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Income Tax Calculator AY 2014-15
Individuals & HUFs
About this Calculator Hide
This calculator carries out following calculations for Individual and HUF assessees for the Next
Assessment Year 2014-15 ( i.e. on income earned during 01.04.2013 - 31.03.2014 ) for determining your
taxable 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, House
Property, 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 cells
Select Age / Status
Resident ( <60 years ) or HUF or NRI
A. Income from Salary / Pension Enter data
B. Income from Business / Profession
C. Income / Loss from House Property Enter data
D. Income / Loss from Capital Gains Enter data
E. Income from Other Sources Enter data
F. Agricultural Income (For Rate purpose)
G. Aggregate Income (A+B+C+D+E+G)
H. Eligible Deductions Enter data
I. Total Taxable Income (G - H)
J. Income included in Aggregate Income taxable at Special Rates
K. Income taxable at Normal Rates (I - J)
L. Tax already paid Enter data
Taxable Income and Tax Liability details Reset Submit
Description Income Income Tax
Exempt Income Nil
Income chargeable at 10%
Income chargeable at 20%
Income chargeable at 30%
Income chargeable at Special Rates
Total
Less: Tax Credit (Available only to assessees having total taxable income upto Rs. 5 lacs)
Less : Income Tax on Agricultural Income included above
Income Tax
Surcharge @ 10% of Income Tax, if taxable income is more is more than Rs. 1 crore
Less: Marginal Relief in Surcharge, if applicable
Net Surcharge
Income Tax +Net Surcharge
Education Cess @ 3% of (Income Tax +Net Surcharge)
Gross Income Tax liability
Less: Tax relief under sections 89, 90 and 91
Net Income Tax liability
Add: Interest Payable under Sections 234A, 234B and 234C
Aggregate Income Tax liability
Capital Gain Tax Calculator Income Tax ITR Tax Exempt
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Aggregate Income Tax liability
Tax Payable / Refund
Income 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 rates
mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall
not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount
of 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. 28,30,300
2. Surcharge @10% of Income Tax Rs. 2,83,030
3. Income Tax on income of Rs. 1 crore Rs. 28,30,000
4. Maximum Surcharge payable
(Income over Rs. 1 crore less income tax on income over
Rs. 1 crore)
Rs. 700/- (1000 - 300)
5. Income Tax +Surcharge payable Rs. 28,31,000
6. Marginal Relief in Surcharge Rs. 2,82,330/- (2,83,030 - 700)
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