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, 169,758 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
Related posts:
Company gave me 4,33,925 Rs in 2011-12 financial,can you calculate how much tax i can save in Noida.Can you suggest me the salary structure including basic,HRA,TA,Medical allowance.no Other allowance applicable. I did 10000 ppf saving only.Now Please suggest how much tax i have to pay.
@Akkhil
Please download and use income tax calculator excel to compute income tax.
I am not bale to download tax calculator for 2011-12. It seems corrupted. Could you please reload tax calculator xls for year 2011-12 ?.
@Vishnu
We don’t see any issue with download. Can you please try downloading it from some other system.
Sir,
What is the differnce in SBI Fixed Deposit of 3 yrs and 5 yrs?
Let me know where to invest Rs 10,000 for tax saving?
@Baninder
Fixed deposit can be normal or tax saving. For tax saving only five year fixed deposit is accepted.
There is lock-in in tax saving fixed deposit, you cannot withdraw amount before five years.
You can read tax saving options here: http://www.socialfinance.in/questions/7/tax-saving and http://www.socialfinance.in/questions/45/investment-advise
My annual salary is 2,40,000/- and i have paid 7600/- towards life insurance premium for my policy. Kindly tell me any income tax is payable or not ? I am talking for F.Y. 2011-2012
Pls reply
@Rakesh
Please download and use income tax calculator excel to compute tax.
i received tribal allowance per year 4800. are the discount of this amout.
@Rajesh
Yes tribal area allowance is exempted from income tax if these are provided in areas of M.P., Assam, U.P.,Karnataka, West Bengal, Bihar, Orissa, Tamilnadu and Tripura
i have a doubt in tax calculation
i am a srf temporary employee in a central govt institute and i have taken more than 8 days leave which was calculated as loss of pay and deducted from my salary.should i pay tax for that loss of pay amount.i have requested for that extra leaves before itself .
@Aswati
Amount deducted for extra leaves taken won’t be included in your salary and hence there should not be any tax payable on that.
In Form-16 your employer should not include that amount in your income.
I WORKING IN NEW DELHI. I HAVE RECIEVED RS.18188 AS HRA BUT I AM PAYING RS.5200/- AS RENT I SUBMIT THE RENT RECIEPT FOR THE SAME. SO HOW MUCH I CAN GET RENT REBATE IN INCOME TAX
@Shashi
Income tax exemption for HRA will be least of following:
a) The actual amount of HRA received as a part of salary
b) 40% (if living in non-metro area) or 50% (if living in metro area) of basic salary+DA.
c) Rent paid minus 10% of basic salary+DA
Sir,I am senior citizen of 61 years old geting pension Rs17000/-per month,88000/-last four months salary,Rs.123000/- N.S.S.full and final payment received from P.O.and Rs.28000/- F.D.interest Plz.let me know how much tax I have to pay.
@Sunilkumar
Considering interest amount from NSC of 46,000, total income this year would be around 3.66 lakh.
Income tax on this income for you would be around Rs 11948.
clear that u/s 10 (13 – A)
how to avoid tax on an annual indian income of INR 4,90,000/- of a state government emplyee/teacher (46 yars old lady)through government and public infrastructure investments?
@Jeff
Please read answers to similar questions here:
http://www.socialfinance.in/questions/7/tax-saving
http://www.socialfinance.in/questions/45/investment-advise
Hi,Pankaj Sir,
I am from Delhi, i am download your tax calculator but your tax calculator sheet most column are protect show not calculate tax proper calculate. pls. upload unprotect tax calculator
@Rakesh
Please let me know which tax calculations you find improper. We would love to correct the calculations.
Hi Pankaj Brother,
I am from karnataka and i am working for NGO in Gulbarga and i joined this organization in the month of july and my take basic is 12000, HRA 6000 and Special allowances is 6649.Gross salry is 24649. My PF contribution is 1440, income tax 500 and P tax 200. Take home salary is 22,509 brother. I have not done any tax savings still now. i lived in rented house and rent is 3000 per month.
Brother how much tax i am supposed to pay, income tax to Govt and how can i save my taxable amount.
Please bother help me.
Prashant Kumar
@Prashant
You need to put all these values in income tax calculator and it would compute income tax for you.
Calculator also has provision for providing tax saving investment values, so you can see how much tax you can save by investing how much.
Regarding tax saving options, read below pages:
http://www.socialfinance.in/questions/7/tax-saving
http://www.socialfinance.in/questions/45/investment-advise
hi i am ganesh, i have downloaded the excel file from ur site. I am unabe to type few terms in the required area. can u send the password ?
@Ganesh
All fields which require values from your side are already editable.
Please let us know which area/cell is creating issues for you.
Hi,
I have changed 3 companies in Apr. 2011 to Mar. 2012 , can you help me , how to ITR.
Regards,
Vikas
@Vikas
You need to add income from all three employer and use income tax calculator to compute income tax.
After 80C, 80D etc saving, it would show taxable income and income tax payable. If there is extra amount payable after TDS deducted by employer, you can pay this amount directly. Once this is done, you can file income tax return online.
Hi, thanks for the so quick reply. I will do the same & get back to u if i found any issue. Thanks for ur help.
Regards,
Vikas.
Hi , I would like to know what is the maximum amount that can be saved on 16.Car Reimbursement
i.e Petrol allowance and Driver allowance for this financial year
Your help would be really appreciated
@Sachin
In case your employer has car reimbursement and driver salary allowance in your salary package, you can have maximum Rs 1800 per month (2400 in case of car with 1600cc or more power) for car maintenance and Rs 900 towards driver salary as non taxable.
This is for self owned car used for official purposes.
Hi,
I am a married working woman. I have recently changed/updated my name in my passport with my in-laws surname and also added spouse name. Now I want to change my name in my PAN card also and all other relevant places. If I apply for a name change now, would it affect my ITR filling process in next assessment year? Secondly, on only changing name, will my PAN no also get changed? What are other places where I will have to apply for name changes?
Thanks, Surbhi
@Surbhi
Your query has been already answered on this page: http://www.socialfinance.in/questions/2443/name-change-in-pan-card
Salary 40k a month working for the last 6 months what is d tax payable ….. will be counted as 2,40,000 if yes with investments of 20k and house rent of 15k whats taxable
@Smita
Please download and use income tax calculator for tax computation.
i am karnataka govt job holder, if we get surrender leave cash for 1 month, where i have to enter it in tax calculator? for ex, i got basic pay 18000 and da 11250 hra 900 medical allowance 50, rural allowance 100…
@Vishwanath
You can enter leave cash amount in Row 19 under leave encashment section.
thanks a lot for the calculator……will revert back with my feedback on it
sir please tell me benefits of HUF in india as compared to individual or partnership firm.
@Mukesh
You may show some of the earning (like rental income, gifts received, business income) to family account and file income tax return separate after availing deductions.
sir , two question:
1) i changed my job, and i have withdrawn my PF after 1 year of leaving the job, the PF amount received will taxable or not?
2) i have received IT refund, should i show it in my income????
thx in advance
@Stalin
1. EPF withdrawal would be taxable in your case. Read this page for details: http://www.socialfinance.in/questions/1002/how-to-calculate-tax-on-epf-withdrawal
2. Income tax refund is not taxable. This is extra tax you paid last year.
m a ladies my total incm is 2,39,138.how much tax i have 2 pay?
@Lekha
Please download and use income tax calculator excel to know income tax.