Free Income Tax Calculator for Assessment Year 2014-15 or Financial Year 2013-14

Friends,  Excel based free income tax calculator has been prepared for the Financial Year 2013-14 or Assessment Year 2014-15.  Employee wise can be stored in this Excel File.  This calculator has been generated keeping in view of NSDL RPU.    Some fields like Women, Others, Senior Citizen or Super Senior Citizen are exactly same with the fields available in tds NSDL RPU.   

           Further new  deduction of Rs. 2000/- in Income Tax has also been updated in this calculator.   There is no need to remember whether an individual is eligible for deduction or not.   Calculator calculate income tax  itself.    This utility calculate and store income tax of 500 employees, but this limit can be increased on special request of user through email at easyjain@gmail.com.  Base of Income Tax slabs for this calculator is given below in detail :-

Income Tax Slabs for the Financial Year 2013-14 or Assessment Year 2014-15

(i)  In the case of every individual, being a resident in India, who is of the age of less than sixty years during the previous year:—

Up to Rs. 2,00,000                                                  Nil;

Rs. 2,00,001 to Rs. 5,00,000                         10 per cent.

Rs. 5,00,001 to Rs. 10,00,000                       20 per cent.

Above Rs.10,00,000                                      30 per cent.

(ii)  In the case of every individual, being a resident in India, who is of the age of sixty years or more but less than the age of eighty years at any time during the previous year:—

Up to Rs. 2,50,000                                                  Nil;

Rs. 2,50,001 to Rs. 5,00,000                         10 per cent.

Rs. 5,00,001 to Rs. 10,00,000                       20 per cent.

Above Rs. 10,00,000                                     30 per cent.

(iii) In the case of every individual, being a resident in India, who is of the age of eighty years or more at any time during the previous year:—

Up to Rs. 5,00,000                                                  Nil;

Rs. 5,00,001 to Rs. 10,00,000                       20 per cent.

Above Rs. 10,00,000                                     30 per cent.

The surcharge in cases of persons referred to in this paragraph, having income above one crore rupees shall be levied at the rate of ten per cent. Marginal relief will be provided.

           Rebate of Tax under section 87A worth Rs. 2000/- will also be provided to those whose taxable income it equal to 5,00,000.00 or less than 5,00,0000.

            We have tried to generate best calculations in this calculator, however if anyone feels that there is need of modification,  the same will be updated after our satisfaction  in best possible time. 

To view or download free above mentioned or Previous Year Calculators click here