Advance Tax Calculator for FY 2016-16 with Budget 2015: Changes in Income Tax For Salaried Persons

Income Tax Calculator with new amended Tax Section as per the Finance Budget 2015.

1.               Transport Allowance increased to Rs 1,600 from Rs 800

2.                Increase in Medical Insurance Premium exemption limit from Rs 15,000 to Rs 25,000 u/s 80D (up to       30K for Senior Citizens)

3.               Sukanya Samriddhi Account a new investment option u/s 80C

4.             Very Senior Citizens (above 80 Years of age) to be allowed deduction of Rs 30,000 for medical expenditure    in case they do not have health insurance

5.            Additional exemption of Rs 50,000 under sec 80CCD for investing in NPS (New Pension Scheme)

6.          Increase in the limit of deduction available for treatment of chronic diseases u/s 80DDB from Rs             60,000 to Rs 80,000

7.            Rs 25,000 increase in deduction available to persons with disability and severe disability u/s 80DD and   80U

Income tax slabs 2015-2016 for General tax payers

Income tax slab (in Rs.)
Tax
0 to 2,50,000
No tax
2,50,001 to 5,00,000
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%

Income tax slabs 2015-2016 for Senior citizens (Aged 60 years but less than 80 years)

Income tax slab (in Rs.)
Tax
0 to 3,00,000
No tax
3,00,001 to 5,00,000
10%
5,00,001 to 10,00,000
20%
Above 10,00,000
30%

Income tax slabs 2015-2016 for very senior citizens (Aged 80 and above)

Income tax slab (in Rs.)
Tax
0 to 5,00,000
No tax
5,00,001 to 10,00,000
20%
Above 10,00,000
30%

Download Income Tax Calculator for Financial Year 2015-16 & Ass Yr 2016-17

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