Finance Minister announced Union Budget-2014 with little changes in Income Tax Exemption regarding Allowances & Perquisites, Deductions u/s. 80C & Others. Income Tax Department has developed Income Tax Calculator for Asstt. Year 2015-16 for all Taxpayee.
To provide relief to small and marginal tax payers, personal income tax exemption limit is being raised from Rs. 2 lakh to Rs. 2.5 lakh. For senior citizens, the exemption limit will be Rs. 3 lakh. Further, the investment limit under Section 80C of the Income-tax Act is being raised from Rs. 1 lakh to Rs. 1.5 lakh. Deduction limit for interest on housing loan (for self-occupied house property) goes up from Rs. 1.5 lakh to Rs. 2 lakh. These changes is applicable for Fin. Year 2014-15 & Asstt. Year 2015-16. The Online Income Tax Calculator for Asstt. Year 2015-16 for all Taxpayers is as under :
ONLINE INCOME TAX CALCULATOR FOR ALL TAXPAYEE
Free Download Updated Income Tax Calculator with Income Tax Slab for A.Y. 2015-16 (Click Here)
