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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, 14,741 hits)

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

      Income Tax Calculator for financial year 2014-15 (136.0 KiB, 66,557 hits)

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

      Income Tax Calculator for financial year 2013-14 (130.5 KiB, 50,151 hits)

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

      Income Tax Calculator for financial year 2012-13 (119.0 KiB, 86,329 hits)

  5. FY 2011-12

      Income Tax Calculator for financial year 2011-12 (116.0 KiB, 190,954 hits)

  6. FY 2010-11

      Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 155,420 hits)

  7. FY 2009-10

      Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 63,373 hits)

  8. FY 2008-09

      Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 19,534 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 1.5 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 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 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 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 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 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 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.

 


3,375 Responses

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  1. AR says

    Hi Pankai,

    I’m staying abroad. I don’t have any income from India. I do own houses and plot in India, but no income from those properties.

    In this case, which ITR form do I need to use?

    I heard that starting this year, we need to file/report foreign earning (salary etc) as well. Considering this, do I need to file and report it in the same form or we have some other form what i need to use?

    Thanks in advance!

    • Pankaj Batra says

      @AR
      You can fill ITR 2 form.

      • AR says

        Hi Pankaj,

        Thanks for your response! Few more questions –

        1) ITR-2, since I need to report my foreign bank account in there? Can’t I use ITR-1?
        2) While filing return, Which esidential status do I need to mention – “Resident” or “Non-Resident”? How will it impact to the tax calculations and income?
        3)Do I need to report/include my foreign income (current earning) as well while filing ITR in India?

        • Pankaj Batra says

          @AR
          1. As you have foreign bank account/income, ITR1 can’t be filled.
          2. As you are not living in India, you should fill non resident.
          3. Your foreign income won’t be taxable in India, but same needs to be reported.

          • AR says

            Thanks Pankaj!

            I’ve one more question – my status is an NRI since last 4 years, but I’ve used ITR-1 in last 3 years and filed ITR. All calculations were done correctly in those ITR-1 forms (No other income apart from saving and fixed deposit interest, but have crossed Rs.10,000, which were neatly reported in there)

            Should I file a rectification now?

            • Pankaj Batra says

              @AR
              No, in last years, there was no special case for foreign income returns.
              From this year only, it has been categorized separately.

              • AR says

                Thanks!

                Moreover, During last 4 years, I’ve filed my ITR using ITR-1 form and status as “Resident”. Do I need to file the rectification for my old ITRs because of incorrect status, since my residential status was an NRI?

                • Pankaj Batra says

                  @AR
                  Yes, you should get it corrected with non-resident status.

                  • AR says

                    Can you please guide me the process of filing a rectification for correct residential status? Do I need to re-file the ITR for last years? Can I do it online?
                    Any other pointer what I need to take care of?

                    Thanks!
                    AR

                    • Pankaj Batra says

                      @AR
                      In case previous returns have not been processed, you can file a revised return.
                      You need to re-file ITR and you won’t be able to able to file rectification request.

  2. ASR says

    Hi Pankaj,

    I am in abroad and I don’t have any earning from any employment in India. Though, I’ve earned interest from saving bank account. Also, I have few real state properties but no earning from those either.

    In this case, which ITR form do I need to use to report my income in India?
    As I am in abroad, do I need to report and file my foreign income as well. FYI, I am anyways paying income tax here. Do I need to pay the tax in India as well on my foreign earning?

    • Pankaj Batra says

      @ASR
      As you are not resident Indian, you don’t need to pay taxes on foreign earnings.
      You should file ITR2 and report indian and foreign earnings in it.

  3. Prateek Agarwal says

    What are the eligibility criterion (age of the children etc.) for claiming ‘Tuition fees paid for children education’ under 80C?

    • Pankaj Batra says

      @Prateek
      As such there is no minimum age criteria.
      You can start from Nursery class.

  4. Ankur says

    Hi Pankaj,

    I need to file my ITR.

    1) Which form do I need to use if I’ve just earning from interest on saving bank accounts. I don’t have any other earning in India.

    2) My current residential status is NRI being staying abroad from last 4 years. Do I need to include my foreign income (current earning) as well while filing ITR in India?

    3) While filing return, Which esidential status do I need to mention – “Resident” or “Non-Resident”? How will it impact to the tax calculations and income?

  5. Anna says

    Hi Pankaj,

    I’ve few queries regarding filing ITR this year. Could you please help me out.
    My father has given some amount to keep it for some time in my bank account (to return whenever required) as he do not have internet banking, do not know how to do it and staying in different location. i’ve made an FD just not to touch it for my expenses. He took that amount back after 10months. I got an interest and TDS was deducted and showing up in 26A.
    1. Do i need to file different ITR (I file ITR1 till date as i do not have any other income except salary). If filing ITR1, how should i show it, as it is showing up as refund.
    2. Is it mandatory to fill all my bank accounts while filing ITR? few are dormant few are operational.

    Regards
    Anna

    • Pankaj Batra says

      @Anna
      1. This income can be shown in ITR1 itself under income from other sources.
      2. Yes, now its mandatory to fill account details in ITR.

      • Anna says

        Pankaj,

        I have one more query… I’ve bought and sold shares once in last year… can i show it under income from other sources.

        Regards
        Anna

  6. ramesh says

    dear sir,

    i am a tax payer, i plan to invest my money (after the tax deducted) to fd through my father account (i transfered money to my father account,and he ll invest in fixd deposite) my father dont hav any income(he s under my liability)

    my doubt is , if the interst earned by fd in my father account exceed rs 10000 limit…do my father have to pay TDS for that or not?

    • Pankaj Batra says

      @Ramesh
      Your father can submit form 15G/15H into the bank and TDS won’t be deducted.

  7. Prateek Agarwal says

    What is the age or class (in which he/ she is studying) criteria of the child to avail tuition fees exemption?

  8. Bhupesh says

    Dear Sir,
    My wife is getting money from her mother and we want to repay our housing loan. Is this money taxable? Me and my wife we both are working
    My mother in law getting money from sell of her house

    • Pankaj Batra says

      @Bhupesh
      There is no tax liability of receiving money from such blood relations. It can be shown as gift.
      But there may be long term capital gains tax liability for your mother in law, as she sold her house.

  9. Rao says

    Good Morning Mr. Pankaj,

    My Son is working in UK since 4 years. He has to submit ITR from this year. He has only SB A/c. interest which is less than 250K (Basic exemption limit). Kindly advise which ITR Form to be filled use and the SB A/c. Interest earned should be shown or not. He has no other income in India. Thanks and Regards.

    • Pankaj Batra says

      @Rao
      He should file using ITR2 as he has income outside India. Interest needs to be reported in the return.
      TDS will be deducted on the interest earned from NRO account @30.9%. The entire NRO interest is subject to TDS without any exempted threshold.
      The interest on NRO is fully taxable at the rates applicable to Residents. But there is no income threshold under which TDS is not chargeable. However, TDS is applicable @30% plus surcharge and education cess and nothing can be done in practice, to avoid it. The only recourse open is to claim refund by filing tax returns. Form 15-G, requesting for non-application of TDS is not available for NRIs.

  10. Rao says

    I am sorry…I wish to include (to be above query) that for my son NO TDS was deducted as he has submitted Form 15G. Now my bankers informed me that he has to close SB A/c. and whenever his FDs mature, the proceeds and interest earned will be credited to NRO Account. (He has NRO Account as well). What are the tax liabilities for NRO account? Kindly clarify in details. Regards

  11. Rao says

    Thanks for the immediate reply as usually.

    // However, TDS is applicable @30% plus surcharge and education cess and nothing can be done in practice, to avoid it. The only recourse open is to claim refund by filing tax returns. //

    What I understood from the above is that once the bank deduct 30.9% TDS on the interest earned from the NRO Deposits, refund can be claimed for the entire amount deducted (TDS) for NRO Account Holders. Is my understanding right? Pls. clarify. Thanks.

    • Pankaj Batra says

      @Rao
      Yes, return can be filed for refund of whole TDS amount.

      • Rao says

        Thank you once again for your help.

        I failed to understand, while there should be method for their …ness, why to deduct 30.9% TDS on NRO A/c. Deposits/Interest and refund the same in full. They would have also set a threshold to avoid unnecessary work at all ends. However, many thanks…Regards.

  12. Mukund K says

    Hello Sir,

    In the financial 2014-15, worked in company A till 26-Dec-2014 and joined company B on 29-Dec-2014. There was no deduction of tax from company B.
    When I check my form 26A from traces website, no where there are details about company B salaries. Could you please let me know in such income tax dept would know about that?
    In case I need to show salaries from both companies, I have below case
    1)I paid for LIC policy after joining second company. But didn’t show any proof for that
    2)I also didn’t submit HRA receipt for Jan-Mar 2015.
    Now would it be possible for me show above deduction and avail benefit. If yes how and whom to approach? I am very much confused about this. Please guide me further. Thanks in advance

    • Pankaj Batra says

      @Mukund
      As no tax has been deducted by company B, Form 26AS won’t have any entry from company B. But that does not mean that you don’t have to report this income and pay taxes on same.
      1. You can include LIC policy amount under section 80C to get deduction in income tax return form.
      2. As such, HRA exemption is provided by employer and there is no place for it in ITR form. But as you have not claimed it with employer, now you can reduce this exemption from company B income while showing in ITR.

  13. Rao says

    Good Morning Mr. Pankaj Batra,

    My younger son worked during FY 2014-15 (AY 2015-16) in COMPANY ‘A’ from 01.04.2014 to 31.08.14 (5 months) and in COMPANY ‘B’ from 09.09.2014. In COMPANY ‘B’ Form 16 is given and the same is uploaded in Traces (Form 26AS).

    His COMPANY ‘A’ was closed during August 2014 and despite several requests and followups during notice period in July and August 2014, no Form 16 is given to him as since Sep. 2014 there was nobody available to handle this issue in the Company ‘A’. Form 16 was also not uploaded in TRACES (Form 26AS).

    This was brought to the notice of the COMPANY ‘B’ and they did not include the COMPANY ‘A’ earnings and deductions in the absence of Form 16 from the COMPANY ‘A’.

    Now, my son has decided to club the earnings of both the Companies and submit ITR-1 (other than the salary earnings, he has only SB A/c. Interest and Interest on FDs) and pay the taxes accordingly.

    Please advise whether this is OK to do this way, especially when the existing TRACES Site (Form 26AS) differ from what he is going to show by clubbing the earnings of both companies.

    His total taxable income is less than Rs. 5 lakhs (after all deductions), therefore, he is claiming Rs. 2,000.00 u/s 87A and adding 3% towards Education Cess and Surcharge.

    Kindly advise what we are doing is right and suggest if anything is wrong.

    Thanks and Best Regards

    • Pankaj Batra says

      @Rao
      Traces would only show record if any TDS has been deducted by employer.
      Yes, its fine to club income, compute tax yourself and pay whatever is remaining tax payable.

      • Rao says

        Thank you very much for your assistance.

        Regards

  14. LSBaghel says

    I suppose file my ITR I am a govt employee which form I should use

  15. Prateek Agarwal says

    Hi Pankaj, one query regarding 2015_ITR1_PR2, under Taxes Paid and Verification, Sl. no. 27, Other Bank account details- whether one should mention the bank details where he/ she is 2nd or 3rd joint account holder?

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