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.
28th Feb 2013: Income tax calculator for 2013-14 and Budget 2013 update
2012 Budget Update (16th March 2012): As per budget presented on 16th March, 2012, Pranav Mukherjee proposed changes for income tax rate slabs as per below.
- Additional Rs 50,000 tax exemption for retail equity investments, if annual income is less than Rs.10 lakh. This is named as Rajiv Gandhi Equity scheme.
- Exemption limit raised to Rs 2 lakhs from Rs 1.8 lakh.
- Additional Rs 5000 deduction for preventive health checkup other than medical insurance.
Read more here: Income tax calculator for 2012-13 and 2012 Budget updates
Income Tax Calculator for financial year 2012-13 (119.0 KiB, 76,289 hits)
Income Tax Rates for financial year 2012-2013 (Assessment year: 2013-14)
| For Men | |
| Upto Rs. 2,00,000 | Nil |
| Rs. 2,00,001 to Rs. 5,00,000 | 10 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For Women | |
| Upto Rs. 2,00,000 | Nil |
| Rs. 2,00,001 to Rs. 5,00,000 | 10 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 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. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 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. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
2011 Budget Update (28 Feb 2011): As per budget presented on 28th Feb, 2011, 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, 186,055 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, 151,914 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 |
Ok… Thanks a lot sir…