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
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Hi pankaj, i wish to modify the excel, could you provide the password please? its very useful for a novice
Was unable to generate value of tax for total income. Are there any mandatory cell to filled to get the tax value.
@Amit
As such there are no mandatory cells. Can you please upload it somewhere (on Yousendit/Dropbox etc) and send us path so that we may check it.
Dear Pankaj
what is eligible amount on Child education allowance / Tution fees. Is this single component or different component while considering exemption?
hi
my father was treated for heart attack in 2010 dec.
the company insurance gave around 60 % refund in apr 2011.
What is the tax and for which year could i have got the rebate on expese incurred on my dads treatment?
@Baninder
First you need to check if this treatment falls under rule 11DD of income tax. Check this page for list of diseases: http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2001ITAct/Rules2001/rules011dd.htm
If it falls under this rule, You can claim income tax exemption u/s 80DDB for maximum 40,000 (or 60,000 in case your father is above 60 years). This exemption would also be limited to expense actually incurred minus claim provided by insurance company.
Thanks
Dad was treated for heart attack.
This does not fall in the list you have provided.
Sir, so this will not be eligible for exemption.
In that case is the reimbursent seen as income?
@Baninder
Unfortunately yes, it won’t be eligible for exemption.
But reimbursement from insurance company won’t be treated as income as you already spent amount in treatment and it was just refund of that amount.
thanks Pankaj Batra saheb
thank u very much..very useful
Thank you for this calculator, I have downloaded it. Does it calculate the eligible deduction for donations u/s 80G (to private trusts) ? The calculations are a bit tricky, 50% of maximum 10% of gross income reduced by all deductions u/s 80C etc., ?
@Shrinivas
See row 89 for donations in income tax calculator excel.
Hi, I have a doubt.. that i have taken a housing loan for house @ my native and am working in chennai staying in rented house. Can i apply, for both HRA and home loan for tax exemption. please do help me…My mail id is chockalingam.meena@gmail.com
@Meena
Yes, you can claim tax benefit for both HRA and home loan, if owned house is not at a commutable distance from work place.
what is the amount eligible for Children education allowance / Tution fees?
@Sprasanna
You can claim tax exemption for tuition fees paid for your children (maximum two) under section 80C. 80C has maximum total exemption limit of one lakh.
Also if you get children education allowance as part of your salary, that would also be non taxable upto Rs 100 per child per month for maximum two child.
I have few query
1. In our company, company providing parking space to us for park the vehicle and deducted parking charges (Rs. 500 to Rs. 2000 per month) from the salary. Those amounts (Rs. 6000 to Rs. 24000 per year) will less from taxable income? If yes, please let us know how?
2. Father age 52 and son age 27, father can take Medical insurance for son for 80D? How?
3. Father age 52 and son age 27, son can pay father life insurance for 80C? How?
4. Please let us know other allowance (like transport allowance Rs. 800 per month, HRA Rs. 3000 per month not required any paper proof /bill /slip) which are tax free allowance and no need submit any document ?
5. Telephone Reimbursements have any amount limit or clause?
6. Book Reimbursements have any amount limit or clause?
7. Stamp Duty/Registration charges for land also tax free under 80C? How we can claim?
8. If last year and last to last year, we forget to add NSC interest during tax calculation and filling. Can we add last 2 year and current year NSC interest in this income?
9. LTA is not part of the salary, in this case can be claim LTA?
10. Periodical Journals and book allowance are same?
11. Internet Expense and telephone/mobile reimbursement are same? Internet Expense has any amount limit or clause?
12. Uniform/Dress Allowance can be provided by any MNC company where any Uniform are not applicable for employee‘s?
@Mr Agarwal
1. If company pays directly to parking provider and does not show it in your income, then it may become non taxable. But if its not the case, it would be taxable.
2. Father can pay medical insurance premium for son and claim deduction for it. Amount should have been paid from father’s account(cheque, credit/debit card)
3. Son can pay insurance premium for father and claim deduction for same too. Amount should have been paid from son’s account(cheque, credit/debit card)
4. Conveyance allowance (Rs 800 per month) does not require proofs to be submitted. HRA needs rent receipt/house rent agreement if rent is more than 3000 per month. Children education allowance is non taxable upto Rs 100 per month per child, but it should be there in your salary structure. There are other allowance which become non taxable but they require proof submissions and they should be in salary structure.
5,6. As such there is no limit on telephone/books/internet reimbursements, but it would be limited to payment done by employer as part of salary.
7. Stamp duty/registration charges are exempted u/s 80C but only for residential house property and not for land or commercial property.
8. If you did not report some income in last year’s return, it should not be added to this year’s income.
9. If LTA is not part of salary structure, LTA benefit cannot be claimed.
10. Periodical journal and book allowance should be same.
11. Internet and mobile expenses allowances can be separate.
12. Uniform allowance should not be exempted if company does not have uniform applicable.
Education loan is under rebate yes or no
@A K Sharma
Whole interest payment for education loan is exempted from income tax.
Could you please guide me on the tax/TDS implications if any on sales commission paid to an NRI. This could be for services/consultancy rendered for orders to be executed within India or abroad.
Hello sir,
Pls clarify my doubt..
my hus. basic-35000, HRA-17500, convey-4800, med.allow-1250, spl.allo-49000,earne communication-1500. tot.gross-109326.How much his tax amount sir?
He is working in a pvt.sector. when he will pay his tax?? some amount deducted every mnth in his offi. According to what terms they deduct it?? how?
@Srini
Please download and use income tax calculator for computing income tax.
HI,
I have question regarding my LTA Claim, I traveled in March’11.
Can I claim my LTA claim in FY (20011-12), as currently we have LTA block period for 2010-2013.
Kindly let me, this rule fallen under which section in Income-Tax Act, 1961.
@Praveen
You won’t be able now for travel done in March 2011. As that calender and financial year has ended, your employer won’t accept that claim.
Sir,
Can we take the tax benifit fir home lone / loan for reconstruction of home for 2 time or more.
@JP Singh
We did not understood your query properly. Can you please elaborate what did you meant by 2 time or more.
My daughter is a mentally handicapped, can I deduct amount under 80 DD and thereby calculate the Income tax for the assesment year 2012-13
@Mohd. Saleem
Yes, you can claim deduction under 80DD for your daughter treatment and maintenance. Max deduction limit is Rs 50000 (1 lakh in case of disability of more than 80%).
You would only to be able to claim deduction for tax saving investment, in the same financial year…. in which investment was done……
During financial year 2011-12 we have received arrear due to sixth pay revision . Can we divert the arrear amount to the respected year under the rule 89A of Income tax . I have already did the same thing in the year 2004 when we receive the arrear due to Fifth pay revision . Pl clarify
@B K Agarwal
Yes, you can claim for income tax relief under Sec 89 (1) for arrears received during the year for previous years.
sir my income gross sailary is 495139 and gpf is 148482 plz suggest me to 1-04-2011 to 31-03-12 income tax on my sailary .plz tell me .i m confused.so plz help me send me a my tax pay in that time .total tax detail give me plz.send me detail on my e mail id.thank u very much……….
@Rajinder
Please download and use income tax calculator excel.
I am a salaried person (govt, employee in kerala) total annual income is 342683, deduction as per 80c is one lakh then the total amount is 242683, is it possible to exempt from tax, (I have purchased one new house in this month, its stamp duty is nearly one lakh)
@Latheeb
You have already consumed max exemption limit of 1 lakh u/s 80C. Stamp duty deduction also comes under 80C.
Now if you want to save more tax, read here for more options: http://www.socialfinance.in/questions/7/tax-saving
Hi Pankaj..Thanks for this wonderful tool..It’s been a life-saver for me…
I have two questions which I would appreciate if you can answer. The question is regarding HRA exemption; I went through few websites which explained the procedure but still the calculation didn’t match the figures on Form 16.
If total basic is 130800, HRA is 52320, and the total rent paid is 78000, how do you arrive at the figure of 50620 as the HRA exempted (both your tool as well as the Form 16 show this figure).
My next question is regarding PF. As much as I know and as has been the case in my previous companies, the PF is 12% of the Basic. But the offer letter of the company which I am going to join soon mentions “780″ as my PF contribution whereas my Basic is 21000. Isn’t there a fixed percentage or could it be any arbitrary amount?
@Priyanka
HRA exemption is computed on monthly basis. It depends on how much basic salary, HRA allowance has been paid in that month and how much rent you actually paid in that month. If you observe in income tax calculator, there is HRA deduction under each month and then total is sum of deductions in all month.
12% mandatory rule does not apply in case basic salary is more than Rs 6500. In case an employee has basic salary more than 6500, he can get away with PF by just deducting 12% on 6500, which is Rs 780.
Your new employer is inclined towards giving more “in hand” salary than contributing for future.
Thanks a lot…I calculated HRA for each month and got the right figure!!!Thanks again..
i want some information about VAT