in Finance, Government, Income Tax, India, Investment

The excel based Income tax calculator can be used for computing income tax on income from salary, pension, gifts, fixed deposit and bank interest, house rent and capital gains(short and long-term gains).

New Tax Regime Scheme (Section 115 BAC)- Income Tax rates for the financial year 2023-24

For Everyone
Upto Rs. 3,00,000Nil
Rs. 3,00,001 to Rs. 6,00,0005 per cent
Rs. 6,00,001 to Rs. 9,00,00010 per cent
Rs. 9,00,001 to Rs. 12,00,00015 per cent
Rs. 12,00,001 to Rs. 15,00,00020 per cent
Above Rs. 15,00,00030 per cent

New Tax Regime Scheme (Section 115 BAC)- Income Tax rates for the financial year 2020-21/ 2021-22/ 2022-23

For Everyone
Upto Rs. 2,50,000Nil
Rs. 2,50,001 to Rs. 5,00,0005 per cent
Rs. 5,00,001 to Rs. 7,50,00010 per cent
Rs. 7,50,001 to Rs. 10,00,00015 per cent
Rs. 10,00,001 to Rs. 12,50,00020 per cent
Rs. 12,50,001 to Rs. 15,00,00025 per cent
Above Rs. 15,00,00030 per cent

Old scheme: Income Tax rates for the financial year 2018-19/ 2019-20/ 2020-21/ 2021-22/ 2022-23/ 2023-24 

For Men
Upto Rs. 2,50,000Nil
Rs. 2,50,001 to Rs. 5,00,0005 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For Women
Upto Rs. 2,50,000Nil
Rs. 2,50,001 to Rs. 5,00,0005 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For a resident individual of 60 years or above (Senior Citizens)
Upto Rs. 3,00,000Nil
Rs. 3,00,001 to Rs. 5,00,0005 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For a resident individual of 80 years or above (Very Senior Citizens)
Upto Rs. 5,00,000Nil
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent

Please download the income tax calculator from the links provided below on the basis of the required financial year/assessment year. Any person who has some basic knowledge of Microsoft Excel can use this tool easily.

  1. FY 2023-24 (AY 2024-25)

      Income Tax Calculator for financial year 2023-24 (147.5 KiB, 12,890 hits)

  2. FY 2022-23 (AY 2023-24)

      Income Tax Calculator for financial year 2022-23 (148.5 KiB, 13,072 hits)

  3. FY 2021-22 (AY 2022-23)

      Income Tax Calculator for financial year 2021-22 (147.5 KiB, 10,186 hits)

  4. FY 2020-21 (AY 2021-22)

      Income Tax Calculator for financial year 2020-21 (141.5 KiB, 24,049 hits)

  5. FY 2019-20 (AY 2020-21)

      Income Tax Calculator for financial year 2019-20 (125.0 KiB, 57,364 hits)

  6. FY 2018-19 (AY 2019-20)

      Income Tax Calculator for financial year 2018-19 (125.0 KiB, 74,324 hits)

  7. FY 2017-18 (AY 2018-19)

      Income Tax Calculator for financial year 2017-18 (117.5 KiB, 46,578 hits)

  8. FY 2016-17 (AY 2017-18)

      Income Tax Calculator for financial year 2016-17 (136.5 KiB, 40,681 hits)

  9. FY 2015-16 (AY 2016-17)

      Income Tax Calculator for financial year 2015-16 (263.0 KiB, 54,620 hits)

  10. FY 2014-15 (AY 2015-16)

      Income Tax Calculator for financial year 2014-15 (136.0 KiB, 84,678 hits)

  11. FY 2013-14 (AY 2014-15)

      Income Tax Calculator for financial year 2013-14 (130.5 KiB, 59,505 hits)

  12. FY 2012-13 (AY 2013-14)

      Income Tax Calculator for financial year 2012-13 (119.0 KiB, 94,450 hits)

  13. FY 2011-12

      Income Tax Calculator for financial year 2011-12 (116.0 KiB, 198,461 hits)

  14. FY 2010-11

      Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 162,255 hits)

  15. FY 2009-10

      Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 71,013 hits)

  16. FY 2008-09

      Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 28,220 hits)

Changes in FY 2020-21 (Budget Feb 2020):

  1. Optional new tax regime – No change in the existing tax slab rates, but a new tax regime has been proposed. If individuals don’t take exemptions and deductions, they would be taxed at reduced tax rates.
  2. Additional 1.5 lacs deduction available u/s 80EEA on home loan interest subject to the following conditions:
    a) The loan must be taken between April 1, 2019, and March 31, 2021;
    b) The value of house property must not exceed Rs 45 lakh; and
    c) Individuals should not own any house on the date of sanctioning of the loan.

Changes in FY 2019-20 (Budget July 2019):

  1. Additional 1.5 lacs deduction available u/s 80EEA on home loan interest subject to following conditions:
    a) The loan must be taken between April 1, 2019, and March 31, 2020;
    b) The value of house property must not exceed Rs 45 lakh, and
    c) Individual should not own any house on the date of sanctioning of the loan.
  2. 15% surcharge between 1 to 2 crores of taxable income, 25% between 2 to 5 and 37% above 5 crores.

Changes in FY 2019-20 (Interim Budget Feb 2019):

  1. Full tax rebate (u/s 87A) for taxable income (after all deductions/exemptions) upto Rs 5 lakhs.
  2. Standard deduction increased for salaried persons from 40,000 to 50,000.
  3. No notional rent for second self-occupied house property under income from house property.
  4. TDS deduction on fixed deposits threshold increased from existing 10,000 to 40,000.
  5. Section 54 exemption is applicable for up to two house property purchase (once a life) if capital gains are less than or equal to 2 crores.
  6. Income tax slabs remain the same as the previous year.
  7. Anonymous and online system for assessments: Within the next 2 years, scrutiny to be done without any physical interface between taxpayer and tax officer and to be done electronically without disclosing each other’s identity. We wrote it as one of our suggestion in Open Letter to Narendra Modi in Dec 2016.

Changes in FY 2018-19:

  1. Removal of conveyance allowance and medical reimbursement and Addition of standard deduction of Rs 40,000
  2. Cess on tax increased from 3% to 4% (education and healthcare cess)
  3. LTCG introduced @ 10%, for gains exceeding 1 lakh earned from listed stocks/equity-linked mutual funds
  4. Section 80D now allows up to Rs 50,000 deduction for plan taken for senior citizens
  5. New section 80TTB added for senior citizens which allow up to Rs 50,000 deduction for income from saving bank interest or income from fixed/recurring deposits. But 80TTA (10,000 deductions for saving bank interest) and 80TTB cannot be applied together. Under section 194A the threshold for deduction of tax at source on interest income for senior citizens has been raised from Rs. 10,000 to Rs. 50,000
  6. Capital gain bonds u/s 54EC duration increased to 5 years from 3 years

Changes in FY 2017-18:

  1. The reduced income tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh to 5 per cent from 10 per cent.
  2. Reduced Section 87A rebate from Rs. 5,000 to Rs. 2,500. And no rebate will be applicable for taxpayers having income above Rs. 3.5 lakh.
  3. Additional Surcharge of 10%, if taxable income is above 50 lakhs.
  4. Max loss from house property for let out property can be 2 lakhs.
  5. Period for applicability of long term capital gains for house property reduced to 2 years from 3 years, and base year changes to April 2001 for indexation computation.
  6.  Individual and HUF taxpayers to deduct tax at source @ 5% of the rent paid by them in case the amount of the rent exceeds Rs. 50,000 per month.

Changes in FY 2016-17:
1. Rebate increased to 5000 from 2000 u/s 87A
2. Like NPS, tax deduction also available for APY (Atal Pension Yojana)

This excel calculator supports the inclusion of the following components, explanation for each is also provided along:

House Rent Allowance (HRA):  Rent receipts can be shown for taking tax benefit for living in a rented house. Income tax exemption for HRA will be least of the following:

  1. The actual amount of HRA received as a part of the 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).

In some cases, the deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in the same city or not at a commutable distance to office.

Transport/Conveyance allowance: Rs 800 per month is non taxable if salary has this component. This would not be exempted in case of employee also avail of car reimbursement. No proofs/bills required to submit for this exemption.

Children education allowance:  Per school-going child 1200 per annum is non-taxable. Maximum for 2 children, so max 2400 per annum becomes non-taxable.

Grade/Special/Management/Supplementary Allowance: That’s a general component in the industry to complete CTC amount after putting 35-40% into basic and 20% in HRA. This is not an expense, but this head is kept just to put the rest of the CTC amount into some component.

ArrearsGenerally arrears are fully taxable, but the employee may claim exemption u/s 89(1).  One would need to compute income tax on the arrears if it would have been received in the actual year. Now the difference of income tax between payment year and actual year would be allowed for deduction.

Gratuity: If the amount is received before completion of five years of service with the employer, it should be taxable. Else it would be non-taxable up to Rs 10 lakh in the case of non-government servants. In the case of Government service employees, it would be fully non taxable.

Leave travel allowance (LTA)Two trips on a block of four years can be claimed for exemption for travel done inside India. The following amount would be non-taxable:

  1. Where journey is performed by rail; railway-fare in first AC class by shortest route to the destination.
  2. Where places of origin and destination are connected by rail but the journey is performed by any other mode than first AC class fare by the shortest route to the place of destination.
  3. Where the place of origin of journey and destination, or part thereof, are not connected by rail and journey is performed by any other transport; then (i) If a recognised public transport system exists between such places the first class or deluxe class fare of such transport by the shortest route, or, (ii) If in other case, first AC class fare for the distance of the journey by the shortest route, as if the journey has been performed by rail.
 Leave encashmentPayment by way of leave encashment received by Central & State Govt. employees at the time of retirement in respect of the period of earned leave at credit is fully exempt. In the case of other employees, the exemption is to be limited to minimum of all below:
  1. The actual amount received
  2. The cash equivalent of leave balance (max 30 days per year of service)
  3. Maximum of 10 months of leave encashment, based on last 10 months average salary
  4. Rs. 3 Lakh

Performance Incentive/Bonus: This component would be fully taxable.

Medical allowance/Reimbursement: This component is on-taxable up to 15000 per year (or Rs 1250 per month) on producing medical bills.

Food Coupons – Non-taxable up to 50 Rs per meal. So a 22 working month and one meal per day would make Rs 1100 as non taxable. Sodexo or Accor ticket coupons may also be provided by the employer for the same.

Periodical Journals: Some employers may provide a component for buying magazines, journals and books as a part of knowledge enhancement for business growth. This part would become non-taxable on providing original bills.

Professional Development Allowance: If original bills are submitted to the employer, this allowance may become non-taxable. Generally payment done towards any technical course fee, certification etc done to enhance professional knowledge can be reimbursed.

Uniform/Dress Allowance: Some sections of employees mat get an allowance for the purchase of office dress/uniform. In such a case, the component would become non-taxable.

Telephone reimbursements – In some cases, companies may provide a component for telephone bills. Employees may provide actual phone usage bills to reimburse this component and make it non-taxable.

Internet Expenses – Employer may also provide reimbursement of internet expenses and thus this would become non taxable.

Car expense reimbursements – In case the company provides a component for this and employee use the self-owned car for official and personal purposes, Rs 1800 per month would be non-taxable on showing bills for fuel or can maintenance. This amount would be Rs 2400 in case the car is more capacity than 1600cc.

Driver salary – If the employee pays the driver salary for a self-owned or company-owned car, Rs 900 per month may become non-taxable if the employer provides a component for it.

Gift from relatives vs non relatives: Gifts from relatives would be non-taxable with no limits attached. Following relations are covered under the non-taxable rule:

  1. Spouse of the individual
  2. Brother or sister of the individual
  3. Brother or sister of the spouse of the individual
  4. Brother or sister of either of the parents of the individual
  5. Any lineal ascendant or descendant of the individual
  6. Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (2) to (6).

If gifts received from non-relative persons is worth more than Rs.50000, one is liable to pay the tax on whole value. Gift can be in form of a sum of money (in cash/cheque/bank draft/electronic transfer) or any articles.

Agricultural Income: If one has only only agricultural income, then it is fully exempt from income tax. If other income also there, a rebate on agricultural income would be provided at a 10-30% rate depending on the actual amount of agricultural income.

House rent Income: 30% of the rental income can be reduced as a standard deduction for repairs, maintenance etc. irrespective of the actual amount spent.

Bank/Fixed deposit/Post Office/NSC/SCSS interest: Interest earned on bank account, fixed deposits, post office, debt mutual funds/fixed maturity plans(kept less than one year) would be added to taxable income and taxed as per slab rates.

Short Term Gains from Share Trading/Equity Mutual funds: if stocks/equity mutual funds are sold before one year, 15% tax would be payable on such gains. STT should have been on transaction.

Long term gains from Share Trading/Equity Mutual funds: If stocks/equity mutual funds are kept for more than a year before the sale, it would be long term gains and such gains would be fully exempt from income tax. Securities transaction tax (STT) must have been paid on transactions for availing this exemption.

Section 80C, 80CCD and 80CCC deductions– One can claim his investments/payments under section 80C, 80CCC and 80CCD, up to 1.5 lakh (1 lakh before FY 2014-15) combined limit. Amount can be invested in:

  1. Tax saving mutual funds (ELSS) with three years lock-in
  2. Five-year tax-saver bank Fixed deposits
  3. Public provident fund (PPF)
  4. National Savings Certificate (NSC) or National Service Scheme (NSS)
  5. Employer contribution into New Pension Scheme (NPS) (Section 80CCD)
  6. Life insurance/Unit Linked Insurance Plan (ULIP) premium
  7. Employee’s contribution towards Employee provident fund (EPF)
  8. Home loan principal amount payment (only if you have got possession of the house)
  9. Senior citizen savings scheme (SCSS), if your age is more than 60 years
  10. Post office tax-saving deposit or tax saving bonds
  11. Pension scheme/Retirement plans (Secion 80CCC)
  12. Tuition fees paid for children education
  13. Sukanya Samriddhi Scheme

Section 80D : Maximum deduction of up to 25,000 (15,000 before FY 2015-16) under medical or health insurance offered by life insurers taken for self and family. An additional deduction of up to 15,000 for buying cover for dependent parents. If parents/assessee are senior citizens, they can claim a deduction of up to Rs 30,000.

Section 80DD : Deduction of 75,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 125,000.

Section 80E : Tax relief on interest payments on education loan taken for higher studies for self, spouse or child. There is no maximum limit on this deduction.

Section 80G: The eligibility is 50% or 100% of the donation amount subject to an overall ceiling of 10% of your gross total income to certain funds and charitable institutions.

Section 24/Home loan interest payment : The maximum limit is of 1.5 lakh on interest payments of a home loan for a self-occupied house. There is no ceiling on the amount of deduction if the house is let out or deemed to be let out. House rent would need to show in income in case house is not self-occupied.

Section 80U (Disabled/Handicapped person): Deduction can be claimed if a person has a disability. The allowed dedudtion for Rs 75,000. This deduction goes up to Rs. 100,000 in case disability is severe.

Section 80DDB deduction (Medical treatment expenses): Expenses done for medical treatment for self, spouse, dependent children, parents, brothers and sisters. Maximum deduction can be Rs 40,000 (goes up to 80,000 in case the patient is a senior citizen). Deduction is only allowed in the case of following diseases:

  1. Neurological Diseases where the disability level has been certified to be of 40% and above,
    (a) Dementia
    (b) Dystonia Musculorum Deformans
    (c) Motor Neuron Disease
    (d) Ataxia
    (e) Chorea
    (f) Hemiballismus
    (g) Aphasia
    (h) Parkinson’s Disease
  2. Malignant Cancers
  3. Full Blown Acquired Immuno-Deficiency Syndrome (AIDS)
  4. Chronic Renal failure
  5. Haematological disorders :
    (a) Hemophilia ;
    (b) Thalassaemia.

Professional tax: Professional tax deducted from salary by employer should be removed from taxable salary before computation of income tax.

Employer contribution of EPF/New pension scheme(NPS): Employer contribution does not become part of employee’s income and hence income tax is not payable on this part.

Tax deducted at Source (TDS) deduction: As per income tax rules, all payment which is taxable in nature should be done after deduction of taxes at the source itself. Hence employer computes income tax on salary payment and deducts it every month. This TDS is based on employee’s saving/investment declaration at the start of year. If investments for tax saving is not done, large amount may be deducted in the last few months.

In-Hand monthly salary: After deduction of all components like TDS, EPF etc in hand monthly salary is computed.

In-Hand monthly salary without reimbursements: Some of the employees get reimbursements components separately in a different payment other than salary, So this figure shows in hand salary w/o reimbursement components like medical, telephone, internet bills, driver salary etc.

Total income this year: This figure shows the whole year’s income from all sources combined.

Advance tax schedule: As per income tax rules, 30% of income tax should be paid by 15th Sept, 60% by 15th Dec and the rest by 31st March. If its not followed one may be charged interest penalty u/s 234C.

If you want to use a simple web based calculator, you may try, official income tax calculator by income tax department

Disclaimer: We are not responsible for any inaccuracies in the income tax computed by this tool. If one finds any issue, they can report same to us through contact us page and we would try to fix the problem as soon as possible.

 

Facebook Comments

Write a Comment

Comment

3,648 Comments

  1. Dear Sir,

    My Gross salary is Rs.348000 per annum for the AY year 2013-14, i have only one life insurance premium paid of Rs.4900 and my Employer has deducted the amount of Rs. 14310 as TDS from my total annual salary and provided the form-16.
    i have forgot to file income tax for the year 2013-14 so now what is the next course of action detailwise i have to follow please let me know. i have searched many websites related to e-filling of income tax.

  2. Kya Retirement ke samay Rajasthan Govt.se 300 PL (Yadi hai to) ke agst.mein 300 days ki salary (As per last month of retirement) par Income lagega .yadi haa to kitna

    • @Narendra
      Payment by way of leave encashment received by Central & State Govt. employees at the time of retirement in respect of the period of earned leave at credit is fully exempt.

  3. Pankaj, you need to update the tax exemption on conveyance to 19,200. It is still reflecting 9,600.

    I have been using your calculator for the past 5 years. Keep up the good work.

  4. Hello Pankaj, I came across this link through a search i was doing to figure out ways calculate my tax. Thanks for this
    Can you pls advise how I can calculate tax for a consultant ?

    • @Prachi
      For consultants, its income from business or profession and computation is not straight forward.
      As profit loss accounts needs to be maintained, expenses like telephone, internet, rent, travel etc can be deducted from income, I would advise to take help from a CA or tax professional.

  5. Hi Pankaj

    Since I understand about income tax, I always manage it by your provided calculator. From Budget announcement recently by Finance Minister in year 2015-2016 budgets… Believe they announce NPS additional 50,000 on top of 80C 1,50,000 so total 2 lac for investment. I downloaded your recent calculator and finding no option to fill the NPS 50,000 as an investment, Please help me to guide Ho can I specify 50,000 under New Pension Scheme ( NPS ) comes under CCD.

  6. Dear Sir,
    I will plan to start submit income tax return for next 1st April 2015. I have pan card, So, Please tell me how can i start online submission of my incometax return. Please guide me in details

  7. Hello Pankaj,

    http://profit.ndtv.com/budget/nps-to-give-extra-tax-deduction-of-rs-50-000-10-things-to-know-744518?utm_source=ndtv&utm_medium=top-stories-widget&utm_campaign=story-11-http%3a%2f%2fprofit.ndtv.com%2fbudget%2fnps-to-give-extra-tax-deduction-of-rs-50-000-10-things-to-know-744518

    The additonal deduction of Rs. 50,000 on NPS will increase the total deduction allowed under Section 80C and 80CCD of Income Tax Act to Rs. 2 lakh (200,000), says Mayur Shah, executive tax director at EY.

    Could you suggest if the investment will truely decrease the tax liability and if this fact has been integrated into your Tax Calculator?

    Kind Regards,
    TejasN

  8. hello
    I find your sheet very useful.
    I had filed income tax based on on it in last financial year. AS there is no change in my income. I filled all parameters same in new sheet for current financial year.
    However I see that the provision of exemption of nil tax up to Rs.2,50,000 not reflected in the final sheet as tax amount is same as year for my incomce. Logically it should reduce. Please help urgently as I have to submit to my accounts department.

  9. Hi Pankaj,

    My employer deducted the full tax instead of actual tax amount because of unavailability of PAN card for HRA claim. Now I have got the PAN card of land lord. So can I claim the refund which occurred due to full HRA exemption ?

    Thanks

    • @Jeetendra
      It should only be done by employer, Please submit PAN to employer and while generating form 16 they would make HRA non-taxable and thus you can file for refund in income tax return.

  10. Sir,

    Recently out your website my interest increased in IT Returns.

    My father had gifted me one of the floors of the building we are living in some 3 years back. We all stay together in the building.
    I had paid the registration fee only around Rs 70,000 for the one floor.

    There is no inclusion of this property in any of the returns filed in past 3 years. Either his or mine.

    Is it ok. Any Tax implications. Anything to worry.

  11. Hi Pankaj Sir,
    The Income Tax calculators you provided on your website are so very useful and thank you for the same. I have been using them for the past 4 years for my IT calculations.
    For the FY 2014-15, my salary structure contained a component called Conveyance Reimbursement/Petrol Reimbursement, whereas the Excel sheet provided by you mentions only ‘Car Reimbursement’. Can I use this head for Conveyance Reiumbursement? Our company auditor says I can submit monthly self declaration to claim Auto-fare (rs.4500/- monthly) against this head. Kindly advise. Thank you!

      • Pankaj Sir,

        Thank you so much for your reply. But I have just one more question sir. Are the Monthly Self-declaration letters claiming Auto fare really eligible for Tax deduction as advise by our company’s CA. Please advise me sir, since based on this my Tax is being deducted from my March salary.

      • Pankaj sir,

        Just one more thing I forgot to ask. My company’s accounts manager says Form 16 is not really needed for filing ITR, if he gave the calculation in the form of a small Excel sheet. For 2013-14, he gave small tabular form citing that it can be used to file ITR and I did the same. Even today, he is not ready to give Form 16 and says that the Incometax Site/relevant site is not functioning well in his PC to download the Form 16s. Many of my colleagues are suffering due this kind of lapse from my accounts team.
        Please share your opinion sir.
        Thank you,

        • @Madhavi
          Auto fare declaration should not come under reimbursement as such. Instead they can provide conveyance allowance for tax benefit if one is using such public transport.

          • Pankaj Sir,
            Thank you for the clarification. But as per our company salary structure, they allotted Rs.800/- as conveyance allowance, and Rs.4500/- as conveyance reimbursement, mentioning that we can gain Tax Exemption by providing self declaration letters. But, as you say, I understand that this is not the case. therefore, I guess I am liable to pay rs.5400/- Tax against this head. Please correct me if I am wrong. Thank you sir.

                • You will get conveyance exemption of Rs.800/- per month and you have to pay tax on Rs.4500/- on conveyance reimbursement which is not in purview of conveyance allowance category.

        • @Madhavi
          Form 16 is mandatory in case they have deducted any taxes in form of TDS from your income. They can’t deny that. But that can be provided by June end.
          If they are deducted TDS and still avoiding giving form 16, you should cross check in Form 26AS if they have actually submitted tax to govt.

          • Pankaj sir,
            Thank you for your reply. I guess they might have paid the TDS to Govt., but my question is why not they issuing Form-16 even for the FY 2013-14 for which the ITR filing date was last July 31st. And for current FY, God only knows when they will issue form-16. Last year, after I filed my ITR for 2013-14, based on the Excel sheet given by my Accts. Manager, I received an Income tax Intimation U/S 143(1) citing that Tax paid was not matching. When I asked this to my Accts Manager, he says that there was a problem and its been resolved. After that I did not get any letter/mail from Income Tax dept. So, I feel Form-16 is necessary for filing ITR, not just any Excel sheet calculation. Kindly advise sir.

              • Pankaj Sir, you are absolutely right. I just verified my salary deposits and deductions. Our Accounts did deduct TDS from me, but paid Rs.500/- less to Govt, that is how I ended up receiving Demand Notice from IT stating that Rs.330/- is still unpaid, while I was anticipating a refund of Rs.176/- from IT. I will approach my Accts Mgr and hopefully issue should be resolved. If he denies to this fact that mistake has happened at their end, what should I do. Kindly advise. Thank you in advance.

                • Sir, just one more point here. The TDS of Rs.500/- for the month of March’14 was deducted on 2nd April, 2014 since I got my March’14 salary on 2nd April ’14. Is this the reason, they have not paid this 500/- on my behalf for the FY 2013-14. Will this 500/- be accounted for in this FY 2014-15? What is the normal practice of TDS deduction and submitting to Govt.? I am bit confused here. If my Accts.Mgr is not at fault, then I would like to pay this Rs.330/- at my end and close the Demand Notice with IT dept. Kindly advise.

  12. Good evening Mr. Pankaj, Please help me in giving your valuable opinion.

    I am paying house rent and failed to provide the Bills to my employer before the due date pronounced by the company. Now they are going to deduct income tax from my salary without considering the HRA. Please advise how to claim the refund once the tax is deducted by the employer. I have rent paid receipts for the whole year available with me. Kindly help me.

    • @Rao
      It should only be done by employer, Please submit bills to employer now and while generating form 16 they would make HRA non-taxable and thus you can file for refund in income tax return.

  13. Dear Sir,

    I own a flat and it is self occupied. My unmarried son lives with me in my flat. He is employed and intends to pay me Rs. 9,200 per month towards house rent so that he can claim his HRA.

    1. Is this allowed to take rent from my son who is living with me?

    2. Since my flat is “self occupied” can I take rent from my son?

    3. Is 30% Maint. deduction allowed from the total yearly rent? or am I not allowed to claim maint. deduction of 30% as the flat is a “self occupied” as per the Municipal Corp. records.

    4. I will be issuing Rent Receipts to my son every month so that he can furnish the same to his employer and claim HRA. Is this arrangement OK?

    5. Is it OK if he gives cash to me ? Of course, I wish to show this as house rent in my IT Returns.

    Please advise if you have any other suggestions.

    Thanks and Regards.
    Rao

    • @Rao
      1. Yes, its legally acceptable to take rent from son.
      2. You can show part of house given on rent to your son.
      3. Yes, 30% maintenance deduction is allowed from rental income.
      4. Yes, you can issue rent receipt with PAN mentioned, which can be shown by your son to claim HRA exemption.
      5. No issues in taking cash. But its advisable to accept cheque or account transfer (NEFT/IMPS/RTGS)

  14. Hi, while filing returns for FY 13-14 AY 14-15, i realized that i need to pay 9820 more as tax, the above amount includes the interest as well, i want to what should be the “type of payment” i need to select in challan 280, also when i goto the bank page to make payment, do i need to give a breakup for this 9820 (like surcharge/interest/penalty etc) or just put the entire amount in the section tax, i am using idbibank to pay

  15. Dear Sir,

    I had jointly purchased a 3 different land (plot) with two other partner having my sharing 9% and other two have 21% & 70% in money paid (All land plots are jointly owned by we three as per deed)

    Now we decided to build a shops on land, for that other two want to take loan from Bank

    For 1 & 2 land plot deed, both of them taken a loan from bank on their name (having given NOC for taking loan on jointly owned land by other two)

    Now for 3rd lanp plot deed, loan taken on my name for them (having given NOC for taking loan on jointly owned land by other two)

    Now I want to know following;
    (1) For 1st & 2nd loan taken by them for which i have given NOC /Aggreement (Sahmati), Shall i responsible for EMI & loan payment if they become Defaulters??
    (2) For 3rd loan for them, for which i am the primary borrower, if 1st & 2nd partner becomes Deafualters and subseuently i also do not pay the loan then 3rd lanp plot shall be auctioned by Bank??? or i have to face any legal conseeuences for payment of loan interest & loan amount???

    Regards,
    T.D.

  16. Hi there,

    Investment Declaration form for FY 2015-16 is not avaible in your site,
    Will your team be uploading the same for FY 2015-16.

  17. Good Morning Mr. Pankaj Batra,

    My DOB is 05.05.1955. My 60 years will be completed by 05.05.2015. Kindly advise whether I can submit 15H form to my Bank in April 2015 for the FY 2015-16 AY 2016-17?

  18. Hello Sir,
    Your excel sheet are always pleasurable to see. Thanks for the same.

    My question is that: –
    My CTC is 7.5 Lacs and I am living in company provided bachelor accomodation in guest house (at plant site) for while they are deducting 7.5 % of my basic p.m. with a condition that we cannot claim HRA while filling tax return.

    I dont understand why company policy says that:
    Please advice, that can I claim HRA by showing the rent receipts of the house used by my wife and childs in a town.

    • @Bajrang
      As accommodation is provided by company, you can’t claim HRA exemption.
      Rent paid for house used by your wife and child cannot be claimed for HRA, as you don’t live there.