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, 186,151 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
Hi Pankaj,
i have got form 16 and tax has been deducted let me know which return file should i fill as i am professional wrkning in MNC.
Like Sugam return/ITR2/ITR4.
As i dont have house loan
@Prashant
If you only have income from salaries and bank interests, then you can file income tax return using form ITR1 (Sahaj).
very good income tax calculation formula
Hi Pankaj,
I have a question on TDS. When a company is deducting via TDS will it be deducting on the basis of gross income or on basic pay excluding allowances?
Below is waht i see on my payslips during last financial year:
FY-2011 to 2012:
Apr 25000 2500
May 62099 7625 [increment and sign on bonus on pro-rated basis]
Jun 75000 8572 [sign on bonus pro-rated basis]
July 50000 3422
Aug 50000 3422
Sep 50000 3422
Oct 50000 3422
Nov 50000 3422
Dec 50000 3423
Jan 50000 3422
Feb 50000 3423
Mar 50000 3422
Total 612099 49497
The deducted amount does not go with what i see from SLAB2 tax details.
Below is my salary break up monthly:
Pay Component Monthly (INR)
Basic 17500
House Rent Allowances 7000
Conveyance 800
Special Allowances 18433
PF 2100
Medical 1250
LTA 2917
Total 50000
If my company did not deduct tax amt appropriately do i have to explicitly pay the taxes?What will be the interest rates if i have to pay as of today?
I even need to file my returns yet. I think i missed the date as well. What would be the penality on late returns?
@Sai
Company deduct TDS on basis of your overall tax liability.
They consider income for 12 months and computes taxes after deducting necessary deduction (as per declaration and proofs provided by employee). The pending amount for year is divided into equal portion for remaining months and deducted from salary as TDS.
In case of extra bonus and one time payments, tax is deducted on amount in that month only as per slab rate.
You can compute income tax using income tax calculator provided here by providing monthly salary figures. If total amount payable is more than total paid, you would need to pay that before filing income tax return.
If pending amount is less than 10,000 you won’t need to pay any penalty for late payment.
Thanks Pankaj. The tax calc is really useful. Looks like i am yet to pay few thousands to IT dept yet after TDS payments to IT dept.
I have few questions on income tax returns as well.
1. Correct me if i am wrong. We file the returns for the gross earnings and savings of the previous financial year in the current financial year?
2. I have joined as a consultant in my company on Jun’2010 and became a permanent employee on May’2011. At this time(Jun’2010-Apr’2011) my annual gross income is Rs. 3,00,000/-. I haven’t filed IT returns during the FY-2011-2012. Can i file it now? What could be the penality?
3. I need to files IT returns this FY-2012-2013. I see due date as Aug’2012. What could be the penality for this?
I want to know whether apart from the employer can i get Form16A from any other sources?
Thanks in advance.
@Sai
1. Yes, you need to file income tax returns for earnings in FY 2011-12 in next FY year (2012-13). So for FY 2011-12, Assessment year (AY) is 2012-13.
2. In case you were consultant in FY 2010-11, your income may not be from salary, but from profession. You may have to file ITR4 for that year. Yes, you can file returns for that year even now. If there is taxes payable, penalty may be payable for that. IT department may also ask Rs 5000 for late filing.
3. Due date for FY 2011-12 or AY 2012-13 was 31st Aug, 2012. But you can still file it before 31st March 2013 without any late filing penalty.
You can only get Form-16 from employer in case you are on their payrolls and they have deducted taxes (as TDS) from your salaries.
Form-16A is issued where payments are done for other than salaries like bank interest, payment to consultants etc.
You can also see tax deposits on your behalf on your PAN in Form 26AS(https://incometaxindiaefiling.gov.in/portal/form26ASInfo.do)
Thanks Pankaj
I get Rs.15,000/- as HRA alongwith salary and I pay Rs.5000/- House Rent to Land Lord. On how much amount I will get tax exemption.
@P K Haridas
HRA exemption would also depend on basic salary and city of residence.
Income tax exemption for HRA will be least of following:
1. The actual amount of HRA received as a part of salary.
2. 40% (if living in non-metro area) or 50% (if living in metro area) of (basic salary+Dearness allowance (DA)).
3. Rent paid minus 10% of (basic salary+DA).