Download, check out & use our popular Income Tax Calculator FY 2015-16 in Excel which incorporates the recent changes in Union Budget 2015 by Arun Jaitley. Although not much changes have been made w.r.t income taxation, there are some updates like;
- Transport Allowance has been increased from 800 pm to 1600 pm
- Investments in NPS get an additional 50,000 tax benefit u/s 80CCD
- Medical Insurance Premium paid will get tax benefit upto 25,000 u/s 80D
- Wealth Tax abolished. Instead… 2 % surcharge added to existing 10% if income taxable is above 1 crore.
The Cells in the Excel File are not locked or hidden. So feel free to modify it and use it to make quick income tax calculation for yourself and your clients. And those of you who use Excel to make financial plans… check out how various Excel functions have been used to make the calculator. Excel is flexible, powerful and fun if you know how to use it 🙂
Please note this is not a comprehensive calculator… but meant for giving a quick idea of income tax liability specially for salaried class. Its a little fun too, so play around with it 🙂 I have added a small calculation in the end called “income tax ratio” – know how much percentage of your monthly income actually goes to government through direct taxes. It also has HRA Exemption Calculator for quickly taking this aspect into account while calculating Income Tax.