• 1. Gross Income
  • 2. Deductions
  • 3. Taxable Income
  • 4. Taxes Paid
  • 5. How can we help?
Calculate your annual gross income
Any income from an employer including value of perks, bonuses and special allowances.
Rs.
Rs.
Rs.
Rs.
Profit from sale of an asset (Property, Jewellery, Shares, Mutual fund units, Car machinery) Long-term gains from non-equity assets taxed at 10%.
Rs.
Short term gains from non-equity assets added to income, short term gains from equity taxed at 15%.
Rs.

Net profit from any business or profession.
Rs.
Any income other than the ones given above classifies under this head.
Rs.
Rs.
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  • 1. Gross Income
  • 2. Deductions
  • 3. Taxable Income
  • 4. Taxes Paid
  • 5. How can we help?
Add your deductions

Section

Maximum Deduction

 

80C, 80CCC, 80CCD Tax savings

1,50,000 Rs.

Rs.

80CCD Investments in NPS

50,000 Rs.

Rs.
Insurance Premium

For yourself and your family

15000

For your Parents (Below 65 yrs.)

15000

For your Parents (Above 65 yrs.)

20000

80D Medical Insurance

35,000 Rs.

Rs.

No exemption of HRA is claimed

24(b) Home loan interest

2,00,000 Rs.

Rs.

80E Interest on education loan

No limit

Rs.

80DD, 80DDB, 80U Other deductions

Depends on illness

Rs.

80G Donations

50-100% of donation

Rs.
Rs.
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  • 1. Gross Income
  • 2. Deductions
  • 3. Taxable Income
  • 4. Taxes Paid
  • 5. How can we help?
Find out your taxable income (Gross Income - Deductions) and calculate your tax
Net taxable income : Rs. 0
Particulars
Men/Women
below 60yrs

Above 60yrs -
below 80yrs

Above 80yrs

 

 

 

 

 

Tax Rate (%)

Upto 2.50/3.00 lakh

Nill

Nill

Nill

Nill

2.50/3.00 lakh - 5.00 lakh

00 Rs.

00 Rs.

Nill

10

5.00 lakh - 10.00 lakh

00 Rs.

00 Rs.

00 Rs.

20

10.00 lakh – Above

00 Rs.

00 Rs.

00 Rs.

30

Rs.
Rs.
Rs.

Note: Income tax rates are applicable for F.Y 2015-16 only.

Total tax on income includes 3% education cess.

*Basic exemption limit for Men/Women below 60yrs/Sr. Citizen upto 80yrs/ Sr. Citizen above 80yrs is Rs. 2.50 Lakhs, 3.00 Lakhs & 5.00 Lakhs respectively.

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  • 1. Gross Income
  • 2. Deductions
  • 3. Taxable Income
  • 4. Taxes Paid
  • 5. How can we help?

Add up the taxes paid

 

Tax deduction from salary

Rs.

Advance tax paid

Rs.

TDS on fixed deposits/bonds

Rs.
Rs.
Rs.

Disclaimer: The above are extracts from the Income Tax Act, 1961. Please note that tax laws are subject to change and hence before placing reliance on the above, the latest version of the above section should be checked up. It should also be noted that the change in tax laws could have retrospective effect also.

This information should placing reliance on the above, the latest version of the above section should ld be not be construed as tax, legal or investment opinion from BSLI. BSLI would not be responsible in any manner for decisions made on the basis of above information.

Please consult your tax advisor for specific suitability of taxation on insurance products. There has been an increase in service charges from 10% to 12% for ULIP's. For traditional product's, it amounts to 3% for the first year premium and 1.5% for subsequent ones, which in turn would increase your premium payment amount.

Please note that the revised tax benefits and slabs presented in the Union Budget 2015 shall be applicable post the Finance Bill 2015 gets passed and is enacted as law.

The above calculation is a generic calculation based on standard tax slabs in the Finance Act, 2015 and does not enable any specific computations under several heads of income . The tool is meant to be used only to calculate your broadly estimated tax liability and the exact taxable amount payable/refundable at the end of the year may vary Kindly consult your Tax Advisor for the exact computation. The results of the calculation/s cannot be construed to be entirely accurate/comprehensive and the Birla Sun Life Insurance is not liable for any financial decisions arising out of the use of this or any other financial tool used across this website.

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  • 1. Gross Income
  • 2. Deductions
  • 3. Taxable Income
  • 4. Taxes Paid
  • 5. How can we help?

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