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, 162,713 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
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 630x12 =4,39,560). But I am getting the amount through bank after deducting 10 % TDS. ie 32967x12 = 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 services@pankajbatra.com
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.