This Income Tax Calculator All in One which is for Financial Year 2015-16 (FY 15-16) is made with all  modification as per the Finance Budget 2015-16.  The major changes proposed in the budget are below the calculator for reference.

DownloadAll in One Income Tax Calculator for Govt & Non-Govt employees for  AY 2016-17 (Financial Year 2015-16) [ This Excel utility can prepare at a time your Tax Compute Sheet + Salary Structure + Individual Salary Sheet + Automatic HRA Calculation + Automatic Arrears Relief Calculation + Automatic Form 16 Part A&B and Part B for FY 2015-16]

There are no changes in the tax slabs. Previous tax slabs will remain same.
No increase is made in the Section 80C Except the limit of U/S 80CCC has increase up to Rs.1.5 Lakh. But there is more thought out deduction announced in the budget which is deduction of Rs 50,000 if invested in New Pension Scheme or NPS.  It almost works similar to exemption of 80C but can not be clubbed with other investments like PPF, Insurance Premium, ELSS Mutual Funds or even bank FD.  This is a sort of making people having disciplined investment for their pension scheme which is in fact a good move.  It augurs well for both Investors by rewarding them well in their golden years with pension and making investments available for the Nation.

Similarly, Health Insurance premium is increased from earlier 15000 rupees to 25000 and the same is increased from 20,000 to 30,000 in case of senior citizens.  This will augur well for the people who wish to take complete health plan and paying premiums more than 15000 per annum.

For senior citizen who are above 80 years thus not eligible for health insurance, Rs 30,000 deduction is allowed for medical expenditure. Deduction limit of Rs 60,000 on expenditure of specified diseases is enhanced to Rs 80,000 in the case of senior citizens.

Similarly Investments in Sukanya Samriddhi Scheme are eligible for deduction under section 80C of the income-tax and any both principal and interest will be exempted from tax Max Rs. 1.5 Lakh.

The other concession provided during the union budget, which can also be entered in the income tax calculator is transport allowance.  For salaried people, the exemption limit in case of transport allowance is increased from earlier 800 rupees to 1600 rupees per month.

Another Section has increase U/s 80U :- Max Rs. 75,000/- up to 80% and Rs. 1,25,000/- can be avail to the above 80% if Phy.disable persons.