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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, 12,405 hits)

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

      Income Tax Calculator for financial year 2014-15 (136.0 KiB, 63,991 hits)

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

      Income Tax Calculator for financial year 2013-14 (130.5 KiB, 49,790 hits)

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

      Income Tax Calculator for financial year 2012-13 (119.0 KiB, 86,111 hits)

  5. FY 2011-12

      Income Tax Calculator for financial year 2011-12 (116.0 KiB, 190,760 hits)

  6. FY 2010-11

      Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 155,263 hits)

  7. FY 2009-10

      Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 63,228 hits)

  8. FY 2008-09

      Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 19,349 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.

 


3,328 Responses

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  1. Rao says

    Thank you very much…

  2. Arvind Rane says

    can i open PPF account at age 62 OR there any age limit for opening PPF account?

  3. KANWALJIT SINGH says

    Sir ,
    I have purchased residential plot in 2011 for value x . now i want to sell my plot in 2015 for value x+y . Sir , please clarify me , is value y is taxable and am i have to pay tax on value y

    sir , please guide me that can i transfer my plot to my wife name and then sale it for value x+y . shall i have to pay tax on value y in this case or not

    • Pankaj Batra says

      @Kanwaljit Singh
      You don’t have to pay tax on full gain of Y amount.
      You need to compute indexed gain.
      Cost inflation index for 2010-11 was 711, for 2014-15 it is 1024. CII for 2015-16 has not been declared yet and should be for around 1100.
      So net gain would be z=(x+y)-((1100/711)*x) approx.
      You need to pay 20% in z amount only.

      If you transfer plot to wife, then she would need to pay tax on gains (z).

      • KANWALJIT SINGH says

        Dear Pankaj ji ,

        Thanks for your valuable reply

        Sir , if i transfer my plot to my wife and she has no other income source then will she pay tax as per income tax slab or she has to pay tax on profit of sale of plot

        or if i purchase new residential plot in same year of amount more than x+y amount of sale of plot then can i liable to pay tax or not

        • Pankaj Batra says

          @Kanwaljit Singh
          She can deduct standard deduction and tax saving deductions (80C) from long term gains and would need to pay tax only on remaining amount.
          There won’t be any tax benefit available on purchase of plot. But if you construct a house on it, then you can claim u/s 54F.

          • KANWALJIT SINGH says

            DEAR PANKAJ JI ,

            SIR , IF I SALE MY RESIDENTAIL PLOT IN THIS YEAR AND I PURCHASE NEW PLOT OR FLAT IN THIS YEAR OR BEFORE END OF ONE YEAR BEFORE SALE OF PLOT THEN I AM LIABLE TO PAY INCOME TAX ON CAPITAL GAIN OR NOT

            SIR , PLEASE ALSO CLARIFY THAT IF I TRANSFER MY PLOT TO MY WIFE BY POWER OF ATORNY , THEN SHE SALE THE PLOT AND SHE GET CAPITAL GAIN LESS THAN RS 2.50 LAKH . SHE HAS NO OTHER INCOME . IN THIS CASE ,ANY TAX LIABILITY WITH HER OR ME KINDLY CLARIFY

            • Pankaj Batra says

              @Kanwaljit
              If you don’t own more than one residential property at the time of sale, you can claim tax benefit u/s 54F. But there won’t be any benefit if you buy plot. It has to be residential house property or you have to construct house on plot.
              If you transfer house to wife name, just for avoiding tax, income tax department may send notice.

  4. Darshan Patel says

    My father is buying a house under my name. He is paying all the amount and taking loan on his income as I don’t have considerable amount of income right now. If he deposit the money in my account to pay, what would be the tax implication? Would it be a gift tax that I will have to pay?

    • Pankaj Batra says

      @Darshan
      There is no income tax on gift amount received from father. There won’t be any tax implications.

  5. Darshan Patel says

    How gratuity is calculated? Is there any specific formula Companies use?

    • Pankaj Batra says

      @Darshan
      Gratuity = Last drawn salary (basic salary+DA) × 15/26 × Completed years of Service (including a part of year in excess of six months)

  6. Rekha says

    Can I claim for Rent paid for my in-laws, who stays at different city ?

  7. Dr SB Kalidhar says

    IITT College of Engg, Kala Amb, HP, paid me Rs 2.79 as salary for April, May and June 2014 at the rate of Rs 83000 pm. It did not pay for July 2014. However, it has intimated to the Income Tax Deptt that it has paid me for 4 months ie Rs 3.32 lacs in the FY 2014-15. Have I to settle income tax for 2.79 (which I actually received) – or – for Rs 3.32 lacs which IITT has WRONGLY intimated.

    • Pankaj Batra says

      @Dr SB Kalidhar
      Get Form 16 from college and file return on basis of that.
      As in case, IT department sends back notice, you would have college signed form 16 as proof.

  8. Darshan Patel says

    In advance taxation, what are the basic rules? Is it still 15th sep, 15th dec, 15th march or changed? Can I show my taxable income from other sources incurred during first three months in last month?

    • Pankaj Batra says

      @Darshan
      Ya, 15 date rule is still same for advance tax.
      If this extra income is less than 10% of total income in year, there won’t be any issue. But if no, then you should pay advance tax to avoid interest penalty.

  9. Rekha says

    under 80 DD, how much amount I can show as a exemption as my father-in law is suffering from Paralysis at one side of full body ? (Rs. 75000 or Rs. 125000 as per new budget) please suggest.

    • Pankaj Batra says

      @Rekha
      Please get certificate from a govt medical officer and if he writes with eighty per cent or more of one or more disabilities, then you can claim 1.25 lakhs, else 75000 would be acceptable.

  10. Darshan Patel says

    What is the difference between PF, PPF and GPF? What are the tax implications over GPF?

    • Pankaj Batra says

      @Darshan
      PF is generally EPF (employee provident fund), which non govt employees have account with.
      PPF is personal account and one can deposit as per his wish and not linked with employment.
      GPF is govt provident funds, only govt employees have this account.
      Tax implications and benefits are same in EPF and GPF.

  11. Darshan Patel says

    Is any tax deduction available on the interest paid on loan other than home loan? if yes, how much?

  12. Kumar says

    Pankaj Sir , The Excel sheet for FY 2015-2016 is not having April Month, Is that correct (V0803) ?

    Thanks In advance !

    • Pankaj Batra says

      @Kumar
      Its there, you can use scroll bar at bottom to scroll to left.

      • Kumar says

        Sorry :(

        I just missed that !

        Thank you so much .

  13. Rekha says

    Hi,

    I would like to transfer my of thru online, with selecting the option as present employer, in this situation, do I need to send a hard copy of the form to my previous organization or not (with attestation of current employer) ? please provide me the details of the process.

    • Pankaj Batra says

      @Rekha
      Please contact previous employer for same.

      • Rekha says

        Hi,

        Thank you for the reply, my PF got transferred, but pension fund has not been transferred, do I need to apply separately for Pension transfer or will it be done automatically by PF office.

        Please let me know.

        Thank you in advance.

        • Pankaj Batra says

          @Rekha
          There is a separate form (10C) which needs to be filled for pension fund withdrawal. I hope you have filled that one also.

          • Rekha says

            Hi Pankaj ji,

            I had applied for PF grievance online regarding my EPS and got the following reply.

            ” It is informed that, As regards EPS, as per the scheme provisions NO EPS amount is physically transferred and credited to your present account. However, the Pensionable service furnished in Annexure-K (transfer document) has already been sent to incorporate in the present spell of (EPS) Pensionable Service. It is further submitted that, the service rendered by you in your previous & present spell of (EPS) pensionable service is the only requirement for pension eligibility or for withdrawal. ”

            Could you please elaborate on this as am not understanding the wordings.

            Thank you in advance.

            • Pankaj Batra says

              @Rekha
              Looks like you got EPF transferred.
              In case of transfer, amount is not transferred, but record is kept for total service duration for pension eligibility.

  14. Darshan Patel says

    Income under the head of “income from business and profession” is exempted if the profit gained from share of partnership firm. how about promoters of private and public limited companies who gets profit from share? Is that exempted?

    • Pankaj Batra says

      @Darshan
      We don’t have much expertise on taxation for businesses.
      Please consult a CA for same.

  15. Darshan Patel says

    Being a sole owner of a business, Do I need to pay taxes related to business as well as taxes on profit comes in hand?

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