Finance

Income Tax Calculator

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).

New Tax Regime Scheme (Section 115 BAC)- Income Tax rates for the financial year 2025-26/2026-27

For Everyone
Upto Rs. 4,00,000Nil
Rs. 4,00,001 to Rs. 8,00,0005 per cent
Rs. 8,00,001 to Rs. 12,00,00010 per cent
Rs. 12,00,001 to Rs. 16,00,00015 per cent
Rs. 16,00,001 to Rs. 20,00,00020 per cent
Rs. 20,00,001 to Rs. 24,00,00025 per cent
Above Rs. 24,00,00030 per cent

New Tax Regime Scheme (Section 115 BAC)- Income Tax rates for the financial year 2024-25

For Everyone
Upto Rs. 3,00,000Nil
Rs. 3,00,001 to Rs. 7,00,0005 per cent
Rs. 7,00,001 to Rs. 10,00,00010 per cent
Rs. 10,00,001 to Rs. 12,00,00015 per cent
Rs. 12,00,001 to Rs. 15,00,00020 per cent
Above Rs. 15,00,00030 per cent

Old scheme: Income Tax rates for the financial year 2018-19/ 2019-20/ 2020-21/ 2021-22/ 2022-23/ 2023-24/ 2024-25/ 2025-26/ 2026-27

For Men
Upto Rs. 2,50,000Nil
Rs. 2,50,001 to Rs. 5,00,0005 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For Women
Upto Rs. 2,50,000Nil
Rs. 2,50,001 to Rs. 5,00,0005 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For a resident individual of 60 years or above (Senior Citizens)
Upto Rs. 3,00,000Nil
Rs. 3,00,001 to Rs. 5,00,0005 per cent
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 per cent
For a resident individual of 80 years or above (Very Senior Citizens)
Upto Rs. 5,00,000Nil
Rs. 5,00,001 to Rs. 10,00,00020 per cent
Above Rs. 10,00,00030 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.

  1. FY 2026-27 (AY 2027-28): 
  2. FY 2025-26 (AY 2026-27): 
  3. FY 2024-25 (AY 2025-26): 
  4. FY 2023-24 (AY 2024-25): 
  5. FY 2022-23 (AY 2023-24): 
  6. FY 2021-22 (AY 2022-23): 
  7. FY 2020-21 (AY 2021-22): 
  8. FY 2019-20 (AY 2020-21): 
  9. FY 2018-19 (AY 2019-20): 
  10. FY 2017-18 (AY 2018-19): 
  11. FY 2016-17 (AY 2017-18): 
  12. FY 2015-16 (AY 2016-17): 
  13. FY 2014-15 (AY 2015-16): 
  14. FY 2013-14 (AY 2014-15): 
  15. FY 2012-13 (AY 2013-14): 
  16. FY 2011-12: 
  17. FY 2010-11: 
  18. FY 2009-10: 
  19. FY 2008-09: 

Changes in FY 2020-21 (Budget Feb 2020):

  1. Optional new tax regime – No change in the existing tax slab rates, but a new tax regime has been proposed. If individuals don’t take exemptions and deductions, they would be taxed at reduced tax rates.
  2. Additional 1.5 lacs deduction available u/s 80EEA on home loan interest subject to the following conditions:
    a) The loan must be taken between April 1, 2019, and March 31, 2021;
    b) The value of house property must not exceed Rs 45 lakh; and
    c) Individuals should not own any house on the date of sanctioning of the loan.

Changes in FY 2019-20 (Budget July 2019):

  1. Additional 1.5 lacs deduction available u/s 80EEA on home loan interest subject to following conditions:
    a) The loan must be taken between April 1, 2019, and March 31, 2020;
    b) The value of house property must not exceed Rs 45 lakh, and
    c) Individual should not own any house on the date of sanctioning of the loan.
  2. 15% surcharge between 1 to 2 crores of taxable income, 25% between 2 to 5 and 37% above 5 crores.

Changes in FY 2019-20 (Interim Budget Feb 2019):

  1. Full tax rebate (u/s 87A) for taxable income (after all deductions/exemptions) upto Rs 5 lakhs.
  2. Standard deduction increased for salaried persons from 40,000 to 50,000.
  3. No notional rent for second self-occupied house property under income from house property.
  4. TDS deduction on fixed deposits threshold increased from existing 10,000 to 40,000.
  5. Section 54 exemption is applicable for up to two house property purchase (once a life) if capital gains are less than or equal to 2 crores.
  6. Income tax slabs remain the same as the previous year.
  7. Anonymous and online system for assessments: Within the next 2 years, scrutiny to be done without any physical interface between taxpayer and tax officer and to be done electronically without disclosing each other’s identity. We wrote it as one of our suggestion in Open Letter to Narendra Modi in Dec 2016.

Changes in FY 2018-19:

  1. Removal of conveyance allowance and medical reimbursement and Addition of standard deduction of Rs 40,000
  2. Cess on tax increased from 3% to 4% (education and healthcare cess)
  3. LTCG introduced @ 10%, for gains exceeding 1 lakh earned from listed stocks/equity-linked mutual funds
  4. Section 80D now allows up to Rs 50,000 deduction for plan taken for senior citizens
  5. New section 80TTB added for senior citizens which allow up to Rs 50,000 deduction for income from saving bank interest or income from fixed/recurring deposits. But 80TTA (10,000 deductions for saving bank interest) and 80TTB cannot be applied together. Under section 194A the threshold for deduction of tax at source on interest income for senior citizens has been raised from Rs. 10,000 to Rs. 50,000
  6. Capital gain bonds u/s 54EC duration increased to 5 years from 3 years

Changes in FY 2017-18:

  1. The reduced income tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh to 5 per cent from 10 per cent.
  2. Reduced Section 87A rebate from Rs. 5,000 to Rs. 2,500. And no rebate will be applicable for taxpayers having income above Rs. 3.5 lakh.
  3. Additional Surcharge of 10%, if taxable income is above 50 lakhs.
  4. Max loss from house property for let out property can be 2 lakhs.
  5. Period for applicability of long term capital gains for house property reduced to 2 years from 3 years, and base year changes to April 2001 for indexation computation.
  6.  Individual and HUF taxpayers to deduct tax at source @ 5% of the rent paid by them in case the amount of the rent exceeds Rs. 50,000 per month.

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:

  1. The actual amount of HRA received as a part of the salary.
  2. 40% (if living in non-metro area) or 50% (if living in metro area) of (basic salary+Dearness allowance (DA)).
  3. Rent paid minus 10% of (basic salary+DA).

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:

  1. Where journey is performed by rail; railway-fare in first AC class by shortest route to the destination.
  2. Where places of origin and destination are connected by rail but the journey is performed by any other mode than first AC class fare by the shortest route to the place of destination.
  3. Where the place of origin of journey and destination, or part thereof, are not connected by rail and journey is performed by any other transport; then (i) If a recognised public transport system exists between such places the first class or deluxe class fare of such transport by the shortest route, or, (ii) If in other case, first AC class fare for the distance of the journey by the shortest route, as if the journey has been performed by rail.
 Leave encashment: Payment by way of leave encashment received by Central & State Govt. employees at the time of retirement in respect of the period of earned leave at credit is fully exempt. In the case of other employees, the exemption is to be limited to minimum of all below:
  1. The actual amount received
  2. The cash equivalent of leave balance (max 30 days per year of service)
  3. Maximum of 10 months of leave encashment, based on last 10 months average salary
  4. Rs. 3 Lakh

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:

  1. Spouse of the individual
  2. Brother or sister of the individual
  3. Brother or sister of the spouse of the individual
  4. Brother or sister of either of the parents of the individual
  5. Any lineal ascendant or descendant of the individual
  6. Any lineal ascendant or descendant of the spouse of the individual, Spouse of the person referred to in clauses (2) to (6).

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:

  1. Tax saving mutual funds (ELSS) with three years lock-in
  2. Five-year tax-saver bank Fixed deposits
  3. Public provident fund (PPF)
  4. National Savings Certificate (NSC) or National Service Scheme (NSS)
  5. Employer contribution into New Pension Scheme (NPS) (Section 80CCD)
  6. Life insurance/Unit Linked Insurance Plan (ULIP) premium
  7. Employee’s contribution towards Employee provident fund (EPF)
  8. Home loan principal amount payment (only if you have got possession of the house)
  9. Senior citizen savings scheme (SCSS), if your age is more than 60 years
  10. Post office tax-saving deposit or tax saving bonds
  11. Pension scheme/Retirement plans (Secion 80CCC)
  12. Tuition fees paid for children education
  13. Sukanya Samriddhi Scheme

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:

  1. Neurological Diseases where the disability level has been certified to be of 40% and above,
    (a) Dementia
    (b) Dystonia Musculorum Deformans
    (c) Motor Neuron Disease
    (d) Ataxia
    (e) Chorea
    (f) Hemiballismus
    (g) Aphasia
    (h) Parkinson’s Disease
  2. Malignant Cancers
  3. Full Blown Acquired Immuno-Deficiency Syndrome (AIDS)
  4. Chronic Renal failure
  5. Haematological disorders :
    (a) Hemophilia ;
    (b) Thalassaemia.

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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Pankaj Batra

Jack of multiple trades. A generalist! Founder of Sparse Labs. Find me at FB, Twitter or LinkedIn .

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  • I am working as software engineer in Pune. I want the ITR form for returns. Can you please tell me which ITR form I can use. Please provide the url.

  • Hi Pankaj

    Do I need to declare saving account bank interest that I jointly hold with my mother for income tax?
    Moreover, I have some Fixed deposits again jointly owned by myself and mother and the FD interest is credited to the joint savings bank account. Am I liable to pay income tax for that FD interest?

    Regards
    Devraj

    • @Devraj
      Yes, you will also have to declare bank interest on joint accounts and interest on fixed deposits.
      In case of joint account, the person who has contributed for the investment need to pay income tax on interest.
      In case your mother paid amount for fixed deposit, interest will be added to her income, else to yours.

        • @Pankaj Batra

          Sir my question is also regarding interest on income tax.

          Details are as follows:

          Income only from salary, bank interest, FD interest, company stock sale, NSC interest etc.

          Total tax: 401000
          Tds: 375000
          Balance tax due:26000

          I have paid the advance tax installment as follows:
          15/12/2010 : 10000
          14/03/2011 : 15000

          Can you please help me in computing the interest u/s 234B and 234C.

          Thanks in advance,
          Rajiv

          • @Rajiv
            As more than 90% of balance tax payable is paid through advance tax payments, there is no interest payable under section 234B.
            Rs 412 is payable under 234C for delay in advance tax payment, as per below calculations:
            Shortfall as on 15th Sept = 30% of balance tax due - advance tax paid till 15th sept = 7800 - 0 = 7800
            Interest payable for Sept delay = 1% per month for three months = 7800 * 3% = Rs 234
            Shortfall as on 15th Dec= 60% of balance tax due - advance tax paid till 15th Dec= 15600 - 10000 = 5600
            Interest payable for Dec delay = 1% per month for three months = 5600 * 3% = Rs 168
            Shortfall as on 15th Mar= 100% of balance tax due - advance tax paid till 15th Mar= 26000 - 25000 = 1000
            Interest payable for March delay = 1% per month for one months = 1000 * 1% = Rs 10
            Total interest under section 234C = 234 +168 +10 = Rs 412

  • I am an employee of a private company, and having two house loans, first one is in Bhuwneshwar, that is on rent and second one is in Dehradun in that I m living.
    Kindly suggest, How to get the income tax benifit and under which sections it falls.

    • @KK Pattanik
      You can get income tax benefit for both the houses.
      Home loan interest benefit can be availed under section 24b.
      In case of let-out property, there is no limit on interest deduction which can be claimed, but you should also show house rent in income.
      In case of self-occupied house, deduction on interest on home loan can be availed maximum upto Rs 1.5 lac.

      Deduction for home loan principal payment can be availed under 80-C (max 80-C combined limit is 1 lac)

      • Dear Sir,
        Thanks for your valuable suggessions. one more request is for, fisrt house is in the name of myself that is rented and second one is in the name of my wife that we have occupied. still we can get the tax benifite, please suggest how.

          • @K K Pattanaik
            As you are living in a house owned by you, HRA benefit cannot be taken.

          • Dear Sir,
            In second loan, which is in my wife's name, but EMI is deducting from my salary, from which I will not eligible to take any benifit for income tax or HRA?

          • @K K Pattanaik
            You cannot claim tax benefit of home loan as property is not in your name and you cannot claim HRA benefit for rent paid to your wife.

  • Dear Sir
    Thanks For providing many kind of form & Information regarding Income tax.
    Is is very helpful for us so thanks very-2 much owns again.

  • I have claimed rebate on HBA Loan interest for Rs 42000.00. Pl. guide in which column of SAHAJ it is to be mentioned,and whether any other additional form is to be filled.

    • @Dr Naveen
      You will have to fill ITR2 in order to show home loan interest payment.
      See sheet House_Property of ITR2 excel.

  • hi
    i have a doubt, if i am starting an education institution or an franchisee will i have to pay income tax or any other kind of tax.

    kindly clear my doubt

    Regards
    RS

  • i m a salaried person. Having a N.A Plot in Neral. I bought that plot in year 2008.
    Do i have to pay any tax on that plot?
    Is there any property Tax on that Plot.
    Please reply

    • @Moin
      There won't be any income tax payable on plot. Property tax is valid for build up properties.

      • How many years i can keep the open plot without any construction on that?
        I just keeping it for future investment.
        Is there any govt rule that we have to do any construction after some years?

        • @Moin
          There is no standard time frame for construction on an open plot. It may exists in some states and controlled by Urban development authority of state (in an area of their operation).

  • Hi Pankaj,
    Need your help regarding filing of the IT return for the year 2010-2011. Not able to get the form 16 from the employer due to job change. Could you please tell me how I will be able to file the IT return for the above said year.

    Thanks

  • hii i m working ina software company..i have recently joined d org on 27 july 2011.
    my salary structure is as follow:
    basic: Rs.10500/-(monthly) 126000(annually)
    hra: 5250/-(monthly) 63000(annually)
    performance incentive: 3125/-(monthly) 37500(annually)
    other allowances: 4875/-(monthly) 58500(annually)
    conveyance allowances: 800/-(monthly) 9600(annually)
    PF 1260/-(monthly) 15120(annually)
    gratuity 6058(annually)
    medical insurance 758(annually)
    health care benefits 2250(annually)
    annual service reward 56250(annually)
    annual service reward is payable with 13 th month of salary and i am living in my own house ( not rented).cn u plzz calc my income tax financial year 2011-12 as i dont dont knw hw to calc it ...n plzz suggest me to reduce my income tax.wat is the non taxable income 4 d female candidates

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