc.Calculates income chargeable at Special Rate for computing the Taxable Income.Calculates deductions available from the Taxable Income under various Sections of Income Tax Act.Calculates and shows Income Tax with slab-wise Income details.Calculates Surcharge net of Marginal Relief *, wherever applicable.Calculates Income net of Income Tax Liability.

You can use this calculator as an aid to compile your tax return.

Please send us your feedback and suggestions to enable us to make this calculator more user friendly.

Enter data in applicable bordered cellsSelect Age / Status Resident ( < 60 years ) or HUF or NRIA. Income from Salary / Pension Enter dataB. Income from Business / ProfessionC. Income / Loss from House Property Enter dataD. Income / Loss from Capital Gains Enter dataE. Income from Other Sources Enter dataF. Agricultural Income (For Rate purpose)G. Aggregate Income (A+B+C+D+E+G)H. Eligible Deductions Enter dataI. Total Taxable Income (G - H)J. Income included in Aggregate Income taxable at Special RatesK. Income taxable at Normal Rates (I - J)L. Tax already paid Enter dataTaxable Income and Tax Liability details Reset Submit

Description Income Income TaxExempt Income NilIncome chargeable at 10%Income chargeable at 20%Income chargeable at 30%Income chargeable at Special RatesTotalLess: Tax Credit (Available only to assessees having total taxable income upto Rs. 5 lacs)Less : Income Tax on Agricultural Income included aboveIncome TaxSurcharge @ 10% of Income Tax, if taxable income is more is more than Rs. 1 croreLess: Marginal Relief in Surcharge, if applicableNet SurchargeIncome Tax + Net SurchargeEducation Cess @ 3% of (Income Tax + Net Surcharge)Gross Income Tax liabilityLess: Tax relief under sections 89, 90 and 91Net Income Tax liabilityAdd: Interest Payable under Sections 234A, 234B and 234CAggregate Income Tax liability

Capital Gain Tax Calculator Income Tax ITR Tax Exempt

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Aggregate Income Tax liabilityTax Payable / RefundIncome Net of Income Tax Liability

Calculate interest under Section 234 A, B and C

* Marginal Relief :When an assessee's taxable income exceeds Rs. 1 crore, he is liable to pay Surcharge at prescribed ratesmentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shallnot increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amountof increase in taxable income.

Example In case of an individual assesseee (< 60 years) having taxable income of Rs. 1,00,01,000/-

1. Income Tax Rs. 28,30,3002. Surcharge @10% of Income Tax Rs. 2,83,0303. Income Tax on income of Rs. 1 crore Rs. 28,30,0004. Maximum Surcharge payable

(Income over Rs. 1 crore less income tax on income overRs. 1 crore)

Rs. 700/- (1000 - 300)

5. Income Tax + Surcharge payable Rs. 28,31,0006. Marginal Relief in Surcharge Rs. 2,82,330/- (2,83,030 - 700)

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