For the Financial year 201

Assessment Year 2015by B.P.CHOUDHARY (TAX CONSULTANT, Director

Modified Version 9.2 with calculation of surcharge and marginal relief,

from House property for Self Ocupied/Let out with relief of Sec

with brief detail of all the infromations & Rules for the Taxation,Exemptions
Calculate your Tax in less than 5 Minutes

This Latest Calculator is like a software on excel, very simple to compute the tax
Once you enter the amount in blank cells. Other cells will calculate data & Tax auto
Calculate your Income Tax in Calculation sheet & print the Computat
Introduction Automated Tax Calculator Informations & Rules

Hello-Friends

In 2005 I prepared a Calculator on a Single Excel Sheet as an Auto Tax Calculator to Calculate the tax in minutes
I distributed this Calculator to all the staff to understand the Tax Calculation & other aspects.

One of my HR friend had forwarded this calculator to some of his friends in all over India. The Calculator was high
by many people as well as by CA,CS & also uploaded on various websites.
Every year I prepare new version after every budget and updated with new rules & any requirement of user. With
have prepared 9 Versions.
This Latest Modified Version for Financial Year 2014-15 is now available to fulfill your requirements.
I tried to make this simple excel calculator as a Software. This tax calculator will help you to calculate the Income
time & less efforts.

If you find any inconsistency, correction or amendments, please let me know, I will try to fi
Please send a detailed e-mail at bpchoudhary@gmail.com
9811302497, 9211125587

Other product prepare by B.P.Choudhary

Automated Form-16, Preparer with Calculator with Annexure1, Form 12 BA (Available in Rs 500/-) only
or Any other customised calculator on Excel Sheet

For the Financial year 2014- 15

Assessment Year 2015-16

TAX CONSULTANT, Director 'e'Accountant Academy - Delhi)

ginal relief,
Let out with relief of Section 80EE

Income

for the Taxation,Exemptions,deduction etc.

n 5 Minutes

pute the tax

will calculate data & Tax automatically.
sheet & print the Computation sheet .
(TaxIncome
rates, exemptions/deductions)
from House Property

or to Calculate the tax in minutes for filling the ITR.

er aspects.

er India. The Calculator was highly appreciated and recognize

& any requirement of user. With my best efforts & knowledge. Since 2006 I

your requirements.

help you to calculate the Income Tax and clear any related rule in very less

please let me know, I will try to fix it at the earliest.

bpchoudhary@gmail.com

9211125587

by B.P.Choudhary

ailable in Rs 500/-) only

lculator on Excel Sheet

COMPUTATION OF INCOME TAX

01/01/1962

D.O.B :

for the Financial Yr 2014-15, Assessment Yr 2015-16

ASSESSE : INDIVIDUAL

NAME :

PAN :

ADDRESS :

PHONE :
Email id-

1. Gross Annual Income

2. Allowances exempt - u/s 10 & 17

3. Deduction u/s 16 -Tax on Employement/ Entertainment allowance

4. Income under the head salaries

5. Interest received in saving account

6. Any other income from other sources

7. Income from house property

8. Gross Total Income

9. Deduction under chapter VI A

Deduction under Sec 80CCE

80C - PF & VPF Contribution

80C - Life Insurance premiums

80C - N.S.C (Investment + accrued Int first five year)

80C - Home. Loan (Principal Repayment)

80CCC -Pension Plan

80CCD1 - New Pension Secheme (Employee Contribution)

80CCD2 -New Pension Scheme- Employer Contribution

80CCG -Rajiv Gandhi Equity Scheme

80D - Medical Insurance premiums+Health Check

80G

Donation to approved fund

Section 80DD

Section 80E

80TTA- Interest received in Saving Account

80EE - Addnl Interest benefit on home loan

10. Total Income

Trial Version Expired

11. Total Taxable Income (Round off to nearest 10 rupees)

#VALUE!

12. Tax on Total Income

#VALUE!
0

13. Rebate U/S 87A

14. Total tax after rebate

This was a trial version

15. Surcharge on Total Taxable Income

16. Education Cess & SHEC (2%+1%)

Valid upto 30th sep.'14

17. Total Tax Payable

#VALUE!

18. Tax Deduction at Source

19. Balance Tax

For original version

Payable

click here

Auto Income Tax Calculator

by B.P.Choudhary (Tax Consultant ), Director 'e' Accountant Acade

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Auto Income Tax Calculator

by B.P.Choudhary (Tax Consultant ), Director 'e' Accountant Academy - D

Modified Version 9.2 (T) for the Financial year 2014- 15, ASSESSMENT YEA
INFORMATION .and RULES for(Rates,Deductions,Exemption et

brief detail of every rule ( Like a Mini Ready Rec

Follow theTax Rules & Informations (where applicable). Following linked ready reaconer is for your reference.
New Tax Rates for Financial-Year 2014-15, Assessment Year 2015-2016
Some Exempted Receipts / Special allowances & Perquisite which are not chargable to tax
Some Exempted Income ( to be shown while Return filing)
TAX R U LE S & O T H E R U S E F U L I N F O R MAT I O N S
HRA exemption
Transport allowance
Reimbursement of Medical bills
New as per
u/s(5) LTA is exempt
Budget
u/s 24 Exemption for interest on housing loan.
2014
u/s 80CCE & 80CCD Maximum Exemption
Rajiv Gandhi Equity Savings Scheme
u/s 80D Medical Insurance
u/s 80DD Deduction in respect of medical treatment of handicapped dependents
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases
u/s 80E Interest repayment on education loan
u/s 80G Donations given for certain charities
u/s 80GG If you are not getting HRA, but living in rented house,
u/s 80U If you have a permanent physical disability
New
u/s 80TTA Deduction on interest on saving bank accounts.
KNOW MORE about DEDUCTION under Section 80-C
Qualifying Investments u/s 80CCE
Provident Fund (PF) & Voluntary Provident Fund (VPF)
Life Insurance Premiums & Unit linked Insurance Plan (ULIP)
Public Provident Fund (PPF):
National Savings Certificate (NSC):
Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home
Tuition fees for 2 children
Equity Linked Savings Scheme (ELSS)
5-Yr bank fixed deposits (FDs) or 5-Yr post office time deposit (POTD)
Pension Funds or Pension Policies
Stamp Duty and Registration Charges for a home:
Infrastructure Bonds: NABARD rural bonds:
Senior Citizen Savings Scheme 2004 (SCSS)
I M P O R T A N T - A D V I S ES
As per finance Budget 2014

- TAX RATES For Financial Year 2014-15 & Assesment Year 2015-16
For MALE ASSESSE

Net Income Range

Income Tax Rates

Up to Rs.2,50,000

NIL

2,50,001 to Rs. 5,00,000

10% of Total Income (-) Rs.2,50,000

Rs.5,00,001 to Rs. 10,00,000

Rs25,000+20% of Total Income(-)Rs. 5,00,000

More than Rs10.00,000

Rs1,25,0,000+30% of Total Income(-)Rs10,00,000

Note- (u/s87A- A rebate upto Rs 2000/- for assessee with Income range of 2,50,001 to Rs. 5,00,000 )

For FEMALE ASSESSE

Net Income Range

Income Tax Rates

Up to Rs2,50,000

NIL

Rs250,001 to 5,00,000

10% of Total Income(-) 2,50,000

Rs.5,00,001 to Rs.10,00,000

Rs25,000+20% of Total Income (-) 5,00,000

More than 10.00,000

Rs1,25,000+30% of Total Income(-)10,00,000

Note- (u/s87A- A rebate upto Rs 2000/- for assessee with Income range of 2,50,001 to Rs. 5,00,000 )

For SENIOR CITIZEN ASSESSE (Above 60 Year ) attaining the age during the year
Net Income Range
Up to Rs 3,00,000

Income Tax Rates

NIL

Rs3,00,001 to 5,00,000

10% of Total Income(-) Rs.3,00,000

Rs5,00,001 to 10,00,000
More than 10.00,000

Rs20,000+20% of Total Income(-)5,00,000

Rs1,20,000+30% of Total Income(-)10,00,000

Note- (u/s87A- A rebate upto Rs 2000/- for assessee with Income range of 3,00,001 to Rs. 5,00,000 )

For VERY SENIOR CITIZEN ASSESSE (Above 80 Year ) attaining the age during the year
Net Income Range
Up to Rs.5,00,000

Income Tax Rates

NIL

Rs5,00,001 to 10,00,000
More than 10.00,000

20% of Total Income (-) Rs.10,00,000

Rs1,00,000+30% of Total Income(-)10,00,000

Education Cess is 2% & Secondary and Higher education Cess is 1% of income tax from all Assesse.

Some Exempted Receipts /Special allowances & Perquisite which are not chargable to tax are
Exempted Receipts - 1. Medical Reimbursement (Max Rs15000/- Per annum)

2. L.T.A (as per Rule)

Special allowances Exempted u/s 10(14)

Duty)

1. Uniform Allowance (granted to meet the expenditure incurred on purchase or maintenance of uniform t
2 Helper Allowance ( granted to meet exependiture incurred on helper for performance of official duty)
3. Academic Allowance (granted for encouraging academic, research & training pursuits) includin
4. Children Education Allowance ( Rs100 P.M. per Child / (Rs300 for Hostel Expenditure) Max of
5. Convayance allowance ( granted to meet the expenditure incurred on convayance, while
. ( Expenditure incured for covering journey between office and residence is n

of official duty. )

Deduction available u/s -16

Entertainment allowance (for Govt Employees) Max Rs5000/2. Professional tax - Professional tax paid by employee is deducted. If employee pays the professional tax on behalf of
salary as taxable perquisite and thereafter deduction isvprovided from gross salary
Perquisite not chargable to tax

Free food and beverage ( 1. Food and non-alcoholic beverages provided in working hours in remote area or an offshore instalation
coffee or non-alcoholic beverages and snaks in working hours are tax free perquisites.
3. Meals (Lunch and / or dinner) in office hours is not taxable. If cost to
Some Exempted Income are ( to be shown while Return filing)
1. Withdrawal / Maturity received from PF,PPF,Insurance Co., Agriculture. (Max up to 5000/- )
2 Long Term Capital Gain From Shares
3 Dividend on shares in companies

4. Interest on Saving Bank & Post Office A/c up to Rs10,000/- ( Sec-80TTE)

Please Note :

(i) Interest earned from all sources is to be included. All interest (including saving Bank A/C (above Rs10,000) (FD) income is fully t

(II) As per clarification from IT department, all perquisites such as rent-free accommodation, company provided car, free or conces
option plan, free club membership, company provided credit card, gift vouchers, meal coupons, hotel stay beyond 15 days, are full
T A X R U L E S & O T H E R U S E F U L I N F O R M A T I O N S for
HRA exemption = Least of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)

Transport allowance is exempt up to Rs.800/- per month during the month. ( Expenditure incured for covering journey between office and re
permanent
physical
the exemption
is for
1,600/per dependent
month
Reimbursement
of disability,
Medical bills
are exempt
self and
family, up to Rs.15,000/- per annum

u/s(5) LTA is exempt to the tune of economy class Train/ Air /Recognised public Transport fare for the family to any destination in India, by t
claimed twice in a block of 4 calendar years. The current block is from 01.01.2010 to 31.12.2013. For claim, it is must to provide originals tick

u/s 24 There is an Exemption for interest on housing loan.(for Self occupied Residence). If the loan was taken before Apr 1, 1999 exemp
loan was taken after Apr 1, 1999 exemption is limited toRs2,00,000/- per year if the house is self-occupied; There is no limit if the house is re
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've p

If you have rented out your house, enter the total income / loss from the house (after deducting property tax and standard maintenance ex

u/s 80CCE- Maximum Exemption up to Rs.150000/- Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee contribution in NPS,Insuran
repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no lim
can be invested in NSC or PPF etc.

u/s 80CCD -The Finance Act, 2011 provides that contribution made by the Central Government or any other employer to NPS (up to 10 per

previous year)shall be excluded while computing the limit of Rs1,50,000.The contribution by the employee to the NPS will be subject to the li

u/s 80CCG - Rajiv Gandhi Equity Savings Scheme is a new exemption available for investment in stock markets (direct equity). Avaialble
lacs and only for first time investors in stock market. Exemption available at 50% of investment subject to maximum of Rs.50,000/- invested.

u/s 80D Medical Insurance Premium (such as Mediclaim & Critical illness Cover)& Health Check up Upto Rs5000,
premium is exempt up to Rs30,000/ per year (Rs.15,000/- for self,spouse and children ) (Rs15000/- for Parents. If the premium includes for a
years of age, an extra Rs5,000//- can be claimed.

u/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to 50,000/- per year if the disability is less t
disability is more than 80%

u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed
being treated is a senior citizen, the exemption can go up toRs60,000/-. but any amount received under Medical Insurance Policy will be
allowed. The Diseases and ailments specified under rule 11DD are.
(1)neurological diseases being demetia, dystonia musculorum deformans, motor neuron disease, ataxia, chorea, hemiballismus, a
cancer, (3) AIDS, (4)Chronic renal failure, (5) hemophilia, and (6) thalassaemia.

u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exemp
u/s 80G Donations given for certain charities are tax exempt. Some(NGO,Trust etc.) are exempt to the tune of 50%, whereas Govt funds

u/s 80GG If you are not getting HRA, but living in rented house, an exemption is available. This will be calculated as minimum of (25% of tot
or Rs24,000/- per year)
u/s 80U who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 50,000/in case of severe disability to the extent of Rs. 100,000/-

u/s 80TTA introduced through Finance Act, 2012. Section 80TTA provides a deduction of up to Rs10,000 on your income from interest on sa

KNOW MORE about DEDUCTION under Section 80-C and chapter VIA

Section 80C of the Income Tax Act allows certain investments and expenditure to be deduct from total income.

must plan investments well and spread it out across the various instruments specified under this section to avail maximum tax
irrespective of how much you earn and under which tax bracket you fall. Most of the Income Tax payee try to save tax by savin
Act. However, it is important to know the Section in total. so that one can make best use of the options available for deduction
point to note that one can not only save tax by undertaking the specified investments, but some expenditure which you normal
exemptions.

Qualifying Investments u/s 80CCE are

Provident Fund (PF) & Voluntary Provident Fund (VPF) PF is automatically deducted from your salary. your contribution [12
contribution) is counted towards section 80C investments. You also have the option to contribute additional amounts through v
rate of interest is 8.5% per annum (p.a.) and is tax-free.
Life Insurance Premiums: Any amount that you pay towards life insurance premium in Life Insurance Corporation (LIC) or an
spouse or your children can also be included in Section 80C deduction. If you are paying premium for more than one insuranc
included. also premium paid for ULIP will also be treated as Premium paid for Life Insurance Policies.
Unit linked Insurance Plan : ULIP stands for Unit linke
insurance with benefits of equity investments.They have attracted the attention of investors and tax-savers not only because th
perform well to give decent returns in the long-term.
IMP : Total Amount Received at Maturity, Survival Benefits, , Withdrawl in Insurance Policies is Tax Free and fully exempteed u

Public Provident Fund (PPF): Among all the assured returns small saving schemes, Public Provident Fund (PPF) is one of th
tax-free and the normal maturity period is 15 years. Minimum amount of contribution is Rs500 and maximum is Rs1,50,000.(N

National Savings Certificate (NSC): National Savings Certificate (NSC) is a 5-Yr small savings instrument eligible for section
8.58% compounded half-yearly, i.e. If you invest Rs.100, it becomes Rs.150.90 after five years. The interest accrued every yea
your taxable income) but the interest is also deemed to be reinvested and thus eligible for section 80C deduction.
Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home Loan The Equated Monthly Install
repay your home loan consists of two components Principal and Interest.The principal component of the EMI qualifies for d
interest component can save you significant income tax but that would be under Section 24 of the Income Tax Act. The amou
a house, and the amount you pay for the registration of the documents of the house can be claimed as deduction under sectio
house.
Tuition fees for 2 children Apart form the above major investments expenses for childrens education (Only Tution Fee (for
claimed as deductions under Sec 80C.

Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax sa
Linked Savings Scheme, or ELSS. The investments that you make in ELSS are eligible for deduction under Sec 80C.

5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled fo
post office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time durat
and five year, only 5-Yr post-office time deposit (POTD) which currently offers 7.5 per cent rate of interest qualifies for tax s
works out to be 7.71% per annum (p.a.) as the rate of interest is compounded quarterly but paid annually. The Interest is entire

Pension Funds or Pension Policies Section 80CCC: This section Sec 80CCC stipulates that an investment in pension
income. Section 80CCC investment limit is clubbed with the limit of Section 80C it means that the total deduction available fo
Lakh.This also means that your investment in pension funds upto Rs.1.5 Lakh can be claimed as deduction u/s 80CCC. Howe
deduction u/s 80C and 80CCC can not exceed Rs.1.5 Lakh.
Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the
invest in these bonds can also be included in Sec 80C deductions.

NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Developme
Bhavishya Nirman Bonds (BNB). Out of these two, only NABARD Rural Bonds qualify under section 80C.
Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings Scheme (SCSS)
the small savings schemes but is meant only for senior citizens. Current rate of interest is 9% per annum payable quarterly. Ple
quarterly instead of compounded quarterly. Thus, unclaimed interest on these deposits wont earn any further interest. Interest

I M P O R T A N T - A D V I S ES

Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not save up to la
months. Many of us start looking for investment avenues only in February or March, just before the Financial Year is g
One, you would end up investing your money without putting proper thought to it. And secondly, you would end up lo
whole year. Instead, decide where you want to make the investments, and start investing right from the beginning of t
advisable to save from start on monthly basis through Bank ECS as a SAP . This way, you would not only make inform
the interest for the full year from April to March.

Income from house property

FOR SELF OCCUPIED PROPERTY
Housing Loan Sanction date
Value of the residential house Property
Housing loan Sanctioned Amount
Housing Loan Interest paid (Self occupied property)
Interest Rebate u/s 80 EE

01/01/2000
0
0
0
0

FOR LET OUT PROPERTY

Annual Letable value
Unrealised Rent
Municipal Tax Paid
Net Annual value
Repairs and Maintenance (30% of annual value)
Interest paid during the year
Income from house property

0
0
0
0
0
0
0

Auto IncomeTax Calculator Version 9.2(T)

This calculator 9.2(T) is a Trial Version for your Experience up to 30/10/2014.
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