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. 4,00,000 | 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 |
New Tax Regime Scheme (Section 115 BAC)- Income Tax rates for the financial year 2024-25
| 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 |
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. 2,50,000 | 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.
- FY 2026-27 (AY 2027-28):
Income Tax Calculator for financial year 2026-27 (151.5 KiB, 2,899 hits)
- FY 2025-26 (AY 2026-27):
Income Tax Calculator for financial year 2025-26 (151.5 KiB, 31,993 hits)
- FY 2024-25 (AY 2025-26):
Income Tax Calculator for financial year 2024-25 (150.5 KiB, 31,035 hits)
- FY 2023-24 (AY 2024-25):
Income Tax Calculator for financial year 2023-24 (149.5 KiB, 26,868 hits)
- FY 2022-23 (AY 2023-24):
Income Tax Calculator for financial year 2022-23 (148.5 KiB, 14,188 hits)
- FY 2021-22 (AY 2022-23):
Income Tax Calculator for financial year 2021-22 (147.5 KiB, 10,839 hits)
- FY 2020-21 (AY 2021-22):
Income Tax Calculator for financial year 2020-21 (141.5 KiB, 24,644 hits)
- FY 2019-20 (AY 2020-21):
Income Tax Calculator for financial year 2019-20 (125.0 KiB, 57,963 hits)
- FY 2018-19 (AY 2019-20):
Income Tax Calculator for financial year 2018-19 (125.0 KiB, 75,042 hits)
- FY 2017-18 (AY 2018-19):
Income Tax Calculator for financial year 2017-18 (117.5 KiB, 47,202 hits)
- FY 2016-17 (AY 2017-18):
Income Tax Calculator for financial year 2016-17 (136.5 KiB, 41,348 hits)
- FY 2015-16 (AY 2016-17):
Income Tax Calculator for financial year 2015-16 (263.0 KiB, 55,298 hits)
- FY 2014-15 (AY 2015-16):
Income Tax Calculator for financial year 2014-15 (136.0 KiB, 85,348 hits)
- FY 2013-14 (AY 2014-15):
Income Tax Calculator for financial year 2013-14 (130.5 KiB, 60,077 hits)
- FY 2012-13 (AY 2013-14):
Income Tax Calculator for financial year 2012-13 (119.0 KiB, 95,057 hits)
- FY 2011-12:
Income Tax Calculator for financial year 2011-12 (116.0 KiB, 198,880 hits)
- FY 2010-11:
Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 162,707 hits)
- FY 2009-10:
Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 71,416 hits)
- FY 2008-09:
Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 28,692 hits)
Changes in FY 2020-21 (Budget Feb 2020):
- 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.
- 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):
- 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. - 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):
- Full tax rebate (u/s 87A) for taxable income (after all deductions/exemptions) upto Rs 5 lakhs.
- Standard deduction increased for salaried persons from 40,000 to 50,000.
- No notional rent for second self-occupied house property under income from house property.
- TDS deduction on fixed deposits threshold increased from existing 10,000 to 40,000.
- 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.
- Income tax slabs remain the same as the previous year.
- 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:
- Removal of conveyance allowance and medical reimbursement and Addition of standard deduction of Rs 40,000
- Cess on tax increased from 3% to 4% (education and healthcare cess)
- LTCG introduced @ 10%, for gains exceeding 1 lakh earned from listed stocks/equity-linked mutual funds
- Section 80D now allows up to Rs 50,000 deduction for plan taken for senior citizens
- 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
- Capital gain bonds u/s 54EC duration increased to 5 years from 3 years
Changes in FY 2017-18:
- The reduced income tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh to 5 per cent from 10 per cent.
- 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.
- Additional Surcharge of 10%, if taxable income is above 50 lakhs.
- Max loss from house property for let out property can be 2 lakhs.
- 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.
- 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:
- The actual amount of HRA received as a part of the salary.
- 40% (if living in non-metro area) or 50% (if living in metro area) of (basic salary+Dearness allowance (DA)).
- 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:
- Where journey is performed by rail; railway-fare in first AC class by shortest route to the destination.
- 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.
- 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.
- The actual amount received
- The cash equivalent of leave balance (max 30 days per year of service)
- Maximum of 10 months of leave encashment, based on last 10 months average salary
- 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:
- Spouse of the individual
- Brother or sister of the individual
- Brother or sister of the spouse of the individual
- Brother or sister of either of the parents of the individual
- Any lineal ascendant or descendant of the individual
- 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:
- Tax saving mutual funds (ELSS) with three years lock-in
- Five-year tax-saver bank Fixed deposits
- Public provident fund (PPF)
- National Savings Certificate (NSC) or National Service Scheme (NSS)
- Employer contribution into New Pension Scheme (NPS) (Section 80CCD)
- Life insurance/Unit Linked Insurance Plan (ULIP) premium
- Employee’s contribution towards Employee provident fund (EPF)
- Home loan principal amount payment (only if you have got possession of the house)
- Senior citizen savings scheme (SCSS), if your age is more than 60 years
- Post office tax-saving deposit or tax saving bonds
- Pension scheme/Retirement plans (Secion 80CCC)
- Tuition fees paid for children education
- 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:
- 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 - Malignant Cancers
- Full Blown Acquired Immuno-Deficiency Syndrome (AIDS)
- Chronic Renal failure
- 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.
dear sir
my father is senior citizen age 64 year he deposit rs 1500000 lac in post office (senior citizen scheme) earn interest per annum-135000 ( he is a former)
what rs -135000/ income from exempt from income tax this is my quetion
@Ravi Kale
Interest income from Senior citizen scheme is taxable.
But If this is his only income, then income tax won’t be payable on it as his income would fall below taxable slabs.
In the case of a senior citizen (68years)whose total income earned by way of pension at Rs.280,000/- and interest on FD at Rs 20,000/-aggregating Rs.300,000/-where tax @10 % for the amount above the exemption limit of Rs.240,000/- has been deducted at source from the pension by the employer and @ 10 % on the interest amount deducted by the bank paying the interest,whether ITReturn is required to be filed for the FY2010-11.The question is being raised in the context of a recent decision that those whose income is below Rs.500,000/-are exempted from filing the return subject to certain conditions.
@Krishnan
Please read detailed conditions for new 5 lakh rule on this document: http://incometaxindia.gov.in/archive/PressRelease_ExemptEfilingSalaryPerson_06232011.pdf
As interest income of your father exceeds 10,000. He would need to file income tax return.
Dear sir ,
I have accumulated a few lakh rupees by regular monthly savingst.this is in a govt. bank and few post office accounts(which I have never declared in my tax returns).do I have to give tax on this money ??
I am working woman and pay regular tax thru TDS from my salary as well as thru my Hdfc bank
@Rubes
Income tax is payable on interest earned from bank accounts and fixed deposits.
This income will be added to your taxable income and taxed as per your slab rates.
I an NRI. I have a building in Trivandrum which was given for rent and the monthly rent as per contract is Rs. 36,630 (Yearly it will be 36 630×12 =4,39,560). But I am getting the amount through bank after deducting 10 % TDS. ie 32967×12 = 3,95,604. Please advise if I submit TDS certificate whether I will get back 10 %
@T V Kumaran
You will have to file income tax return to get your refund back. In income tax return, you can provide TDS details.
But 70% of rental income (439560) will be taxable in your hands and you will have to compute tax on it and claim for refund for extra tax paid.
Dear sir
i am getting below 5 lakhs Rs salary per annam are u filling the salary return or not ? kind your suggestion
@B. Vaittianadane
The Central Board of Direct Taxes has notified the scheme exempting salaried taxpayers with total income up to Rs.5 lakh from filing income tax return for assessment year 2011-12, which will be due on July 31, 2011.
Individuals having total income up to Rs.5,00,000 for FY 2010-11, after allowable deductions, consisting of salary from a single employer and interest income from deposits in a saving bank account up to Rs.10,000 are not required to file their income tax return. Such individuals must report their Permanent Account Number (PAN) and the entire income from bank interest to their employer, pay the entire tax by way of deduction of tax at source, and obtain a certificate of tax deduction in Form No.16.
Persons receiving salary from more than one employer, having income from sources other than salary and interest income from a savings bank account, or having refund claims shall not be covered under the scheme.
Thanku for ur prompt reply .does this mean that if I have 4 lac in my bank than I pay tax on only the interest earned which is roughly 12000 Rs from march 2010 till today or on total balance .kindly clarify
@Rubes
You will have to pay tax only on gains (interest here) on investment. Only 12000 will be added to your taxable income.
Sir,
My wife working in UP state govt job in teaching job. But her department not given form 16 and department wants some rupees to issue form 16.
Can i complaint against them, If yes then where to complaint.
Please suggest.
@Nitin
Department cannot ask any money for issuing Form-16. Its mandatory if any tax has been deducted in form of TDS.
You can complain to officers in UP education department about same: http://bed.up.nic.in/contact.htm. Also you may complain in written to the ITO (TDS) .
Income tax return can be filed with form-16 too, you may lookup Form16AS on e-filing website for TDS details.
Hi Pankaj!
I am a non-salaried medical professional and have an annual earning of Rs 1300000 as professional fees, from which my organization deducts TDS @10%.
My fixed regular monthly expenditures are– Rs 10000 for driver’s salary, Rs 15000 for house rent,Rs 4000 towards conveyance, Rs 1000 for internet usage, Rs 3000 for telephone(mobile phone).
Can i claim these as deductions towards expenditures incurred for my profession?
What will be my slab rate for tax calculation? Is there a separate rate for non salaried income calculation?(plz give the link if there is one.) What is the max possible deduction towards expenses claims? Do i need to provide receipts for the expenses claimed?
Can i also claim deductions under section 80C?
I would be grateful to u if u clarify my doubts.
Thanks a million!
Dr Sameer Reddy
@Sameer
You will have to maintain profit/loss accounts and all expenses for profession can be deducted from income. There is no maximum limit for these deductions and you will have to keep all such bills and records.
After such expense deduction, your taxable income will be taxable as per same slabs as salaried class have. You can also claim 80-C and other tax saving deductions too.
You will have to file income tax return with ITR4 form.
Thanx pankaj!
Do i need a CA for my tax returns or a tax consultant (non CA) can file my return?
@Sameer
As ITR4 is bit complex, you can take help of a CA or any tax consultant. Once you have knowledge, you can file income tax return yourself too.
In case you need our paid services, email us at [email protected]
Thanx pankaj! i wil certainly get in touch with u.
Hi Pankaj,
i am salaried employee, i joined with this company on Jan2010. i havent yet filed a tax return. Got my Pan card. My annual income is 3,04,356 (25,363pm). my monthly tds deduction is 1750 pm. As i am first timer could you help me out. I dont have any other earnings
1. What will be the amount that i need to pay as tax.
2. which is the form ie required for it
3. Is it mandatory that i need to show all my bank accounts in that form or just my salary ac is only required.
4. Since i have left the company 1 month back and i have not yet received my form16, will it be a prob filing tax returns.
5. i have 3 mutual & insuracnce investments ( yearly payement is 10,000 + 10,000 +5000)
6. The TDS filed by the company,is it claimable
I would be really grateful if you could help me out.
Regards
Raj
@Raj K
1. Its not possible to compute income tax liability without full salary details (Basic, HRA, Medical etc). Please download income tax calculator and compute tax yourself.
2. If you want to file income tax return, you can use ITR1 form.
3. You will have to show interest earned on all bank accounts owned by you. All bank accounts number need not to be mentioned in return form.
4. Return can be filed without form-16 too, if you know all figures and have your salary slips with you. You should ask your employer to provide form-16, they cannot deny it.
5. In case your total tax liability is more than TDS deducted, you will have to pay remaining tax. If TDS amount is more, then you will get IT refund.
hey pankaj….
thnks buddy
hi pankaj, my taxable income was 764140 /-, and tds deducted by employer was 89430 /-. but i have not shown my bank interest which is 53629 /-, i ve not paid any advance tax. i have calculated the self assessment tax to be paid based on your previous replies, it comes around 13874 /-, please correct me if i am wrong? Next question i ve short term gain on share trading of around 2610 /- so 15% i need to pay tax which is 391/- do i need to include this with total tax payable and then calculate the interest? finally i have intraday loss on shares of around 15000 /- can i able to setoff this or else can i carry forward this? Having this which ITR form i have to file?
@Senthil
As per figures provided by you, pending tax comes out to be Rs 12881.
Income tax on short term gain will be Rs 403 (15% + 3% edu cess on tax).
So total pending tax = Rs 13284, (round off to nearest 100 = 13,300)
As pending tax is more than 10000, interest is also payable under section 234B and 234C.
Interest under 234B = 1% per month of 13,300 for 3 months = 13300*3% = Rs 452
Interest under 234C = (30% of 13284)*1%*3 + (60% of 13284)*1%*3 + (100% of 13284)*1% = Rs 492
Intraday loss cannot be set-off with salary or interest income, it can only be setoff against capital gain, so you should carry it forward.
As you have capital gain/loss, you will have to file ITR2.
thank you so much pankaj, since i ve not paid the self assessment tax yet, doesn’t the Interest under 234B to be calculated for 4 months? next question is wont the intraday loss comes under speculative business loss, and can i carry forward it? because in some forum i found that it cant be carry forward. Please refer this link.
http://nikitajain.caclubindia.com/forum/problem-regarding-itr-4-speculative-income-business-income-121718.asp
if i can carry forward the intraday loss, should i ve to file ITR2 or ITR4? because in ITR 2 i cant find a column to fill my intraday loss for carry forwarding. it has schedule CL which include short term Loss and long term Loss & other losses to carry forward. can you please clarify.
@Senthill
Sorry for earlier calculations, interest under 234B will be payable for 4 months (Apri-July).
And you are right that, Day-trading losses will be considered as speculative losses. These cannot be adjusted against capital gains. As per Section 70, intraday loss (speculative loss) can be set off only against intraday gain (speculative income) and cannot be set off against interday gains (non-speculative income). Carry forward is allowed for 4 years.
In order to carry forward you will need to file ITR4.
Hi Pankaj, thanks for your response. I need your help once again. can you please tell me Which all the below schedules i have to fill to show my intraday loss to carry forward. Rest of the itr-4 for income and short term capital gain i ve already filled. i am struck up with intraday loss (speculative) loss only.
nature of business
part A-BS
part A-OI
part A-QD
schedule BP, DPM,DOA,DEP,DCG,ESR
in the schedule CFL its not taking the current year loss (2011-2012).
@Senthil
I am also not very familiar with ITR4. I could find item number 2 on Sheet BP for this entry.
I would advise you to take help of a tax professional in your case as ITR4 is pretty complex.
please send me the intrest calculator for A.Y 11-12 for 234 A/B/C interest
Regards
Rajan Kapoor
@Rajan
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Dear Mr. Pankaj Batra,
I am a salaried and in the AY 2011-2012 I have form 16 from two employers (as i chnaged my job in between the year). To my first employer, where i worked till January 2011,I have submitted all my investment documents and Rent receipt of Rs. 14000 PM for claiming HRA exemption. But to my second employer, I didn’t submit the rent agreement copy & rent receipt (February 2011 to March 2011) for claiming the HRA exemption. The amount of HRA exemption is not there in form 16 which I received from second employer. My query is can I take this HRA exemption for full year while filling the ITR?
Please suggest.
@Micky
There is no provision for providing HRA exemption in income tax return form.
As HRA is an employer policy, it has to be submitted to employer, who can only provide exemption for same in Form-16.
Still If you wish, you can deduct the exemption part from taxable income, re-compute tax and file return for income tax refund. Later Income tax department can raise a query, which then needs to be answered by you with relevant proofs.
Hi Pankaj,
After filing my IT returns for AY2011-12, I noticed that while paying my self assessment tax I had not included the interest u/s 143(1) that needs to be accounted for. Now can I simply pay the interest and file a rectification request later or should I pay and file a revised return while the original is still not processed. Alternatively can I wait for the IT to issue a tax demand intimation? One more issue for FD interest the banks are deducting TDS at 10% and I paid self assessment tax for remaining 20% is that correct or the TDS by bank would suffice? The delay in issuing form 16A by banks for TDS is one reason why we need to delay paying self assessment tax – not sure if there is a way out?
Thanks
-Naveen
@Naveen
If pending self assessment tax is less than 10,000 Rs, then there is no interest payable under section 234B and 234C.
But if its applicable, you can pay the remaining amount and file a revised return.
After filing, you can send both original and revised ITR-V together.
If you wish, you can also wait for tax demand from IT department, but they may add interest for all subsequent months too.
Bank deduct TDS at a minimum rate (10%), it has to be recomputed based on your tax slab and remaining 20% has to be paid, if you fall into 30% slab.
Thanks for the help Pankaj.
Thanks for the help Pankaj. The amount is around 8K and paid on Jun’2011. So I suppose no interest needs to be paid for delay.
Hi Pankaj,
your support is really appreciable !!!
I have queries here regarding my IT filing.
I am technical professional and till April-2011, i was working with X organization. X organization has provided me form 16 stating (TDS) tax paid 1324 Rs. However, my income falls below income tax slab. Now How i can claim refund of Rs 1324 to ITO.
Please advice.
Hi Pankaj,
Can you please share the procedure for Income Tax filing and returns procedure.
Thank you in adv.
@Amit
As you paid extra amount as tax, you need to file income tax return in order to get tax refund. Its an easy process.
You can read about income tax return filing on this post: http://www.pankajbatra.com/india/file-income-tax-return-online-yourself/
for very purpose of filing ITR form which income has to be put in with or without admissible deductions .
@Devendra
I am not able to understand your query. Can you please explain in details.
Hi Pankaj,
I have 2 form 16’s for last financial year as I worked with 2 employers
Total tax comutation Rs 32610
TDS detcuded by employers Rs Rs24950
Tax that I have to pay still is Rs 7660 (not paid yet)
Now Do I have to pay interest under sec 234b, 234c?? Can you please clarify me on this
@Karthikeyan
As pending tax is less than Rs 10,000, you don’t have to pay any interest under section 234B or 234C.
Hi Pankaj,
1. What should we do if my tax to be paid was above 10000 after March 31st after all my TDS detuctions?? Suppose say if my tax liable was 12000 after March 31, how does the calculation work as I dont pay any advance tax, only TDS is applied as I am salaried.
2. Last financial year I was employed with 2 employers. I have withdrawn my PF from previous employers. Since my employment was less than 5 years, TDS was deducted on PF amount. I have received the PF amount after the tax deduction. Now under which part should I enter the PF amount received and the TDS, while filing returns???
@Karthikeyan
1. As tax was not paid fully and pending tax is more than 10,000, interest has to be paid under section 234B and 234C for the late payment of taxes.
As you changed job, it was your duty to get taxes deducted fully in form of TDS by informing your employer.
1% interest per month for 4 months has to be paid under 234B (4% of 12000 = Rs 480)
Around Rs 444 has to be paid under 234C for delay in advance tax payment.
2. While filing income tax return, you should provide the gains part (interest earned from investment) into income from other sources and tax deducted under TDS sheet as per form 16A. TDS deductor should provide you form 16A to show TDS payments.
Hi Pankaj
Along with my salary I have a corporate FD and the interest income during the FY is RS 11000 , While filing return what should be the the amount I should put againt “income from other sources ” ? is it Rs 11585 or Rs 6585 ?
@Vinod
As you gained interest of Rs 11,000, same has to be mentioned under income from other sources section.
I am not sure how you made 11585 or 6585.
Hi Pankaj,
Thanks for sharing your knowledge with common people.
I had filed e-Return for AY-2009-10 and claimed a refund of 9000/-. But my CPC processing status shows “e-Return has been processed at CPC – nil demand/refund”. What steps should I take to get the refund?
Regards,
Jai
@Jai
You need to get income tax assessment sheet from income tax department which will have calculation and reason why refund was not issued.
This sheet must have been sent to your email address or residential one.
In case you don’t got that, you may contact income tax department for re-sending it.
If that also does not help, consider filing a RTI application.
First off, thanks for the calculator. It is easy to use.
One thing — I paid Advance Tax challans. Where do those paymenys in this sheet.
@KulBhushan
As of now there is no provision for advance tax payments. We will add that soon.
You may add same with TDS columns for now.