The new slabs for Income Tax in India were proposed in the Union Budget 2010 by Finance Minister, Pranab Mukherjee. Given the new tax slabs that are expected to be in force from the FY 2010-11 or Assessment Year 2011-12 we have prepared an Income Tax Calculator for financial year 2010-11 for your convenience.
Broadly speaking, the tax slabs exempt all income below INR 1,60,000 whereas the income between INR 1,60,000 and INR 5,00,000 is proposed to be taxed at the rate of 10%. The next income tax slab lies between INR 5,00,000 and INR 8,00,000 for which the rate of taxation is 20%. Finally, all income above INR 8,00,000 would be taxed at the rate of 30%.
Also, the minimum turnover limit for small businesses for mandatory audit has been raised to INR 60,00,000. Similarly, in case of individuals, professional receipts exceeding INR 15,00,000 would be subjected to compulsory audit for filing of Income Tax Return.
Using the income tax calculator 2010-11 attached with this post you can see that for most of the individuals having income levels above INR 3,00,000 there is a steady reduction in the overall income tax liability. This is a clear step to reduce the overall tax burden from the shoulders of Indian Middle class which typically has income between 3,00,000 to 10,00,000 rupees per-annum – and especially so for the salaried people.
Please find the income tax calculator 2010-11 attached. This calculator caters to Assessment Year 2011-12 ( AY 2011-12).
Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 148,793 hits)
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Hi Pankaj,
I have 2 form 16′s for last financial year as I worked with 2 employers
Total tax comutation Rs 32610
TDS detcuded by employers Rs Rs24950
Tax that I have to pay still is Rs 7660 (not paid yet)
Now Do I have to pay interest under sec 234b, 234c?? Can you please clarify me on this
@Karthikeyan
As pending tax is less than Rs 10,000, you don’t have to pay any interest under section 234B or 234C.
Hi Pankaj,
1. What should we do if my tax to be paid was above 10000 after March 31st after all my TDS detuctions?? Suppose say if my tax liable was 12000 after March 31, how does the calculation work as I dont pay any advance tax, only TDS is applied as I am salaried.
2. Last financial year I was employed with 2 employers. I have withdrawn my PF from previous employers. Since my employment was less than 5 years, TDS was deducted on PF amount. I have received the PF amount after the tax deduction. Now under which part should I enter the PF amount received and the TDS, while filing returns???
@Karthikeyan
1. As tax was not paid fully and pending tax is more than 10,000, interest has to be paid under section 234B and 234C for the late payment of taxes.
As you changed job, it was your duty to get taxes deducted fully in form of TDS by informing your employer.
1% interest per month for 4 months has to be paid under 234B (4% of 12000 = Rs 480)
Around Rs 444 has to be paid under 234C for delay in advance tax payment.
2. While filing income tax return, you should provide the gains part (interest earned from investment) into income from other sources and tax deducted under TDS sheet as per form 16A. TDS deductor should provide you form 16A to show TDS payments.
Hi Pankaj
Along with my salary I have a corporate FD and the interest income during the FY is RS 11000 , While filing return what should be the the amount I should put againt “income from other sources ” ? is it Rs 11585 or Rs 6585 ?
@Vinod
As you gained interest of Rs 11,000, same has to be mentioned under income from other sources section.
I am not sure how you made 11585 or 6585.
First off, thanks for the calculator. It is easy to use.
One thing — I paid Advance Tax challans. Where do those paymenys in this sheet.
@KulBhushan
As of now there is no provision for advance tax payments. We will add that soon.
You may add same with TDS columns for now.
Hi Pankaj,
Couple of queries about filling ITR-1.
*) I am not able to find what needs to be filled in “Income tax ward / circle”?
*) In online filing, the row 7 (i.e. Total Income (4-6)) is actually not being rounded to 10. However the income tax department expects it to be rounded to 10. In my last year’s return the value was not rounded to 10, so last It deparetment send me notice u/s 143(1). Although there was not additional income tax demand, it was sent just to inform about the error in the return. This time I don’t want to repeat the same mistake, so was trying to round the value. However the ITR-1 (excel sheet) provided by income tax department is now allowing me to change that value. So just looking forward to you for some solution?
Thanks in advance
Rajiv
@Rajiv
1. You can check your ward/circle on this page: https://incometaxindiaefiling.gov.in/portal/common.do?screen=jurisdiction
2. Total income tax is not editable, but tax payable field is. So you may compute income tax with round off and put tax amount in this field. Tax is computed in sheet but you can overwrite it.
Dear Sir,
Thank you for the wonderful service you are doing, in aiding the common taxpayer.
My wife worked in a pvt company in AY2011-12 for about 7 months, prior to quitting her job permanently. Till then, she had claimed about Rs8000 as medical reimbursement out of total permissible limit of Rs 15000. For the balance part of the year, she has incurred the balance of Rs7000 as valid expenses against bills. Can this be adjusted while filing returns?
Thanks & Regards,
Gaurav.
@Gaurav
Medical reimbursements deduction can only be taken with employer and if unemployed this benefit cannot be availed.
While filing income tax return there is no option to claim it and you will have to state as per form-16.
Dear Sir,
After excluding TDS & TCS, balance tax to be paid for AY2011-12 is Rs 24913. As I have to pay a penalty under 234B&C, plz find below the calculations I made after going through your earlier comments.
Sec 234B: 4% of Rs24913 = Rs997
Sec234C: 3% of Rs7474 = Rs224
3% of Rs14948 = Rs448
1% of Rs24913 = Rs249
Am I correct with my calculations?
Thanks,
Gaurav
@Gaurav
Your 234B and C calculations are correct. You may continue with them.
Dear Mr. Pankaj,
I was employed with 2 employers in FY 2009-2010. I had withdrawn my PF from previous employers in 2010-2011. Do I need to pay tax on PF amount which I had withdrawn?
Please advise.
Thanks in advance..!!!
Micky Mehta
@Micky
This page has PF withdrawal tax-ability explained: http://www.socialfinance.in/questions/1002/how-to-calculate-tax-on-epf-withdrawal
Hi Pankaj,
I had 2 employers in previous financial year.
so, which ITR form do I need to fill?
@Praveen
If you only had income from salary, bank interest, house rent, then you can fill ITR1.
Hi Pankaj,
I have following two queries:
1) I have withdrawn my PF after 7 years of continuous service. I know that the whole amount is non-taxable. However I was just wondering where in the ITR-2, can I declare this income?
2) I had made some short term profit (sold in 6 months time) on company ESPPs (stocks are listed on Nasdaq). Looks like that I have to use ITR-2, however I am confused where to fill this information as the capital gains section is really confusing.
It has two sections:
- Short-term (u/s 111A)
- Short-term (others)
I don’t which section is applicable for me?
Thanks in advance,
Rajiv
@Rajiv
1. You can declare non-taxable interest income under sheet EI in ITR2
2. Short-term (others) is applicable to you as stocks on which you made short term capital gains, are not listed in India and not did not pay STT (Securities Transaction Tax) on transactions.
Hi Pankaj,
Thanks a lot for the clarification. I have some followup questions:
- For the PF withdrawal, I can declare the non-taxable interest income under sheet EI in ITR2, but how about componet contributed by employeer. I think it can not be considered as interest. Where exactly can I show this part of PF amount?
- I was trying to fill ITR-2, but somewhow after the page named”Part A- General”, for all the next pages, the buttons i.e. “Next”, “Validate” etc. does not work. They seems to be inactive.
-Also on the page named “Part B -TI”, I filled the salary details in the Schedule S, I was expecting that they should automatically show up in the “Computation of Total Income”->Salaries. However it is not happening. And the field “Salaries” being read-only, I can not edit it.
Please help me
Thanks in advance,
Rajiv
@Rajiv
1. There is no need to show employer contribution part. Its not a income now, but was part of your salary only when it was deducted.
2. Can you please enable macros in excel (there might be a security warning at the top). If that is enabled already, please try downloading latest version of excel file from income tax e-filing website.
3. Part B -TI schedule S will be auto filled from Schedule S on bottom of same sheet. You will have to fill all red sections (Name of employer, Address etc).
I have two houses total rental income is Rs270000/ house loan is rs800000/ interest paid 64217/ and LIC installment is Rs3640/ pl calculate my income tax
@Arvind
Please download income tax calculator and compute income tax yourself.
hi Pankaj
My mother expired last year. She has to get a tax refund of around 7k.
Now how should i file the income tax returns, in whose name should I file, can i do it through e filing
@Karthikeyan
After death of a person, Its responsibility of legal heir to fill income tax return on his/her behalf, as per Section 159.
In name of assessee you can write ‘late (name of deceased) through legal heir (name of person filing)’.
hi Pankaj
You mean to say the name should be in the format
Name: Late ‘”XXXX” through leagal heir “YYYY”
1. What should i enter in the bank details, my account details or my mothers
2. Should I put my name in the declaration space and sign
3. Should i attach any supporting doc like death certificate
4. Is it possible to e file for deceased
@Karthikeyan
1. Its better if you provide your mother’s account details, if it still exists. If not available, you can provide yours.
2. You will have to provide your name and sign declaration section as a representive of the decesead.
3. No document needs to be attached along with income tax return.
4. You can file return online for deceased.
Hi Pankaj,
today i went to drop the form 16 but the guy told me go http://www.incometaxindia.gov.in
and pay 12010, why should i pay. because i hav form 16 of my previous cmpany and i hale already been paid. i am not understand why should i pay.
I really appreciate if you guide me.
Best Regards,
Kuldeep Singh Rathore
@Kuldeep
I am not able to understand your query. Where did you went to drop form-16?
You can compute your income tax and file income tax return online on https://incometaxindiaefiling.gov.in.
If whole tax is already paid in form of TDS by your employer, there is no need to pay anymore tax, but if some tax is still payable, you will have to pay yourself.
Hi Pankaj,
Apart from salary, I have some other income from Insurance commission, which ITR form shall I fill?
Thanks in Advance..
Micky
@Micky
You should file ITR-4 as you have income from business/profession.
Hi Pankaj,
I have a home lone and as such I am paying interest for that but while filling ITR 1 (excel sheet downloaded from Income Tax Department website), I found that no field has been given for deducting the interest amount. Can you tell me how to get deduction for the same in the ITR 1 Excel Sheet.
@Moutushi
Home loan interest has to be shown in section ‘income from house property’ as a negative figure (loss from house property).
Hi Pankaj.
my 80G is not included by my company, so it i snot specified in Form 16. i paid TDS for 26K. what should be my tax payable previously it was 26K(how to calculate that) and what will be my returns
@Prasanna
You can fill income tax return excel as pr your form-16 and provide your 80-G deduction extra.
After this, you can compute income tax by clicking on Calculate tax button in ITR excel. It will show you refund amount exactly.
I received pension of abt 196000 in feb 2011 for the period nov 2009 to march 2011 my monthly pension is 12600 so it comes to around 150000 per year but this amt is inclusive of 4 month pension of last fin yr 2009-2010–i have also income of interest of abt 140000 my total investment is 120000 (1 lac in ppf and mutual fund and 20000 in infra structure bond)can u pls advice me the amt of tax i have to pay.I have not paid tax .For women upto 190000 plus 120000 is tax free–clarify
@Lakshmi
If you add this four month of pension to previous year’s income, then what would have been its income tax liability.
If your income in 2009-10 plus these 4 month’s pension makes previous year’s income above taxable limits in 2009-10, then you have to pay taxes on this amount. Else not.
Based on above status, you can add/skip this income to this year’s income. If you add this, total tax will be 2678 Rs, else nil.
Thanx a lot for the clarification
why formG is required for FD.? Whether FD interest would be treated as income along with pension? Is there any exemption receipt of FD interest?
@Tmshunkran
Fixed deposit interest has to be added to taxable income (income from other sources) along with pension. No exemption is available for fixed deposit interest.
HELLO SIR I AM WORKING IN GUJARAT STATE IN FIX PAYMENT SALARY RS 5000/MONTH . I WANT TO FILL UP INCOME TAX RETURN FORM BUT I HAVE NOT GET ANY 16 A FORM ,, HOW CAN I FILL THE FORM
@Pragnesh
In case your salary is below taxable range, income tax filing is not mandatory.
Also, in case your employer has not deducted any tax (TDS), then there is no need for them to issue form-16/16A.
Total amount paid to me as arrear ,pension&GratuityFrom 1-4 2010to31-3-2011 is659423=My deductions are as under-
Rs.30000/-under 80E
Rs.44993/-under Sec.80C.Please caiculate my Tax Liabilty.I am retired Bank Manager and 61 years old
@Suresh Kumar Sharma
Gratuity amount is non-taxable for more than five years of service, subject to max amount of 10 lakhs.
Please download income tax calculator excel and compute income tax yourself bu putting various components of income.
Hi Pankaj,
I want to know, if I have some extra tax (in column tax payable) and I have paid that online, now do I need to put in that amount (as paid ) in somewhere in the form ?
or not required?
I am about to fill the ITR1 online….
Your immediate help will be much appreciated… Thanks
@Hitesh
Sorry, for delayed response.
you will have to fill self paid tax in self assessment tax section in ITR (Sheet TDS, section 25).