The Excel-based Income Tax Calculator serves to compute taxes on various sources of income, including salary, pension, gifts, fixed deposits, bank interest, house rent, and capital gains (both short and long-term).
| For Everyone | |
| Upto Rs. 4,00,000 | Nil |
| Rs. 4,00,001 to Rs. 8,00,000 | 5 per cent |
| Rs. 8,00,001 to Rs. 12,00,000 | 10 per cent |
| Rs. 12,00,001 to Rs. 16,00,000 | 15 per cent |
| Rs. 16,00,001 to Rs. 20,00,000 | 20 per cent |
| Rs. 20,00,001 to Rs. 24,00,000 | 25 per cent |
| Above Rs. 24,00,000 | 30 per cent |
| For Everyone | |
| Upto Rs. 3,00,000 | Nil |
| Rs. 3,00,001 to Rs. 7,00,000 | 5 per cent |
| Rs. 7,00,001 to Rs. 10,00,000 | 10 per cent |
| Rs. 10,00,001 to Rs. 12,00,000 | 15 per cent |
| Rs. 12,00,001 to Rs. 15,00,000 | 20 per cent |
| Above Rs. 15,00,000 | 30 per cent |
| For Men | |
| Upto Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For Women | |
| Upto Rs. 2,50,000 | Nil |
| Rs. 2,50,001 to Rs. 5,00,000 | 5 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For a resident individual of 60 years or above (Senior Citizens) | |
| Upto Rs. 3,00,000 | Nil |
| Rs. 3,00,001 to Rs. 5,00,000 | 5 per cent |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
| For a resident individual of 80 years or above (Very Senior Citizens) | |
| Upto Rs. 5,00,000 | Nil |
| Rs. 5,00,001 to Rs. 10,00,000 | 20 per cent |
| Above Rs. 10,00,000 | 30 per cent |
Kindly access the Income Tax Calculator through the provided links, tailored to your specific financial year/assessment year. This tool is designed to be user-friendly, and suitable for individuals with basic proficiency in Microsoft Excel.
Income Tax Calculator for financial year 2026-27 (151.5 KiB, 2,917 hits)
Income Tax Calculator for financial year 2025-26 (151.5 KiB, 31,997 hits)
Income Tax Calculator for financial year 2024-25 (150.5 KiB, 31,041 hits)
Income Tax Calculator for financial year 2023-24 (149.5 KiB, 26,873 hits)
Income Tax Calculator for financial year 2022-23 (148.5 KiB, 14,194 hits)
Income Tax Calculator for financial year 2021-22 (147.5 KiB, 10,843 hits)
Income Tax Calculator for financial year 2020-21 (141.5 KiB, 24,650 hits)
Income Tax Calculator for financial year 2019-20 (125.0 KiB, 57,967 hits)
Income Tax Calculator for financial year 2018-19 (125.0 KiB, 75,047 hits)
Income Tax Calculator for financial year 2017-18 (117.5 KiB, 47,207 hits)
Income Tax Calculator for financial year 2016-17 (136.5 KiB, 41,353 hits)
Income Tax Calculator for financial year 2015-16 (263.0 KiB, 55,305 hits)
Income Tax Calculator for financial year 2014-15 (136.0 KiB, 85,353 hits)
Income Tax Calculator for financial year 2013-14 (130.5 KiB, 60,084 hits)
Income Tax Calculator for financial year 2012-13 (119.0 KiB, 95,063 hits)
Income Tax Calculator for financial year 2011-12 (116.0 KiB, 198,885 hits)
Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 162,712 hits)
Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 71,419 hits)
Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 28,699 hits)
Changes in FY 2020-21 (Budget Feb 2020):
Changes in FY 2019-20 (Budget July 2019):
Changes in FY 2019-20 (Interim Budget Feb 2019):
Changes in FY 2018-19:
Changes in FY 2017-18:
Changes in FY 2016-17:
1. Rebate increased to 5000 from 2000 u/s 87A
2. Like NPS, tax deduction also available for APY (Atal Pension Yojana)
This excel calculator supports the inclusion of the following components, explanation for each is also provided along:
House Rent Allowance (HRA): Rent receipts can be shown for taking tax benefit for living in a rented house. Income tax exemption for HRA will be least of the following:
In some cases, the deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in the same city or not at a commutable distance to office.
Transport/Conveyance allowance: Rs 800 per month is non taxable if salary has this component. This would not be exempted in case of employee also avail of car reimbursement. No proofs/bills required to submit for this exemption.
Children education allowance: Per school-going child 1200 per annum is non-taxable. Maximum for 2 children, so max 2400 per annum becomes non-taxable.
Grade/Special/Management/Supplementary Allowance: That’s a general component in the industry to complete CTC amount after putting 35-40% into basic and 20% in HRA. This is not an expense, but this head is kept just to put the rest of the CTC amount into some component.
Arrears: Generally arrears are fully taxable, but the employee may claim exemption u/s 89(1). One would need to compute income tax on the arrears if it would have been received in the actual year. Now the difference of income tax between payment year and actual year would be allowed for deduction.
Gratuity: If the amount is received before completion of five years of service with the employer, it should be taxable. Else it would be non-taxable up to Rs 10 lakh in the case of non-government servants. In the case of Government service employees, it would be fully non taxable.
Leave travel allowance (LTA): Two trips on a block of four years can be claimed for exemption for travel done inside India. The following amount would be non-taxable:
Performance Incentive/Bonus: This component would be fully taxable.
Medical allowance/Reimbursement: This component is on-taxable up to 15000 per year (or Rs 1250 per month) on producing medical bills.
Food Coupons – Non-taxable up to 50 Rs per meal. So a 22 working month and one meal per day would make Rs 1100 as non taxable. Sodexo or Accor ticket coupons may also be provided by the employer for the same.
Periodical Journals: Some employers may provide a component for buying magazines, journals and books as a part of knowledge enhancement for business growth. This part would become non-taxable on providing original bills.
Professional Development Allowance: If original bills are submitted to the employer, this allowance may become non-taxable. Generally payment done towards any technical course fee, certification etc done to enhance professional knowledge can be reimbursed.
Uniform/Dress Allowance: Some sections of employees mat get an allowance for the purchase of office dress/uniform. In such a case, the component would become non-taxable.
Telephone reimbursements – In some cases, companies may provide a component for telephone bills. Employees may provide actual phone usage bills to reimburse this component and make it non-taxable.
Internet Expenses – Employer may also provide reimbursement of internet expenses and thus this would become non taxable.
Car expense reimbursements – In case the company provides a component for this and employee use the self-owned car for official and personal purposes, Rs 1800 per month would be non-taxable on showing bills for fuel or can maintenance. This amount would be Rs 2400 in case the car is more capacity than 1600cc.
Driver salary – If the employee pays the driver salary for a self-owned or company-owned car, Rs 900 per month may become non-taxable if the employer provides a component for it.
Gift from relatives vs non relatives: Gifts from relatives would be non-taxable with no limits attached. Following relations are covered under the non-taxable rule:
If gifts received from non-relative persons is worth more than Rs.50000, one is liable to pay the tax on whole value. Gift can be in form of a sum of money (in cash/cheque/bank draft/electronic transfer) or any articles.
Agricultural Income: If one has only only agricultural income, then it is fully exempt from income tax. If other income also there, a rebate on agricultural income would be provided at a 10-30% rate depending on the actual amount of agricultural income.
House rent Income: 30% of the rental income can be reduced as a standard deduction for repairs, maintenance etc. irrespective of the actual amount spent.
Bank/Fixed deposit/Post Office/NSC/SCSS interest: Interest earned on bank account, fixed deposits, post office, debt mutual funds/fixed maturity plans(kept less than one year) would be added to taxable income and taxed as per slab rates.
Short Term Gains from Share Trading/Equity Mutual funds: if stocks/equity mutual funds are sold before one year, 15% tax would be payable on such gains. STT should have been on transaction.
Long term gains from Share Trading/Equity Mutual funds: If stocks/equity mutual funds are kept for more than a year before the sale, it would be long term gains and such gains would be fully exempt from income tax. Securities transaction tax (STT) must have been paid on transactions for availing this exemption.
Section 80C, 80CCD and 80CCC deductions– One can claim his investments/payments under section 80C, 80CCC and 80CCD, up to 1.5 lakh (1 lakh before FY 2014-15) combined limit. Amount can be invested in:
Section 80D : Maximum deduction of up to 25,000 (15,000 before FY 2015-16) under medical or health insurance offered by life insurers taken for self and family. An additional deduction of up to 15,000 for buying cover for dependent parents. If parents/assessee are senior citizens, they can claim a deduction of up to Rs 30,000.
Section 80DD : Deduction of 75,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 125,000.
Section 80E : Tax relief on interest payments on education loan taken for higher studies for self, spouse or child. There is no maximum limit on this deduction.
Section 80G: The eligibility is 50% or 100% of the donation amount subject to an overall ceiling of 10% of your gross total income to certain funds and charitable institutions.
Section 24/Home loan interest payment : The maximum limit is of 1.5 lakh on interest payments of a home loan for a self-occupied house. There is no ceiling on the amount of deduction if the house is let out or deemed to be let out. House rent would need to show in income in case house is not self-occupied.
Section 80U (Disabled/Handicapped person): Deduction can be claimed if a person has a disability. The allowed dedudtion for Rs 75,000. This deduction goes up to Rs. 100,000 in case disability is severe.
Section 80DDB deduction (Medical treatment expenses): Expenses done for medical treatment for self, spouse, dependent children, parents, brothers and sisters. Maximum deduction can be Rs 40,000 (goes up to 80,000 in case the patient is a senior citizen). Deduction is only allowed in the case of following diseases:
Professional tax: Professional tax deducted from salary by employer should be removed from taxable salary before computation of income tax.
Employer contribution of EPF/New pension scheme(NPS): Employer contribution does not become part of employee’s income and hence income tax is not payable on this part.
Tax deducted at Source (TDS) deduction: As per income tax rules, all payment which is taxable in nature should be done after deduction of taxes at the source itself. Hence employer computes income tax on salary payment and deducts it every month. This TDS is based on employee’s saving/investment declaration at the start of year. If investments for tax saving is not done, large amount may be deducted in the last few months.
In-Hand monthly salary: After deduction of all components like TDS, EPF etc in hand monthly salary is computed.
In-Hand monthly salary without reimbursements: Some of the employees get reimbursements components separately in a different payment other than salary, So this figure shows in hand salary w/o reimbursement components like medical, telephone, internet bills, driver salary etc.
Total income this year: This figure shows the whole year’s income from all sources combined.
Advance tax schedule: As per income tax rules, 30% of income tax should be paid by 15th Sept, 60% by 15th Dec and the rest by 31st March. If its not followed one may be charged interest penalty u/s 234C.
If you want to use a simple web based calculator, you may try, official income tax calculator by income tax department
Disclaimer: We are not responsible for any inaccuracies in the income tax computed by this tool. If one finds any issue, they can report same to us through contact us page and we would try to fix the problem as soon as possible.
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View Comments
Hi Pankaj,
I am Prajakta. My Annual package is 5.18INR but 4.7lacks is my in hand income rest is variable. I need to know whether I will be under 20% tax slab or 10%?
@Prajakta
If your total gross income during the year exceed the limit of 5 lacs then u will come in under 20% tax slab.
10%
Under which point to Add CCA City Compensatory Allowance in the Excel?
@Nandan
As of now, excel does not have provision for the same. We will add support for the same soon.
For now, you can use rows for Grade/Special/Management/Supplemementary Allowance OR Performance Incentive/Bonus OR Arrears for the same.
I have been making money online through forex investments an website development. I have almost made a gud crore or two by now in 5 months but havent transfered it into the bank. Will i have to pay the tax for the online income. If yes how much would that be?
@Kunnal
Yes, you will have to pay income tax on all income (even if its online and coming from outside India).
It will be considered as income from business/profession. You will have to maintain profit/loss accounts for it.
Please consult a tax professional or CA regarding your case, as it needs lots of work.
If you want to avail our paid services, please contact us at services@pankajbatra.com.
Dear Pankaj,
Thanks for posting Tax calculator XLS every year. It's really very useful. Only thing, for this year, I could not see two things incorporated in saving section apart from 80C:
1. Infrastructure bond
2. Mediclaim insurance for self/children and dependent parents
Would highly appreciate if you could help us on this aspect otherwise, your calculator is the best and easiest one.
Regards,Manmohan
@Manmohan
1. Value for Infrastructure bond can be put in row 83.
2. See row 75 and 76 for medical insurance exemption.
Hi Pankaj,
My annual income is 4.55 lac p.a. please advise me maximum tax saving options, I have 12% PF, Housing Loan, Education Fee and Insurance policy.
Regards,
@Raju
Please read answers to similar questions here:
http://www.socialfinance.in/questions/7/tax-saving
http://www.socialfinance.in/questions/46/investment-suggestions
http://www.socialfinance.in/questions/45/investment-advise
http://www.socialfinance.in/questions/82/tax-exemption-component-for-salaried-employee
http://www.socialfinance.in/questions/118/tax-saving
http://www.socialfinance.in/questions/178/investment-advise
Hi,
Am i liable to make changes in the Tax deceleration items after i declare it? Can i make changes if I make more investments or want to change the value of any component or want to take of any component off ? My employer is deducting tax and when i asked them to change the component I was told that they cannot make any changes now. Kindly suggest.
@Joy
Employer should allow making changes in income tax declaration form whenever employee requires (each month).
Please ask them why you cannot make changes.
Hi Pankaj- I own a house but am staying on rent. How do I go about showing my declaration ? Can I show both HRA and interest on housing loan ? I also have another house in a different location..so can I show two housing loan declarations ?
@MK
In case your owned house is not at a commutable distance from your office and you are living in another house on rent, then you can claim both HRA and home loan exemptions.
You can get exemption for any number of houses on loan, but in case of self occupied house, there is a total limit of 1.5 lakhs on interest exemption. In case you are showing rental income on houses, then there is no upper limit on interest exemption.
Home loan principal can also be deducted from income under 80-C with maximum total limit of 1 lakh.
Hi,
I need your advice on the following.
My Net CTC per anum is 2 L and i have joined my current concern in the month of Dec10. could anyone tell me on wat basis IT will be deducted.
Regards,
Sebastian
@Maria
Please download income tax calculator and compute your taxes yourself.
Hi Pankaj,
This portal is really good to understand the tax liabilties for the salaried employees.
i request you to please send across the excel sheet for FY-06 to 2010 to santoshgdg23@rediffmail.com.
Thanks in advance.
Regards,
Santosh
@Santosh
You can download these sheets from downloads page (http://www.pankajbatra.com/downloads/). These are not available for years before FY 2008-09
Pankaj, it is a great worksheet..My company says except basic and bonus (together 11lakhs), everything is non-taxed..My worry is that, say rest of 14 lakhs, I need to find voucher to get the entire amount..How?
Second thing is , based on the spreadsheet, i am getting in-hand salary of 1.9lak per month and 1.25 without reimbursement per month..Did you deduct the tax on the second part?
Thanks,
Raj
@Raj
Your employer might have created CTC in such a way where it has more reimbursement components which are non-taxable.
For these components, you will have to produce bills to make them non-taxable.
Income tax calculator excel shows income with and without reimbursements. You will have to key-in various components in the calculator to compute correct tax amount and in-hand amount.
Hi Pankaj, first of all, great job on running a site like this that is helping soo many people with their tax worries!
I wanted to know if both my wife and me can claim interest on housing loan to the max of 1.5 lakhs each when the given interest for the year is about 2.7lakhs?
@Chris
If you and your wife are joint holder of property and house loan in also in joint name, then you both can claim 1.35 lakh interest exemption (2.7 divided in two parts)