As per the new income tax slab proposed by Finance Minister Pranab Mukherjee in Indian budget 2011; we have created Income Tax Calculator for financial year 2011-12 (Assessment Year 2012-13).
Broadly speaking, the tax slabs exempt all income below INR 1,80,000 whereas the income between INR 1,80,000 and INR 5,00,000 is proposed to be taxed at the rate of 10%. The next income tax slab lies between INR 5,00,000 and INR 8,00,000 for which the rate of taxation is 20%. Finally, all income above INR 8,00,000 would be taxed at the rate of 30%.
A new tax slab has been introduced for senior citizens of 80 years and above. There will not be any tax upto 5 lacs income for people above 80 years.
Current age limit for consideration as senior citizens has been reduced from 65 years to 60. And they will get tax exemption for income up to Rs 2.5 lakh (earlier it was 2.4 lakhs)
Income Tax Calculator for financial year 2011-12 (116.0 KiB, 186,030 hits)
Income Tax Rates for financial year 2011-2012
| For Men | |
| Upto Rs. 1,80,000/- | Nil |
| Rs. 1,80,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For Women | |
| Upto Rs. 1,90,000/- | Nil |
| Rs. 1,90,000/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For resident individual of 60 years or above (Senior Citizens) | |
| Upto Rs. 2,50,000/- | Nil |
| Rs. 2,50,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For resident individual of 80 years or above (Very Senior Citizens) | |
| Upto Rs. 5,00,000/- | Nil |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
This calculator supports inclusion of following salary components:
- Basic salary
- House Rent Allowance (HRA) and HRA exemption calculations
- Dearness allowance
- Transport Allowance
- Child Education Allowance
- Grade/Special/Management/Supplementary Allowance
- Arrears
- Gratuity
- Leave Travel Allowance (LTA)
- Leave Encashment
- Performance Incentive/Bonus
- Medical Reimbursement
- Food Coupons
- Periodical Journals
- Telephone Reimbursements
- Car Reimbursement
- Internet Expense
- Driver Salary
- Gifts From Non-Relatives
- Gifts From Relatives
- House Rent Income
- Professional Tax
- Employee’s PF Contribution
- Employer’s PF Contribution
- Home Loan Interest Component
- Deductions under chapter VIA
- Insurance Premium/ULIP
- Employee’s contribution to PF
- PPF
- ELSS, Mutual Fund
- NSC/NSS/SCSS/Post Office Deposit
- Tution Fees paid
- Housing Loan Principal repayment
- Fixed Deposit for 5 yrs. or more
- Other Eligible Investments
- Total of Section 80C
- Pension Fund (80 CCC)
- Total Deduction under Section 80-C & 80-CCC
- 80D (Medical insurance premium, Self/Family)
- 80D (Medical insurance premium, Parents)
- 80E (Interest on Loan for Higher Education)
- 80U (Handicapped person)
- Donations – 80G (100 % deductions)
- Donations – 80G (50 % deductions)
- Long Term Infrastructure Bonds (Section 80 CCF)
- TDS deduction (Tax deducted at source)
- In Hand monthly salary
- In Hand monthly salary without reimbursments
- Total income this year
- Advance Tax schedule
Thank you for your information moreover could you please provide Standard Diduction details …..
Thanks & Regards
Shibu
There are no standard deductions allowed now.
25. Home Loan Interest Component doesn’t seems to work.
Congratulations on posting a Income Tax calculator the day the budget was presented by the FM. I have two comments on the first look of the calculator.
1. It starts from May 2011to Mar 2012 and is for 11 months. Apr month needs to be added.
2. In the saving page you have a column for PPF contribution. The saving gets shown in the calculator as employee contribution and employer contribution. Employer contribution is not applicable for retired persons.
Col AK Sareen
@Col AK Sareen
Calculator was in process of updation when you downloaded it.
Can you please try the latest version of document
Hi Pankaj,
Thanks for this good tool. I have downloaded the file today: 08-Mar-11: 12:45PM and it seems that the Home Loan Interest does not seem to work yet. Will be great if you could please fix it and upload the new version.
@Abhishek
For home loan interest exemption, please choose appropriate option in cell C35.
By default, if HRA exemption is taken, home loan exemption is not used.
Thank you for providing the comprehensive spreadsheet. I assume that the there is no cap on the total interest component if the home which is mortgaged is lent out. Currently this has a cap of 1,50,000 in the spreadsheet which is applicable for self-occupied home. In short we have three criterias:
1. No HRA + Self occupied residence (Cap of 1,50,000 is applicable on the interest component)
2. HRA is availed and the home, on which the mortgage exists, is rent out (No cap of 1,50,000)
3. Multiple home scenario – HRA is availed.One of the house is self-occupied by dependents, the other homes are rent out. In this case as well there would be no upper limit on the interest component.
@Jay
Please select appropriate option in cell C52 and C35 in order to compute the correct exemptions.
Further to my post.
1. Tax working also appears incorrect.
Example
Person age 61 age (Senior citizen)
Total pension income including other sources Rs 479919/-
Saving Rs 100000/-
Taxable income Rs 379919/-
No tax Rs 250000/-
Net taxable income Rs 129919/-
Tax Rs 12992/-
Edn cess Rs 390/-
Total Tax Rs 13382/-
Tax as calculated by calculator Rs 17992 + 540 = Rs 18532/-
2. Drop down menu for Gender and Place of residence not working.
Col Sareen
In the Income Tax chart on blog income exempt from tax for women is shown as Rs 190000/- while it is Rs 180000/-
Col AK Sareen
For Man – Income tax limit is 1.8L … isn’t it….
I am referring to this post
http://economictimes.indiatimes.com/budget-2011-income-tax-exemption-limit-raised-to-rs-18-lakh/articleshow/7593535.cms
Home Loan Interest not deduceted from total taxable income
@Ananda
For home loan interest exemption, please choose appropriate option in cell C35.
By default, if HRA exemption is taken, home loan exemption cannot be taken.
I am not able to download the calculator, could you please check the source
@Sarat
Download is working fine. Can you please re-check at your end.
Download is working fine now, thanks for a nice calculator
Errata for you:
Senior citizen age for 80D is 65years.
@Rahul
Thanks for pointing the out.
But I think, the definition of senior citizen has been changed to 60 years old from FY 2011-12.
do you have a sepearate worksheet for practising professionals ? Would be grateful if you can give one
@Siva
No, as of now I don’t have calculator for income from business/profession.
As tax rules are more complex than for salaried one, its complex to create such calculator.
Hi,
thanks for posting calculator but the home loan interest part is not working out.
If city of residence (due to Job) and city where one has bought house (home loan availed) are different then the person gets benefit of both HRA and home loan.
This option is not working in the calculator. can you please help out with this
@Gaur
Please select appropriate option in cell C35 before putting interest amount.
Choose ‘Availing both HRA and Home loan exemption’ in cell C35.
Dear Sir,
Thanks for the AIT calc.The drop downds in D76,D77,D78,D80 with regards to 80d,*0DD,80DDB and 80 U are not working as the file /sheet is protected.
Kindly look in to this
@Satya
Thanks for reporting the issue.
It has been now fixed and you may download the latest file.
Where we calculate Employee’s VPF ?
What is Max limit for book reimbursement ? where we fill in this file (Cell address Please) ?
D76 is read only, I am unable to do change below 60 Years.
We can pay Insurance Policies Premium for parents ? If yes whats a rule for this ?
We can take NSC with parents name ? If yes whats a rule for this ?
@Ankush
You can provide PF values in D98-O98 cells.
There is only max reimbursement limit on medical bills, others are depending on employer.
You can fill reimbursement for books under Periodic journals in cell D22-O22.
D76 cell issue is no fixed, please download the latest file.
You can pay insurance premium for your dependents and that will be non-taxable under 80-C.
Same applies to NSC as well, but gains will be added to your income later.
whats a rules for dependents ? My parents age is 52-53 Years.
@Ankush
In case parents are not senior citizens, exemption is available for 15000.
D104-O104 is equel to D98-O98, If Employees have EPF than is ok.
If Employees have VPF in that case employer not give any share on VPF than automatic calculation will be wrong.
@Ankush
Cells D104:O104 are editable, so you can override the formula. By default, it takes same value as employee contribution.
1. There was a row (95) for other deductions, in last year’s calculator, which is useful for short term loan repayment. Kindly add it.
2. I also would like you to add another row for voluntary contribution to PF, which should reflect in tax exemption under employee contribution as well as under salary in hand.
3. Similarly, entries in savings worksheet could also reflect under salary in hand, which is very handy for tax planning. Thank you very much for the tax calculator
@Krishna
1. Other deduction row has been added, please download and use new version.
2. you can use Row 98 to provide VPF.
3. Once you put all figures, Row 107 and 108 shows in-hand salary.
Thank you very much to disply the link for download tax calculators
I want calculator for income from share trading, could you send the link
@Nagoji
I will try to include the trading income in calculator and update you once new version is ready to download.
Hello all,
Is there a tax exemption for periodic journals? is so how to claim it?
Thanks,
Shilpa
@Shilpa
There is no as such tax exemption available for periodic journals.
Alternatively, You may get period journal reimbursement added to your package (CTC) from your employer. In this case, period journal will not be added to your taxable income.
Hi Pankaj ,
will i be able to claim on going self education amount for tax . if yes then let me know wat all will be included in it .
Am pursuing my Masters Degree with annual fees of 60000 in which 10000 is tution fees.
please reply at the earliest
Thanks
@Saif
For self education, deduction is only allowed if the education loan has been taken. That too only on interest payment part of loan.
Please add followings:
1. Superannuation & Superannuation-in-lieu
2. Own Car Fuel /Maintenance Reimbursement
3. Own car Driver salary
4. Fuel Reimbursements for leased car
5. Driver salary for leased car
6. Mobile Handset Reimbursement
7. Professional Development Scheme (professional certificates)
Thank you.
@Sandeep
Thanks for your inputs. I will add these components soon and release the updated version of calculator.
Hi Pankaj,
Thanks a lot for this wonderful tool.
I have a question, My company provides Fuel Reimbursements which is a part of our salary and has to be claimed with petrol bills submission or if not claimed will be paid at end of the year after deducting tax. Now, The limit of it is as per band of the employee, but tax exemption is only Rs 1800 per month (Rs. 21600 pa). Is that information correct.
If yes, I couldn’t find any row in the file to update that. Will you be able to do something for that?
Also for the row 108 (Salary in Hand without Reimbursements) doesn’t calculate properly i think, As for my company if for eg. a medical or fuel Reimbursement is not claimed it will get adjusted to the last month (ie april 2012). The tool is not calculating/accommodating that. Please correct me if i am wrong or the case be different for other companies.
@Jay
You can put this amount under Row 24. By default an exemption of same amount will be there in Row 45.
If you don’t receive a reimbursement in a month, don’t put same in calculator. Rather you may put whole year amount in March salary.