Friends, Everyone knows that Income Tax Slabs have been changed in the Financial Year 2014-15 or Assessment Year 2015-16 with the following changes :-
1. Basic Tax exemption 2 lakh to 2.50 lakh for individual
2.50 lakh to 3.00 for senior citizen.
2. Saving u/s 80C 1 lakh to 1.50 lakh and investor can also invest in PPF upto 1.50 lakh in a year.
3. Interest on Housing Loan 1.50 lakh to 2 lakh.
In the above, Point No. 1 effects the 89(1) relief calculation for those employees who have received arrears in the financial year 2014-15. Therefore the same has been updated in 89(1) relief calculator with new income tax slabs.
Download free excel based 89(1) relief calculator for the Financial Year 2014-15 with new Tax Slabs.
(In case any error found in above calculator, please inform through email at firstname.lastname@example.org for earliest updation)