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, 2,898 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, 10,838 hits)
- FY 2020-21 (AY 2021-22):
Income Tax Calculator for financial year 2020-21 (141.5 KiB, 24,643 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, 47,201 hits)
- FY 2016-17 (AY 2017-18):
Income Tax Calculator for financial year 2016-17 (136.5 KiB, 41,346 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.
i have two more questions,,,,,1)my company has given diff amounts for travel and conveyance allowance,,,but in the sheet both are under same heading,can i add both the amounts and write under same in the sheet or will it make any diff?
2)my company is giving me super annuation allowance,,what is it and where should i write in the sheet,,whethet it is tax free?
kindly help me as i am going to pay the tax for the first time…
@Sai
1. Maximum exemption under conveyance allowance is Rs 800 per month.
There is separate section for Leave Travel allowance (LTA) if travel allowance mentioned by you is same.
If its not LTA allowance you are talking about, you can use car reimbursement section for travel allowance.
2. Superannuation allowance is fully taxable in employee’s hands. You can put it under Grade/Special/Management/Supplemementary Allowance.
sir,
1)my company is giving me three allowances such as conveyance,LTA,transport under three different headings.kindly tell me seperately where should i write these three in calc sheet.
2)you have given only one row for arrears,,but my company has given me arrears under diff headings such as in hra,lta etc.,if i write under one heading it makes difference!
2)i need to ask this first but i am asking now,,,i joined in my company in the august month.this is my first job,,,should i pay tax because till 31st mar i may not receive 180000 (gross) and is it true that i need to submit my investments before 31st january.
@Sai
1. You can put transport allowance under car reimbursement and for rest of the two, fields already exists in calculator.
2. You should put total arrear(HRA, LTA etc) in arrear field, whole amount would be taxable.
3. If your taxable income (after all deductions/exemptions) is below 1.8 lakh, calculator would show income tax as zero. And in that there won’t be any tax payable. Employer decide last date of proof submission so that they may compute income tax on basis of that. If you employer has given 31 Jan as last date, you would need to abide to that. In case some proof is left to submit, you may also declare it while filing income tax return.
Thanks for helping me with your Pateince and quick answer
Hello sir
thanks for reply
Plz tell me one more thing my company is paying me a lumslump salary of 25000 as i am in training mode.but i am paying room rent here.so tell can i claim for deduction of dis amount frm my total salary.?
thanks
@Mohit
As your employer does not pay you house rent allowance, you won’t be able to claim HRA exemption with your employer.
But you can claim benefit for house rent paid under section 80GG, check details for same on this page: http://www.socialfinance.in/questions/1927/income-tax-exemption-without-hra
Thanks a lot…..
Hi,
I am going to earn 7 month salary in advance as a savior Package in March month since company is going to close.
Will it count in tax calculation in financial year of 2011-12 and How.
@Vimal
In case of Retrenchment compensation, minimum of following amounts would be non taxable:
1. 15 days salary for every completed year of the service. (on basis of last three months average salary)
2. Rs 5 lakh
3. Actual amount received
Dear Sir,
Can you give me a little brief about the same.
@Vimal
You need to compute non taxable amount by using following rules.
First, compute your average monthly salary on basis of last three month’s salary. Multiply it with number of years you worked with current employer. If actual amount received by employer is more than this, then only this amount would be non taxable.
Hi,
Is performance bonus/other bonus comes in income tax calculation.
@Vimal
Performance bonus and all other such incentives are also a part of taxable income and has to be use in income tax calculation.
sir my father is retired he is senior citizen above 60 gets pansion arouns 120000 per annum since last 2 yrs and has opened a FD with ICICI Bank in may 2012 of 400000 rs rate is 10% for 999 days how tds will deduct from FD income and what he will get at maturiy…as per fd certificate total maturity amt is 522000. that states 122000 is interest from fd for 3 yrs whether they will detuct tds from income from fd or not if yes what he needs to do as he still after clubbing income from fd with his pansion comes in nill category. Warm rgds.
where else he can securly invest to get good returns.
@Ravinder
As your father is retired from job, he should mostly invest in safe avenues. Fixed deposit, Fixed maturity plan and Debt mutual funds would be good options. He may also invest around 10-20% into equities, but only for long term like 5-8 years.
sry its may 2011 instead of may 2012. fd open date.
@Ravinder
In order to avoid TDS deduction by bank for fixed deposit, please submit form 15-H. It declares that person’s income is below taxable range and he/she is senior citizen, so there is no need to deduct taxes.
very helpful
I am working singapore last 11year and I paid tax in singapore at last 6years. I not paid any tax in india. Is it required to paid. If yes what is the details and forms. Please assist.
@Sujith
If you have any income in India (say from bank interest, rental income etc.) which is more than non-taxable range (before any deduction/exemption), then its mandatory to file income tax return.
Based on type of income, you would need to file ITR 1/2/3/4.
Dear pankaj when i calculated tax through the tax calcator it gave me the value as 8939 , now if i want save tax completely , how much i should invest… pl guide … tax calculator is a very easy and helpfull.
@Bhavna
To save tax completely, you would need to invest 10 times income tax, as you fall into 10% slab rate.
Please read following pages to know more about tax saving:
http://www.socialfinance.in/questions/7/tax-saving
http://www.socialfinance.in/questions/45/investment-advise
is children education allowence exempted or not frrom income tax up to Rs.30000.00 for two childernin financial year 2011-12.
@Ram Kripal
children education allowance would be exempted up to Rs. 100 per month per child for maximum two child.
I want to clarify my doubts regarding tax on my salary. Can I talk to you ?
@Anshika
Please post your queries on this page only or on http://www.socialfinance.in/
Hi,
I fix a amount in ICICI, Where my annual interest in above 10,000. Will it count in Tax calculation. How?
@Vimal
Even if your annual interest is below 10,000 Rs its taxable and should be added to your taxable income.
if interest cross 10,000 limit, bank will deduct TDS @ 10%.
Hello, I have a home loan which i have declared in my tax declaration. Will i be taxed on HRA that i receive as part of my Salary.
@Pinkal
If you/your spouse own a house in same city where your employment is, then you cannot claim HRA exemption.
if you have not got possession of house, you can claim HRA but not interest exemption.
Hi pankaj, i wish to modify the excel, could you provide the password please? its very useful for a novice
Was unable to generate value of tax for total income. Are there any mandatory cell to filled to get the tax value.
@Amit
As such there are no mandatory cells. Can you please upload it somewhere (on Yousendit/Dropbox etc) and send us path so that we may check it.
Dear Pankaj
what is eligible amount on Child education allowance / Tution fees. Is this single component or different component while considering exemption?
hi
my father was treated for heart attack in 2010 dec.
the company insurance gave around 60 % refund in apr 2011.
What is the tax and for which year could i have got the rebate on expese incurred on my dads treatment?
@Baninder
First you need to check if this treatment falls under rule 11DD of income tax. Check this page for list of diseases: http://law.incometaxindia.gov.in/DitTaxmann/IncomeTaxActs/2001ITAct/Rules2001/rules011dd.htm
If it falls under this rule, You can claim income tax exemption u/s 80DDB for maximum 40,000 (or 60,000 in case your father is above 60 years). This exemption would also be limited to expense actually incurred minus claim provided by insurance company.
Thanks
Dad was treated for heart attack.
This does not fall in the list you have provided.
Sir, so this will not be eligible for exemption.
In that case is the reimbursent seen as income?
@Baninder
Unfortunately yes, it won’t be eligible for exemption.
But reimbursement from insurance company won’t be treated as income as you already spent amount in treatment and it was just refund of that amount.
thanks Pankaj Batra saheb
thank u very much..very useful
Thank you for this calculator, I have downloaded it. Does it calculate the eligible deduction for donations u/s 80G (to private trusts) ? The calculations are a bit tricky, 50% of maximum 10% of gross income reduced by all deductions u/s 80C etc., ?
@Shrinivas
See row 89 for donations in income tax calculator excel.
Hi, I have a doubt.. that i have taken a housing loan for house @ my native and am working in chennai staying in rented house. Can i apply, for both HRA and home loan for tax exemption. please do help me…My mail id is [email protected]
@Meena
Yes, you can claim tax benefit for both HRA and home loan, if owned house is not at a commutable distance from work place.
i had purchased a house 6 years back on loan much away from my city of job and availed exemption both on house loan and HRA and showed notional rent income for the free house. 3 years back, i again purchased a house but didnot avail any exemption against this. Now, my loan payments for the previous purchase house is over on 31/3/2011. Can i now avail loan exemption on this second house,alongwith HRA .
@Vibhor
Earlier also you would have been able to claim tax benefit for both loans and HRA, if both houses are not at a commutable distance from work place.
Now also you can claim loan interest exemption for second house if you show it not self occupied and on rent.
Hi,
please find tax calculation for
for financial year 2010-11
My total earnings 531347
loss from the property -69857 home loan
income from others -2088
profit from business – 461342
loss from salary – 36197
deduction under chapter 6A 111193
total taxable income 318577
non taxable income 150000/-
now i have given 1 lac rupees loan to my relative so where should i mentioned that amount.Please help with the section to be mentioned here so that i can mentioned that and save that tax amount.
Please conform the the exact section amount for following things
1 lac rupees loan given and 70000 rupees taken from friend
thanks
@Shree
The income tax calculator provided here does not fit into computation for income from business. Tax computation from business is a complex matter with expenses deduction and depreciation etc.
Also, income tax would be computed on income and loan given to anybody else need not to be mentioned in calculator. There is no tax saving on amount which you have given as loan to somebody else.
Amount taken from friend as gift would become taxable, but taken on loan won’t make it taxable if you are paying back the amount.
Hi,
In above case, there is taxable amount 158,000 in that i want to show a loan taken from friend for which paying outstanding money to him and given some amount gift to parents so can i show this amount in above slab and under which section it will go(please tell me about the section
thanks
@Shree
There is no tax benefit on repaying principal amount of loan taken from friend. There is also no tax benefit of giving gifts to parents.
Is there any way to show that because i do not have any money now and my 60,000 tds has been stuck at income tax. i was contract employee XYZ COMPANY and based on above mentioned slab rs. 18,000 will be deducted.Please show some way to save my money.It is hard earned money.Please give some information about sections in which i can save it tds year=2012-2011
@Chinmay
If you have income from business, you can show profit/loss accounts and deduct expenses for running business like marketing, petrol bills, internet/telephone bills etc.
Get help from a tax professional or CA to make your returns.
I am getting form 16A i am contract employee and not getting any benifit like pf ,hra and all of some XYZ COMPANY and so can i show it as income from businees or salary only?. Generally it should come under business because not getting HRA,medical, or any other benifits.If yes then do i have to show that my firm is register with some other details or not required
@Chinmay
As you got form-16A, it would be income from business/profession. You would need to file returns with ITR4.
Firm details is not required, you can file returns as an individual.
thanks..
Hi,
I want to show marketing, petrol bills, internet/telephone bills and tution fees ,expenses for technology upgradation etc.
under 80c- i shown home loan and intrest worth rs.111193
under which clause above expenses will fall
thanks
thanks
@Chinmay
There is no deduction/exemption available for such bills.
These can be shown under different expense heads under profit/loss accounts in ITR4.
As its complex, you may need consulting of a CA/tax professional.
Final question,
If i will show some losses like flood in native place due to which reconstruction of house, or some other business deal losses or bills etc. for 158,000(which is taxable as shown) so that this taxable income comes under loss creidit still i have to pay tax for the same.If not then under which section
thanks
@Chinmay
Flood in native place and reconstruction of house expenses cannot be added to business losses. These expenses are personal in nature and not done for business.
what is the amount eligible for Children education allowance / Tution fees?
@Sprasanna
You can claim tax exemption for tuition fees paid for your children (maximum two) under section 80C. 80C has maximum total exemption limit of one lakh.
Also if you get children education allowance as part of your salary, that would also be non taxable upto Rs 100 per child per month for maximum two child.
I have few query
1. In our company, company providing parking space to us for park the vehicle and deducted parking charges (Rs. 500 to Rs. 2000 per month) from the salary. Those amounts (Rs. 6000 to Rs. 24000 per year) will less from taxable income? If yes, please let us know how?
2. Father age 52 and son age 27, father can take Medical insurance for son for 80D? How?
3. Father age 52 and son age 27, son can pay father life insurance for 80C? How?
4. Please let us know other allowance (like transport allowance Rs. 800 per month, HRA Rs. 3000 per month not required any paper proof /bill /slip) which are tax free allowance and no need submit any document ?
5. Telephone Reimbursements have any amount limit or clause?
6. Book Reimbursements have any amount limit or clause?
7. Stamp Duty/Registration charges for land also tax free under 80C? How we can claim?
8. If last year and last to last year, we forget to add NSC interest during tax calculation and filling. Can we add last 2 year and current year NSC interest in this income?
9. LTA is not part of the salary, in this case can be claim LTA?
10. Periodical Journals and book allowance are same?
11. Internet Expense and telephone/mobile reimbursement are same? Internet Expense has any amount limit or clause?
12. Uniform/Dress Allowance can be provided by any MNC company where any Uniform are not applicable for employee‘s?
@Mr Agarwal
1. If company pays directly to parking provider and does not show it in your income, then it may become non taxable. But if its not the case, it would be taxable.
2. Father can pay medical insurance premium for son and claim deduction for it. Amount should have been paid from father’s account(cheque, credit/debit card)
3. Son can pay insurance premium for father and claim deduction for same too. Amount should have been paid from son’s account(cheque, credit/debit card)
4. Conveyance allowance (Rs 800 per month) does not require proofs to be submitted. HRA needs rent receipt/house rent agreement if rent is more than 3000 per month. Children education allowance is non taxable upto Rs 100 per month per child, but it should be there in your salary structure. There are other allowance which become non taxable but they require proof submissions and they should be in salary structure.
5,6. As such there is no limit on telephone/books/internet reimbursements, but it would be limited to payment done by employer as part of salary.
7. Stamp duty/registration charges are exempted u/s 80C but only for residential house property and not for land or commercial property.
8. If you did not report some income in last year’s return, it should not be added to this year’s income.
9. If LTA is not part of salary structure, LTA benefit cannot be claimed.
10. Periodical journal and book allowance should be same.
11. Internet and mobile expenses allowances can be separate.
12. Uniform allowance should not be exempted if company does not have uniform applicable.