Most of people like me (employed in different organizations) need to know how much tax will be deducted every month as TDS (Tax deducted as source) by their employer.
To help all of us, I have created a small but powerful income tax calculator using which one can find out how much In hand he will get, how much HRA proof he needs to provide to make HRA non-taxable, whats the total tax he will have to pay for a year. After you calculate your taxes, you can also read How to file income tax return online.
2011 Budget Update (28 Feb 2011): As per budget presented on 28th Feb, 2010, Pranav Mukherjee proposed changes forincome tax rate slabs as per below. Also apart from current one lakh investment, additional 20,000 Rs will be non-taxable, if same has been invested in long term infrastructure bonds.
Income Tax Calculator for financial year 2011-12 (116.0 KiB, 130,174 hits)
Income Tax Rates for financial year 2011-2012
| For Men | |
| Upto Rs. 1,80,000/- | Nil |
| Rs. 1,80,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For Women | |
| Upto Rs. 1,90,000/- | Nil |
| Rs. 1,90,000/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For resident individual of 60 years or above (Senior Citizens) | |
| Upto Rs. 2,50,000/- | Nil |
| Rs. 2,50,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For resident individual of 80 years or above (Very Senior Citizens) | |
| Upto Rs. 5,00,000/- | Nil |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
2010 Budget Update (26 Feb 2010): As per budget presented on 26th Feb, 2010, Pranav Mukherjee proposed changes for income tax rate slabs as per below. Also apart from current one lakh investment, additional 20,000 Rs will be non-taxable, if same has been invested in long term infrastructure bonds.
Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 145,397 hits)
Income Tax Rates for financial year 2010-2011
| For Men | |
| Upto Rs. 1,60,000/- | Nil |
| Rs. 1,60,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For Women | |
| Upto Rs. 1,90,000/- | Nil |
| Rs. 1,90,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For resident individual of 65 years or above | |
| Upto Rs. 2,40,000/- | Nil |
| Rs. 2,40,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
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Dear sir
i have checked in your income tax website. Tax as calculated in your format is excellent. However i am finding difficulty in filling exemption column under the HRA slab. being central government employee kindly through light on this aspects
@Harender
HRA exemption is automatically computed once you enter basic salary, house rent paid and house rent allowance received from employer. Please let us know where you are facing issue.
Hello Pankaj,
Happy New Year
I have send our salary structure (Pay Slip).My packg is 3.5 LPA & i have 29 yrs old.
Actually when started year Mar’11 then i have showed our saving near about 1 lacks. but unfortunatelly i have jsut saving 6000 Rs. in PPF. on the basis of 1 lacks no incom tax detecte in my salary.
So my queries :
[1] After saving 6000 Rs.. how much more saving require on this structure for saving Incom Tax.
[2] In 3.5 LPA company mentioned 10k for LTA & 15 for Medical.
[3] Mainly we are tax pay for whole year . But in january last , i have moved another company, so plz tell me how to manage these are things tax process.
*********************************************************************
Basic–9,722.00 Provident Fund–1,167.00
House Rent Allowance –4,861.00 Professional Tax–200
Conveyance Allowance–800 Labour Welfare Fund–0
Statutory Bonus–700
Incentive– 0
Flexible Allowance–8,445.00
*********************************************************************Total Earnings ( A ) 24,528.00 Total Deductions ( B )– 1,367.00
*********************************************************************
Net Pay ( A – B ) Rs. 23,161.00
*********************************************************************
From
Priyank Tiwari
9960720874
@Priyank
You can compute income tax and tax saving by using excel income tax calculator.
You would need to enter your monthly figures in it.
Hey Pankaj !!
i used your income tax calculator for FY 2011-2012, i am getting #value on Most fields that are auto calculated not able to figure out what is missing.
can you please suggest something
@Neeraj
Looks like you have entered some unexpected value (non numeric) into some of the fields. Can you please check sheet at you end.
Or you can upload sheet somewhere so that I can see it.
Dear Pankaj,
Could you please create what are all savings can be made if the salary is around 7.6 per annum, please make rough salary slip and send me.
@Raj
Please go through following pages:
http://www.socialfinance.in/questions/82/tax-exemption-component-for-salaried-employee
http://www.socialfinance.in/questions/7/tax-saving
http://www.socialfinance.in/questions/45/investment-advise
Dear Sir,
I Miss Radha,request you to plz send me the tax deatils for the yr 2010-2011.
My ctc as below.BASIC-12929
HRA-5168
CONV-800
LTA_SAL-1170
PER PAY-20000
MEDI-1250
EDU_FP-200
PF-1550
PT-200
IT-1210
TAX SUMMARY
TOTAL INCOME
EXEMPTION U/S 10
EXEMPTION U/S 16
SeC 24
SEC 80
CHAPTER6A
TAXABLE INCOME
TAX OM TOTAL INCOME
TAX PAYABLE
TAX DEDUCTED
BALANCE TAX
@radha … theres an excel calculator use that u will get to know
Hi Pankaj,
This website is awesome. I am a salaried employee and earning more nearly Rs.2,10,000 per year. I am investing in SIP bonds and owe a two wheeler and education loan. how to reduce my tax.
@Sri
Please go through following pages for your answers:
Tax saving components
Investment Advise
Tax exemption component for salaried employee
hi How to get refund of Professional tax which is paid in excess as advance payment
@Seema
Usually professional tax paid is non refundable.
You may try writing to state authorities to whom professional tax was deposited, with all proofs. Or You may ask your employer to help in this case.
Mr
pankaj
please help for salary income tax calculation
total Salary 1500000
i have income from salary in 2011-12 rs 475000. but through share selling i got rs 8500 as profit .in 2011-12( from august.11 to jan.12). what would be my short term capital gain tax ? please guide me ..
@Yunus
You will have to pay 15% income tax on profit from share sale, if STT has been paid on transactions and shares have not been kept for a year.
If STT has been paid on transaction and share has been kept with you for more than a year, there won’t be any income tax on this profit.
I am working singapore last 11year and I paid tax in singapore at last 6years. I not paid any tax in india. Is it required to paid. If yes what is the details and forms. Please assist.
@Sujith
If you have any income in India (say from bank interest, rental income etc.) which is more than non-taxable range (before any deduction/exemption), then its mandatory to file income tax return.
Based on type of income, you would need to file ITR 1/2/3/4.
Dear pankaj when i calculated tax through the tax calcator it gave me the value as 8939 , now if i want save tax completely , how much i should invest… pl guide … tax calculator is a very easy and helpfull.
@Bhavna
To save tax completely, you would need to invest 10 times income tax, as you fall into 10% slab rate.
Please read following pages to know more about tax saving:
http://www.socialfinance.in/questions/7/tax-saving
http://www.socialfinance.in/questions/45/investment-advise