The Excel-based Income Tax Calculator serves to compute taxes on various sources of income, including salary, pension, gifts, fixed deposits, bank interest, house rent, and capital gains (both short and long-term).
| For Everyone | |
| Upto Rs. 4,00,000 | Nil |
| Rs. 4,00,001 to Rs. 8,00,000 | 5 per cent |
| Rs. 8,00,001 to Rs. 12,00,000 | 10 per cent |
| Rs. 12,00,001 to Rs. 16,00,000 | 15 per cent |
| Rs. 16,00,001 to Rs. 20,00,000 | 20 per cent |
| Rs. 20,00,001 to Rs. 24,00,000 | 25 per cent |
| Above Rs. 24,00,000 | 30 per cent |
| For Everyone | |
| Upto Rs. 3,00,000 | Nil |
| Rs. 3,00,001 to Rs. 7,00,000 | 5 per cent |
| Rs. 7,00,001 to Rs. 10,00,000 | 10 per cent |
| Rs. 10,00,001 to Rs. 12,00,000 | 15 per cent |
| Rs. 12,00,001 to Rs. 15,00,000 | 20 per cent |
| Above Rs. 15,00,000 | 30 per cent |
| For Men | |
| Upto Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5 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. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For a resident individual of 60 years or above (Senior Citizens) | |
| Upto Rs. 3,00,000 | Nil |
| Rs. 3,00,001 to Rs. 5,00,000 | 5 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For a 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 |
Kindly access the Income Tax Calculator through the provided links, tailored to your specific financial year/assessment year. This tool is designed to be user-friendly, and suitable for individuals with basic proficiency in Microsoft Excel.
Income Tax Calculator for financial year 2026-27 (151.5 KiB, 2,901 hits)
Income Tax Calculator for financial year 2025-26 (151.5 KiB, 31,994 hits)
Income Tax Calculator for financial year 2024-25 (150.5 KiB, 31,037 hits)
Income Tax Calculator for financial year 2023-24 (149.5 KiB, 26,868 hits)
Income Tax Calculator for financial year 2022-23 (148.5 KiB, 14,189 hits)
Income Tax Calculator for financial year 2021-22 (147.5 KiB, 10,840 hits)
Income Tax Calculator for financial year 2020-21 (141.5 KiB, 24,644 hits)
Income Tax Calculator for financial year 2019-20 (125.0 KiB, 57,963 hits)
Income Tax Calculator for financial year 2018-19 (125.0 KiB, 75,043 hits)
Income Tax Calculator for financial year 2017-18 (117.5 KiB, 47,202 hits)
Income Tax Calculator for financial year 2016-17 (136.5 KiB, 41,349 hits)
Income Tax Calculator for financial year 2015-16 (263.0 KiB, 55,299 hits)
Income Tax Calculator for financial year 2014-15 (136.0 KiB, 85,349 hits)
Income Tax Calculator for financial year 2013-14 (130.5 KiB, 60,078 hits)
Income Tax Calculator for financial year 2012-13 (119.0 KiB, 95,057 hits)
Income Tax Calculator for financial year 2011-12 (116.0 KiB, 198,881 hits)
Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 162,707 hits)
Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 71,416 hits)
Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 28,694 hits)
Changes in FY 2020-21 (Budget Feb 2020):
Changes in FY 2019-20 (Budget July 2019):
Changes in FY 2019-20 (Interim Budget Feb 2019):
Changes in FY 2018-19:
Changes in FY 2017-18:
Changes in FY 2016-17:
1. Rebate increased to 5000 from 2000 u/s 87A
2. Like NPS, tax deduction also available for APY (Atal Pension Yojana)
This excel calculator supports the inclusion of the 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 the following:
In some cases, the deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in the 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 of employee also avail of 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/Supplementary Allowance: That’s a general component in the 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 the CTC amount into some component.
Arrears: Generally arrears are fully taxable, but the 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 the actual year. Now the difference of income tax between payment year and actual year would be allowed for deduction.
Gratuity: If the amount is received before completion of five years of service with the employer, it should be taxable. Else it would be non-taxable up to Rs 10 lakh in the case of non-government servants. In the 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. The following amount would be non-taxable:
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 up to 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 the employer for the same.
Periodical Journals: Some employers may provide a 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 the 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 an allowance for the purchase of office dress/uniform. In such a case, the component would become non-taxable.
Telephone reimbursements – In some 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 the company provides a component for this and employee use the 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 the car is more capacity than 1600cc.
Driver salary – If the employee pays the driver salary for a self-owned or company-owned car, Rs 900 per month may become non-taxable if the employer provides a 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 the non-taxable rule:
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, a rebate on agricultural income would be provided at a 10-30% rate depending on the 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 the 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:
Section 80D : Maximum deduction of up to 25,000 (15,000 before FY 2015-16) under medical 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 a deduction of 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 an 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 need to show in income in case house is not self-occupied.
Section 80U (Disabled/Handicapped person): Deduction can be claimed if a person has a disability. The allowed dedudtion 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 the patient is a senior citizen). Deduction is only allowed in the case of following diseases:
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 is taxable in nature should be done after deduction of taxes at the source itself. Hence employer computes income tax on salary payment and deducts 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 the 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 the 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 the rest by 31st March. If its not followed one may be charged interest penalty u/s 234C.
If you want to use a 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.
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View Comments
Hi Pankaj,
Thanks for providing the Tax Calculator!
I have two queries if you could help me with answers.
(1)
I wanted to know if the additional 20K tax benefit in section 80C for Infrastructure bond is covered in the calculator? Or If you can explain how to get benefit of Total Rs 120K under section 80C
(2) There is additional service tax in properties, how is that going to impact if one is buy/sell a fresh/resale house/land for residential purpose.
Can you please help with answer?
Thanks
Himanshu
@Himanshu
First, yes, the additional 20K tax benefit is covered in calculator. You can put investment amount in cell B73.
Second, construction of apartments and commercial properties has been brought under ambit of service tax, so it may raise the cost of apartments.
Hi It seems the Infra Bonds of 20K is not included in your calculator
@Anandh
Use Cell B73 for Long Term infra Bonds.
@Pankaj I think it is Cell B74 for Long Term infra Bonds
@Nirav
Yes, now its B74. Earlier it was B73 in older version.
Calculator keeps evolving as per user's suggestions ;)
my CTC included employer portion of PF. Is it necessary to put this amount in any of the columns. Please let me know. Thanks for this good calculation sheet. Also please let me know which colum i put the bonus.
Best regards josev
@Jose V
Its not necessary to put employer's portion of PF, calculator will still calculate the income tax correctly.
For bonus, you can use cell C18:N18 (performance incentive)
thanks for the reply in the medical reimbursement I am getting more than 25000, when I type the actual figure it is taking only 15,000. can you please correct formula and update the same please
@Jose V
For medical reimbursements, max 15000 is non taxble per year.
@Pankaj,
Hi Pankaj,
Thanks for your answer.
for the second answer to my question on "service tax on property", I got information that service tax is applicable ony if there any modification done than the default design of the property provided by Property Developer.
I had another question regarding Section 24(b) "Tax rebate on Interest paid on Housing Loan"
I could not see that section in the sheet available. Has that provision been revoked? Below link for section 24
http://law.incometaxindia.gov.in/TaxmannDit/DispCitation/ShowCit.aspx?fn=http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2009ITAct/section24.htm
@Himanshu
Service tax will be applicable on construction cost of the apartment paid to developer.
Exemption for interest amount paid for home loan is till applicable and you can put that amount in cell B47 of excel.
Thanks for new tax Calc
the percentage of deduction available to the donor u/s 80G for the donation made to the trust for the rehabilitation of physically handicapped persons, whether it is 100% or 50% or 10% of the GTI
@Veeresh
Its 50% only will qualify for deduction but max upto 10% of gross total income.
hi pankaj
Appreciate your effort for this calculator.
The calculator is only considering 10% for salary above 3lacs.
please correct me if im wrong or am i missing something?
thanks
Karthik
@Karthik
I did not get your question, about only considering 10% for salary above 3lacs.
In calculator for 2009-2010, income upto 3 Lacs has 10% tax rate, in 2010-11 it has 10% rate upto 5 Lacs.
what i meant is the calculator is not considering 20% or 30% if the income is above 5lacs or 8lacs.
i tried a figure of 6.6lacs and it shows the tax at 66k
@Karthik
It is considering 10-20-30% slabs. In your case, by the way, it becomes exact 10% of total.
As per income tax rates:
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
For a salary of 6.6 Lacs: Total Tax = 0+(500000-160000)*10%+(660000-500000)*20%=0+34000+32000=66000
for 500,001 and above it should consider 20% instead it still calculates only 10% which is what i mentioned.
@Karthik
It is calculating 20% for amount greater than 5 lacs and 10% for amount between 1.6 and 5 lacs, as per calculation shown below:
For a salary of 6.6 Lacs: Total Tax = (500000-160000)*10%+(660000-500000)*20%=34000+32000=66000
Hallow sir , i am conducting part time classes at home since last 8 years,my income is below 50,000 pa. which is non taxable but i invested it regularly, now i want to file just returns from last five years for future purpose. i have no idea about how to file it properly.
please guide me for procedure and how to keep books of a/cs for that .
@Mrs SPM
You may read this post for filing income tax return: http://www.pankajbatra.com/india/file-income-tax-return-online-yourself/
Can I deduct property tax for the calculation of income tax. If so from the source,or which part of the calculation.
@Mahendran
No income tax deduction is available on Property tax.
Thanks for your replay to deduction of property tax. But at the same time we are deducting the professional tax for IT calculation. How much limit can we eligible to deduct as HBA interst and princple in IT Calculation.
@Mahendran
House loan interest upto max 1.5 lacs, can be used as a deduction for income tax.
Duduction on House loan principal can be taken under 80C (upto max 1 Lac for all 80C components)
Dear Pankaj,
Your calculator is helping a lot. I have a query.
If income is Rs 150000 pa and short term capital gain is Rs 10000 should I pay any tax & should I file the returns (FY 2009-2010)
@Maars
As per your amounts, as your total income is less than 160,000, so tax payable is nil on salary amount, but 10% is payable on short term capital gain. So you should pay this and file income tax return.
calculation of income tax to be collected at source on sale of used oil of a PSU and surcharge and edu.cess