80 deductions calculator FY 2015-16 - Save tax calculator

80 Deductions calculator for the individual for the FY 2015-16 AY 2016-17 download the excel file. Save Tax calculator.

 Click here to download

If you have any queries just leave a comment below. 

Income Tax Slab Rates for individuals for Assessment Year 2016-17 (FY 2015-16)

Income Tax Slab Rates :  AY 2016-17 FY 2015-16

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 2,50,000/-.	NIL
ii.	Where the taxable income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.	10% of amount by which the taxable income exceeds Rs. 2,50,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 25,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.	Where the taxable income exceeds Rs. 10,00,000/-.	Rs. 125,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Senior Citizen (Individual resident who is of the age of 60 years or more but below the age of 80 years at any time during the previous year)

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 3,00,000/-.	NIL
ii.	Where the taxable income exceeds Rs. 3,00,000/- but does not exceed Rs. 5,00,000/-	10% of the amount by which the taxable income exceeds Rs. 3,00,000/-. Less : Tax Credit u/s 87A - 10% of taxable income upto a maximum of Rs. 2000/-.
iii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	Rs. 20,000/- + 20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iv.	Where the taxable income exceeds Rs. 10,00,000/-	Rs. 120,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Super Senior Citizen (Individual resident who is of the age of 80 years or more at any time during the previous year )

Income Slabs		Tax Rates
i.	Where the taxable income does not exceed Rs. 5,00,000/-.	NIL
ii.	Where the taxable income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-	20% of the amount by which the taxable income exceeds Rs. 5,00,000/-.
iii.	Where the taxable income exceeds Rs. 10,00,000/-	Rs. 100,000/- + 30% of the amount by which the taxable income exceeds Rs. 10,00,000/-.

Surcharge : 12% of the Income Tax, where taxable income is more than Rs. 1 crore. (Marginal Relief in Surcharge, if applicable)
Education Cess : 3% of the total of Income Tax and Surcharge.

Income Tax Slab Rate for FY 2015-16 (AY 2016-17)

Every year Income Tax Slab Rate may / may not change. For the FY 2015-16 (AY 2016-17) Income Tax Slab Rate has not changed.

The below table gives you clear idea about Income tax slabs  rates for all Tax payer categories. (For general category, Senior Citizens & Very Senior Citizens).

Apart from this there is educational cess and higher educational cess which is 3%.

Applicability of Surcharge :

Surcharge is applicable to individuals at the rate of 12% if the income exceeds Rs. 1 crore. 

Claim Tax Exemption upto Rs. 4,40,000 Rupees

Plan your Tax Savings. You can claim Tax exemption upto Rupees 4,40,000/- during Financial Year 2015-16 (AY 2016-17). Here is how you can claim the aforesaid amount as Tax Exemption.

Deductions under 80C	Rs. 1,50,000
Deductions under 80CCD for contribution to NPS	Rs. 50,000
Interest on house property loan	Rs. 2,00,000
Exemption with new transportation allowance of Rs. 1,600 per month	Rs. 19,200
New deductible health insurance premium ( 80D )	Rs. 25,000
Total	Rs. 4,44,200

              So plan from now and save Tax legally..