Simple tax calculator for the use of salaried employees of govt and private sector, basis the latest budget changes.
Latest updates:
Increase of Basic exemption limit:
Major expectation of increase in basic exemption limit has been given in the budget; the limit has been increased from Rs.2 lakhs to Rs. 2.50 lakhs for individuals except senior citizens and for senior citizens between 60 to 80 years has been increased from Rs. 2.50 lakhs to Rs. 3 lakhs. The revised income tax slabs are given below the table
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 & above
|
Income slabs |
Income tax rate |
|
Income up to Rs. 3 lakhs |
Nil |
|
Rs. 3 to Rs. 5 lakhs |
Nil |
|
Rs.5 Lakhs to Rs. 10 Lakhs |
20% |
|
Rs. 10 lakhs above |
30% |
Surcharge of 10% on Income tax those taxable income exceeds Rs. 10 crore will apply.
Education cess will apply 3% on the Income tax & Surcharge will apply for all.
Increase in limit under section 80C:
Section 80C gives deduction for various savings schemes till now Rs. 1 lakhs has been enhanced to Rs. 1.50 lakhs .
Increase in housing interest deduction:
Existing limit of Rs.1.50 lakhs for self occupied property interest deduction has been enhanced to Rs. 2 lakhs.
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