Total taxable income 2015-16 Tax 12,500,000.00 upto 250000 -

250000-500000 25,000.00 500000-1000000 100,000.00 30% above 10 lakhs 3,450,000.00 Total tax 3,575,000.00 Surcharge @ 12% 429,000.00 Education cess @ 3% on tax and surcharge 120,120.00 Total tax liability 4,124,120.00

Total taxable income 2015-16 Tax 7,000,000.00 upto 250000 -

250000-500000 25,000.00 500000-1000000 100,000.00 30% above 10 lakhs 1,800,000.00 Total tax 1,925,000.00

- Education cess @ 3% on tax and surcharge 57,750.00 Total tax liability 1,982,750.00

Total taxable income 2014-15 Tax 900,000.00 upto 250000 -

250000-500000 25,000.00 500000-1000000 80,000.00

- Total tax 105,000.00

- Education cess @ 3% on tax and surcharge 3,150.00 Total tax liability 108,150.00

Total taxable income 2015-16 Tax 400,000.00 upto 250000 -

250000-500000 15,000.00

-

- Total tax 15,000.00

2,000.00

-

Surcharge @ 12% (not applicable as total taxable income does not exceed 1 crore)

30% above 10 lakhs (not applicable as total taxable income does not exceed 10 lakhs)

Surcharge @ 12% (not applicable as total taxable income does not exceed 1 crore)

500000-1000000 (not applicable as total taxable income does not exceed 5 lakhs)

30% above 10 lakhs (not applicable as total taxable income does not exceed 10 lakhs)

Less: Rebate of 2000 if total taxable income is less than 5,00,001

Surcharge @ 12% (not applicable as total taxable income does not exceed 1 crore)

Education cess @ 3% on tax and surcharge 450.00 Total tax liability 15,450.00

Total taxable income 2015-16 Tax 300,000.00 upto 250000 -

250000-500000 5,000.00

-

- Total tax 5,000.00

2,000.00

-

90.00 Total tax liability 3,090.00

500000-1000000 (not applicable as total taxable income does not exceed 5 lakhs)

30% above 10 lakhs (not applicable as total taxable income does not exceed 10 lakhs)

Less: Rebate of 2000 if total taxable income is less than 5,00,001

Surcharge @ 10% (not applicable as total taxable income does not exceed 1 crore)

Education cess @ 3% on tax and surcharge less rebate

ONLY IF Salary more than 1 crore

Salary is not more than 1 crore

TAX FORMAT

A Gross Salary + allowances+Perquisites

B Less Exemption under Section 10HRA - As per formulaEdn Allowance - (Rs. 100 per child pm for a maximum of 2 children)Conveyance Allowance - Rs. 1600 pm max or actuals whichever is lessLTA - As per rules No limit for LTA In a block of 4yrs, there will be 2 tax exemptions

C Less Professional TaxRs. 200 pm in Karnatka subject to the followingUpto Rs. 15,000 pm Gross Salary - Nil

Rs 15,001 & above - rs.200 pm

D Income Chargeable under Salaries

E Add All Other Incomes apart from A (Gross Salary + Allowances + Perquisites)

F Gross Total Income Income Chargeable under Salaries (D) + All Other Incomes apart from A (E)

G Less deductions under Chapter 6 (80 C, 80 D, 80 E, 80 CCG)

H Total Income

HRA CalculationIn Metros (Mumbai, Delhi, Kolkata, Chennai) - 50 % of BasicNon Metros - 40 % of Basic

Minimum of the three below:

1 40 or 50 % of Basic depending upon the city (HRA Eligible)2 Actual HRA received3 Rent paid over 10% of Basic

Basic - Rs. 100,000 pm HRA being received - Rs. 40,000 pmRent being paid - Rs. 30,000 pm

1 Rs. 40,000

2 Rs. 40,000

3 Rs. 30,000 - Rs. 10,000 = Rs.20,000 Rent being paid-10% of BasicExemption will be Rs. 20,000 pm and Rs. 240,000 pa Minimum of the three

If Rent paid is Rs. 100,0001 Rs. 40,000

2 Rs. 40,000

3 Rs. 100,000 - Rs. 10,000 = Rs. 90,000 pm Exemption - Rs.40,000 Minimum of the three

In a block of 4yrs, there will be 2 tax exemptions

A- (B+C)

D + E

F - G

Contribution to Pension Fund (Jeevan Suraksha) Life Insurance PremiumDeferred Annuity Public Provident Fund Deposit in Post Office Savings scheme Deposit in NSS Deposit in NSC Interest on NSC Reinvested (upto 5th completed year only) ULIP of UTI / LIC Principal loan (Housing loan) repayment Mutual funds (tax saving schemes)Investment in Infrastructure bonds Tuition fees payment towards education of children( maximum two children )

Investment in Fixed deposits in schedule banks (for a term of 5 years or more)Sec 80 CCD Employer contribution to NPS(entire) @10% of basicInvestments u/s 80 D (maximum 55,000)

Total

80E Interest on higher education loan

If let out propertyGross annual value (rent received)Less: Maintenance @ 30% of gross annual valueLess: Municipal taxesNet annual valueLess: Interest on housing loan (Net annual Value - Interest on Housing Loan)Loss/income from house property(if gross annual value is 3,60,000)Rent receivedMaintenanceMunicipal taxesNet annual valueInterestLoss

Rent receivedMaintenanceMunicipal taxes

Investments u/s 80 C (maximum 2,00,000 for FY 2015-16)-Inclusive of 50,000 (invest on my money)to invest in PF

Mediclaim Insurance premium for self and spouse, childMediclaim Insurance premium for dependant parents (senior citizens above 60 years of age)

Net annual valueInterestIncome

In case of two self occupied properties, interest can be claimed on one of the property as deemed to be let out

25,000 30,000 55,000

no upper limit

1 2 3 1-(2+3) no upper limit

360,000 108,000 10,000 242,000 300,000 (58,000) (Will be deducted from Other Income)

360,000 108,000 10,000

)-Inclusive of 50,000 (invest on my money)to invest in PF

242,000 200,000 42,000 (Will be added to Other Income)

In case of two self occupied properties, interest can be claimed on one of the property as deemed to be let out