Go to E-Filing (Income Tax, India) –> log in with your PAN (keep ready your Mobile & E-mail) –> view left hand side (1) Tax Calculator (to calculate only taxable income), (2) download e-filing (file) for offline calculation in Excel, (3) Quick e-file –> ATR-1, (for online calculation)
It seems that more tax benefit can be enjoyed in F.Y. 2016-17 since the rebate under section 87A of Income Tax Act has been enhanced to Rs. 5000/- in stead of Rs. 2000/- as applicable in the previous year (i.e. F.Y. 2015-16) for taxable income upto Rs. 5,00,000/- for Indian individuals.