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Income tax calculator

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). This tool cannot be used for computing income tax from business or profession.

Income tax calculator

Income Tax Slab Rates for financial year 2015-2016 (AY: 2016-17)

For Men
Upto Rs. 2,50,000Nil
Rs. 2,50,001 to Rs. 5,00,00010 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. 5,00,00010 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For resident individual of 60 years or above (Senior Citizens)
Upto Rs. 3,00,000Nil
Rs. 3,00,001 to Rs. 5,00,00010 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For 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 income tax calculator from the links provided below on the basis of required financial year/assessment year.

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

      Income Tax Calculator for financial year 2015-16 (263.0 KiB, 3,115 hits)

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

      Income Tax Calculator for financial year 2014-15 (136.0 KiB, 57,528 hits)

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

      Income Tax Calculator for financial year 2013-14 (130.5 KiB, 48,761 hits)

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

      Income Tax Calculator for financial year 2012-13 (119.0 KiB, 85,419 hits)

  5. FY 2011-12

      Income Tax Calculator for financial year 2011-12 (116.0 KiB, 190,155 hits)

  6. FY 2010-11

      Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 154,747 hits)

  7. FY 2009-10

      Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 62,771 hits)

  8. FY 2008-09

      Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 18,893 hits)

Any person who has basic knowledge of Microsoft excel can use this tool easily.

This excel calculator supports inclusion of 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 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).

In some cases, deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in 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 employee also avail 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/Supplemementary Allowance: That’s general component in 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 CTC amount into some component.

ArrearsGenerally arrears are fully taxable, but 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 actual year. Now difference of income tax between payment year and actual year would be allowed for deduction.

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

  1. Where journey is performed by rail; railway-fare in first AC class by shortest route to destination.
  2. Where places of origin and destination are connected by rail but the journey is performed by any other mode then first AC class fare by shortest route to the place of destination.
  3. Where 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 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 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 upto 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 employer for same.

Periodical Journals: Some employers may provide 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 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 allowance for purchase of office dress/uniform. In such case, the component would become non-taxable.

Telephone reimbursements – In some of the 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 company provides component for this and employee use 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 car is more capacity than 1600cc.

Driver salary – If employee pays driver salary for self owned or company owned car, Rs 900 per month may become non-taxable if employer provides 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 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, rebate on agricultural income would be provided at 10-30% rate depending on 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 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 lakh 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 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

Section 80D : Maximum deduction of up to 15,000 under mediclaim 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 deduction up to Rs 20,000.

Section 80DD : Deduction of 50,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 100,000.

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 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 needs to shown in income in case house is not self-occupied.

Section 80U (Disabled/Handicapped person): Deduction can be claimed if person has a disability. The allowed dedudtion if for Rs 50,000. This deduction goes up to Rs. 75,000 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 60,000 in case patient is senior citizen). Deduction is only allowed in 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. Hematological 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 are taxable in nature should be done after deduction of taxes at the source itself. Hence employer compute income tax on salary payment and deduct 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 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 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 rest by 31st March. If its not followed one may be charged interest penalty u/s 234C.

If you want to use 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.

 


3,265 Responses

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  1. TAFZUL VANTHARA says

    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. Narendra Sharma says

    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

    • Pankaj Batra says

      @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. Sanjay says

    There is no option to enter National Pension System Deposit in Saving Sheet.

    How can it be done?

  4. Aniruddha says

    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.

    • Pankaj Batra says

      @Aniruddha
      Thanks for reporting. Issue has now been fixed.
      Please download latest version from same link: Income_Tax_Calculator_2015-16_v0303.xls

  5. Prachi Tiwari says

    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 ?

    • Pankaj Batra says

      @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.

  6. Hardik says

    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.

    • Pankaj Batra says

      @Hardik
      It took us a while to fully understand the details.
      The calculator has now updated with extra 50,000 CCD deduction.

      • Hardik says

        I guess still National Pension system ( NPS ) not allowing to add…. Where to add 50k to reflect NPS (National Pension System ) Deposit 80CCD… I tried adding in Saving tab but not reflecting in main page.

        Please help

        • Pankaj Batra says

          @Hardik
          Option is there in Row 125 (employee contribution to NPS) of main sheet.

          • Hardik says

            Thanks a lot Panjak ! Cheers

  7. HEMANT SHAH says

    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

  8. TejasN says

    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

    • Pankaj Batra says

      @TejasN
      This increased deduction has been included in calculator and yes it would reduce tax liability.

  9. vivek bhardwaj says

    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.

    • Pankaj Batra says

      @Vivek
      There may be some issues in data entry. Can you please cross check or send file to us at: files at pankajbatra.com

  10. Jeetendra says

    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

    • Pankaj Batra says

      @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.

  11. B says

    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.

    • Pankaj Batra says

      @B
      Thats fine, as its non taxable gift.
      All you can do is get a gift transfer deed made to show the transfer.

  12. Madhavi says

    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 Batra says

      @Madhavi
      Yes, you can use car reimbursement row. Its pretty much same thing.

  13. Rao says

    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.

    • Pankaj Batra says

      @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.

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