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.
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 (112.5 KiB, 19,555 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, 169,758 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, 148,793 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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Thank you for the IT calculator for FY 2009-10.
Cheers,
Prashant
Hi Pankaj…
really i like your Income Tex calculation sheet…
do you have any HR process for Hospitality Industry..
If you have please do post on my personal ID
Thanks & bye
Thankssssssss
Hi Pankaj,
I must appreciate for the great Income Tax Calculator for FY 2008-2009 been prepared & shared by you.
Have you prepared a similar calculator for FY 2009-2010 ? If yes, can you please share ?
Hi Ashish,
Thanks for the appreciation.
I have attached calculator for FY 2009-2010 now
Dear Sir,
I saw your website, very good content have been uploaded on it.
I have recently taken a house loan of 22L and i have started paying 20500 Rs per month as EMI for that for 20years.
My Gross Income if 6.5L which includes Basic, HRa, Conveyance and Special Allowance.
Can you please let me know what will be the tax liability (approx) on me for this financial year ahead.
Apart from it, i have been investing 1,00,000 Rs completely towards the limit of investment which includes my EPF, PPF and Life Insurance.
Regards
Nitin
Nitin,
It will be difficult to calculate the income tax without knowing following things:
1. How much is the interest portion and how much is principal in your home loan EMI currently.
2. Are you showing rent receipts to make HRA non-taxable. If yes, then how much is your HRA and how much rent receipts your are showing.
3. Whats the EPF deducted monthly as employer’s portion.
It will be better if you download the income tax calculator and fill all details and get your tax liability calculated
-Pankaj Batra
thanks for income tax calculator. it will help me very much.
regards
vishal bhanushali
I am Ramakrishnan from Bangalore , was looking out for TDS calculation for Salaried people, finally got it from pankajbatra.com, thanks a lot and is very useful.
Regards
P.V.Ramakrishnan
hi
thanks for the information. can you help in calculation of my tax
i get a conoslidated salary of rs 15000 p.m.
i want to know whether i have to pay pf (professional tax). and what are the criteria for payment of professional tax in karnataka and the slab.
how do i calculate my income tax on my income from salary and what deduction i can avail.
i have also have some investment on life insurance(10000-yearly).
for the year of 2008-2009.
can i pay the tax now as june 2009 , if any fine how much.
hopping for answer soon.
thanking in advance
Vickey,
Its difficult to calculate tax with such a little information. You may download the income tax calculator from link : http://www.pankajbatra.com/download/4/
Fill in the details and it will calculate the tax.
hi
thanks for you reply.
but i get consolidated salary, so there is no basic , hr breakup.
so can you help me how to calculate as my company pay me as consolidated salary(180000 per annum ).
how do i compute with ur tax calc. i don’t know where to put my income as i don’t have anything like basic , hr etc break up
if you want any further details regarding it , plz let me know.
thanks in advance
@Vickey,
Ask you employer for salary details like basic, HRA etc.
In case they do not provide that you will have to put whole amount in basic salary in excel calculator.
It is very useful and readymade calculator to find Income Tax for the year. Monthwise TDS is added advantage for monthly planner.
Thanks for your work….
It is beutifull & handi
Dear Pankaj,
Thank You for such an useful app.
Regards,
Shankar
Dear Pankaj,
Thanks a lot for your tax calculator sheet.
I need suggestion if i can file my IT return, for the period April2008 to March 2009, on the following:
1. There is a break of my service for the period july2004 to sept 2008.
2. I have submitted my returns till year 2004.
3. My consolidated salary p.m w.e.f. 14th Oct 2009 is Rs. 25000.00
Thanks
Paushali
Paushali, You should file IT return for period of April’08-March’09.
If you have PAN card, you must file income tax return (even if there is no tax liability) else you may face legal action.
The article is usefull for me. I’ll be coming back to your blog.
Isn’t there a standard deduction allowed or is it withdrawn?
No Raj, Now there is no concept of standard deduction. It has been withdrawn.
It is very good. Thanks
Dear Pankaj Batra,
Thanks & good work…..
please provide me the limit of LTA in F.Y. 2008-2009
Hello, this is a very nice experience for me for being visited at your website.My Best wishes with You, Go ahead.If You need any help from me dial to me-9890212127-Myself in Education field if you wanna any information.My address is SB arts and commerce college, aurangabad,Maharashtra.
Thanking You.
Dear pankaj Ji,
Its a nice page that helps a lot.But I need ur help to calculate the tax for the persons who received consolidated salary. In this case, how the house rent will be get deduction?
thanking u
Debasis
House rent has different rules and the tax will be only on 70% of rent received. So you add 70% of rent received to your taxable income to compute tax.
Yous have done a great service by preparign the IT Calculation Sheet . it will help many and many
With regards
N.K. sharma