Kotak Life Insurance brings to you ‘My Tax Calculator’. It is a simple and easy to use application to calculate Indian resident’s tax liability for the financial year 2014-15. An individual can earn from multiple sources and is also eligible for various deductions under Income Tax India Act. Improper tax planning and inability to allocate money towards various deductions can lead to heavy taxation. You can use this calculator to find the deductions you are eligible for and to calculate your tax liability for the financial year 2014-15. The government (or Budget, please check) has also increased limit under section 80C to Rs.1,50,000, you can use this calculator to find out how much you can save additionally.