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Tax calculation for Salaried Individual FY 2014-15

Salary For 12 months (CTC)                              12,00,000
Less: Food Coupons (3000 per month)                         -36,000
Less: Misc Medical (1250 per month)                            -15,000

Less: HRA (50 % of basic for Metro city)                    -1,20,000
Less: Conveyance Allowance  (800 per month)               -9,600
Less: LTA (No limit)                                                    -16,900
Less: Prof Tax (2500 per year)                                      -2,500

Income under head Salaries                             10,00,000
Income from house property                                    -2,00,000
(Interest on housing loan max 2,00,000)                                        
Income from other sources                                        +10,000
(Interest on Saving bank a/c)

Gross Total Income                                             8,10,000
Less: 80C Investments                                            -1,50.000
(max 1,50,000)
Less: 80D Mediclaim                                                  -35,000
(Self 15000 + 20000 Sr. citizen) 
Less: 80E                                                                  -15,000
(Interest on education loan No limit)        
Less: 80TTA                                                              -10,000
(Interest on Saving bank a/c max 10000)

Total taxable income                                          6,00,000

Tax                                                                           45,000
(2,50,000 tax free)
(10% tax 2,50,000 to 5,00,000)
(20% tax 5,00,000 to 10,00,000)
(30% tax 10,00,000 above)

Education cess (3% of tax)                                         +1,350
Total tax payable                                                  46,350






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