in Finance, Government, Income Tax, India, Investment

The Excel-based Income Tax Calculator serves to compute taxes on various sources of income, including salary, pension, gifts, fixed deposits, bank interest, house rent, and capital gains (both short and long-term).

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

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

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

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

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

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

Kindly access the Income Tax Calculator through the provided links, tailored to your specific financial year/assessment year. This tool is designed to be user-friendly, and suitable for individuals with basic proficiency in Microsoft Excel.

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

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

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

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

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

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

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

Changes in FY 2018-19:

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

Changes in FY 2017-18:

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

Changes in FY 2016-17:
1. Rebate increased to 5000 from 2000 u/s 87A
2. Like NPS, tax deduction also available for APY (Atal Pension Yojana)

This excel calculator supports the inclusion of the following components, explanation for each is also provided along:

House Rent Allowance (HRA):  Rent receipts can be shown for taking tax benefit for living in a rented house. Income tax exemption for HRA will be least of the following:

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

In some cases, the deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in the same city or not at a commutable distance to office.

Transport/Conveyance allowance: Rs 800 per month is non taxable if salary has this component. This would not be exempted in case of employee also avail of car reimbursement. No proofs/bills required to submit for this exemption.

Children education allowance:  Per school-going child 1200 per annum is non-taxable. Maximum for 2 children, so max 2400 per annum becomes non-taxable.

Grade/Special/Management/Supplementary Allowance: That’s a general component in the industry to complete CTC amount after putting 35-40% into basic and 20% in HRA. This is not an expense, but this head is kept just to put the rest of the CTC amount into some component.

Arrears: Generally arrears are fully taxable, but the employee may claim exemption u/s 89(1).  One would need to compute income tax on the arrears if it would have been received in the actual year. Now the difference of income tax between payment year and actual year would be allowed for deduction.

Gratuity: If the amount is received before completion of five years of service with the employer, it should be taxable. Else it would be non-taxable up to Rs 10 lakh in the case of non-government servants. In the case of Government service employees, it would be fully non taxable.

Leave travel allowance (LTA): Two trips on a block of four years can be claimed for exemption for travel done inside India. The following amount would be non-taxable:

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

Performance Incentive/Bonus: This component would be fully taxable.

Medical allowance/Reimbursement: This component is on-taxable up to 15000 per year (or Rs 1250 per month) on producing medical bills.

Food Coupons – Non-taxable up to 50 Rs per meal. So a 22 working month and one meal per day would make Rs 1100 as non taxable. Sodexo or Accor ticket coupons may also be provided by the employer for the same.

Periodical Journals: Some employers may provide a component for buying magazines, journals and books as a part of knowledge enhancement for business growth. This part would become non-taxable on providing original bills.

Professional Development Allowance: If original bills are submitted to the employer, this allowance may become non-taxable. Generally payment done towards any technical course fee, certification etc done to enhance professional knowledge can be reimbursed.

Uniform/Dress Allowance: Some sections of employees mat get an allowance for the purchase of office dress/uniform. In such a case, the component would become non-taxable.

Telephone reimbursements – In some cases, companies may provide a component for telephone bills. Employees may provide actual phone usage bills to reimburse this component and make it non-taxable.

Internet Expenses – Employer may also provide reimbursement of internet expenses and thus this would become non taxable.

Car expense reimbursements – In case the company provides a component for this and employee use the self-owned car for official and personal purposes, Rs 1800 per month would be non-taxable on showing bills for fuel or can maintenance. This amount would be Rs 2400 in case the car is more capacity than 1600cc.

Driver salary – If the employee pays the driver salary for a self-owned or company-owned car, Rs 900 per month may become non-taxable if the employer provides a component for it.

Gift from relatives vs non relatives: Gifts from relatives would be non-taxable with no limits attached. Following relations are covered under the non-taxable rule:

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

If gifts received from non-relative persons is worth more than Rs.50000, one is liable to pay the tax on whole value. Gift can be in form of a sum of money (in cash/cheque/bank draft/electronic transfer) or any articles.

Agricultural Income: If one has only only agricultural income, then it is fully exempt from income tax. If other income also there, a rebate on agricultural income would be provided at a 10-30% rate depending on the actual amount of agricultural income.

House rent Income: 30% of the rental income can be reduced as a standard deduction for repairs, maintenance etc. irrespective of the actual amount spent.

Bank/Fixed deposit/Post Office/NSC/SCSS interest: Interest earned on bank account, fixed deposits, post office, debt mutual funds/fixed maturity plans(kept less than one year) would be added to taxable income and taxed as per slab rates.

Short Term Gains from Share Trading/Equity Mutual funds: if stocks/equity mutual funds are sold before one year, 15% tax would be payable on such gains. STT should have been on transaction.

Long term gains from Share Trading/Equity Mutual funds: If stocks/equity mutual funds are kept for more than a year before the sale, it would be long term gains and such gains would be fully exempt from income tax. Securities transaction tax (STT) must have been paid on transactions for availing this exemption.

Section 80C, 80CCD and 80CCC deductions– One can claim his investments/payments under section 80C, 80CCC and 80CCD, up to 1.5 lakh (1 lakh before FY 2014-15) combined limit. Amount can be invested in:

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

Section 80D : Maximum deduction of up to 25,000 (15,000 before FY 2015-16) under medical or health insurance offered by life insurers taken for self and family. An additional deduction of up to 15,000 for buying cover for dependent parents. If parents/assessee are senior citizens, they can claim a deduction of up to Rs 30,000.

Section 80DD : Deduction of 75,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 125,000.

Section 80E : Tax relief on interest payments on education loan taken for higher studies for self, spouse or child. There is no maximum limit on this deduction.

Section 80G: The eligibility is 50% or 100% of the donation amount subject to an overall ceiling of 10% of your gross total income to certain funds and charitable institutions.

Section 24/Home loan interest payment : The maximum limit is of 1.5 lakh on interest payments of a home loan for a self-occupied house. There is no ceiling on the amount of deduction if the house is let out or deemed to be let out. House rent would need to show in income in case house is not self-occupied.

Section 80U (Disabled/Handicapped person): Deduction can be claimed if a person has a disability. The allowed dedudtion for Rs 75,000. This deduction goes up to Rs. 100,000 in case disability is severe.

Section 80DDB deduction (Medical treatment expenses): Expenses done for medical treatment for self, spouse, dependent children, parents, brothers and sisters. Maximum deduction can be Rs 40,000 (goes up to 80,000 in case the patient is a senior citizen). Deduction is only allowed in the case of following diseases:

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

Professional tax: Professional tax deducted from salary by employer should be removed from taxable salary before computation of income tax.

Employer contribution of EPF/New pension scheme(NPS): Employer contribution does not become part of employee’s income and hence income tax is not payable on this part.

Tax deducted at Source (TDS) deduction: As per income tax rules, all payment which is taxable in nature should be done after deduction of taxes at the source itself. Hence employer computes income tax on salary payment and deducts it every month. This TDS is based on employee’s saving/investment declaration at the start of year. If investments for tax saving is not done, large amount may be deducted in the last few months.

In-Hand monthly salary: After deduction of all components like TDS, EPF etc in hand monthly salary is computed.

In-Hand monthly salary without reimbursements: Some of the employees get reimbursements components separately in a different payment other than salary, So this figure shows in hand salary w/o reimbursement components like medical, telephone, internet bills, driver salary etc.

Total income this year: This figure shows the whole year’s income from all sources combined.

Advance tax schedule: As per income tax rules, 30% of income tax should be paid by 15th Sept, 60% by 15th Dec and the rest by 31st March. If its not followed one may be charged interest penalty u/s 234C.

If you want to use a simple web based calculator, you may try, official income tax calculator by income tax department

Disclaimer: We are not responsible for any inaccuracies in the income tax computed by this tool. If one finds any issue, they can report same to us through contact us page and we would try to fix the problem as soon as possible.

 

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3,657 Comments

  1. My employer did not show medical expenses deduction of 15000/- in my form 16 for fy 2011-12 like last year as I did not furnish declaration. now they say that returns have already been sent to IT deptt. We were paid about 40000/- as medical expenses for whole year.The acs guy says to show in IT return.My question is
    1. Can this medical expense be shown during filling IT return ay 12-13when not shown inform 16.Is the acs guy advsing correctly
    2. What is maxm amount that can be deducted & under which section.
    regards

    • @Vicky
      If you are asking for medical reimbursement component (max deduction Rs 15000 per year), it should have been done with employer. ITR form does not have section to claim same. Only way now would be to reduce taxable income by that 15K amount and file income tax return. In case income tax department has query on why taxable income has been reduced, you will have to prove why reimbursement was not taken with employer.

      Deduction for these expense may also be applicable u/s 80DD or 80DDB. But check below conditions if they are applicable:

      Section 80DD : Deduction of 50,000 for maintenance of a disabled dependent. If the disability is severe, the deduction amount will be 100,000.
      Section 80DDB: Expenses done for medical treatment for self, spouse, dependent children, parents, brothers and sisters. Maximum deduction can be Rs 40,000 (goes up to 60,000 in case patient is senior citizen). Deduction is only allowed in 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
      Hematological disorders :
      (a) Hemophilia ;
      (b) Thalassaemia.

  2. I was a fixed term contract employee for 6 months and didnt have HRA component in salary although there was only PF deduction being done by company. Can I claim tax exemption on house rent amount paid for those 6 months? If yes, maximum how much per month if my monthly salary was 42000?

  3. I am a private sector employee. I have opened NPS account for myself and have contributed some amount. Am I eligible to get tax benefit for the same and under which section? also, Me and my employer contribute towards my PF. I have got tax benefit for PF, can I get PF and NPS both?

      • Thank you Pankaj. This site is really awesome for financial queries, have been following for quite a while. Cheers!

  4. Mr. Batra,
    First of all I will like to appreciate your efforts in this regard.
    I am really thankful to people like you who have tried to make this topic so easy to understand.
    People like me really have hard time to understand our Income Tax system.
    I will request you to please enlighten me on a case.
    I am an Indian working in Japan.
    After 1 year training here, I will be setting up my company in India.
    Now here comes the tax problem.
    I will getting the same Japanese salary,
    so I want to know. How should I get my salary, means in what sort of divisions to get TAX benefits to its fullest?
    Suppose If I will have 1,800,000INR per annum salary then how should I optimize it to the fullest?
    And getting Housing Allowance(HA) separately will be better?

    I will look forward for your reply.
    Thanks and Regards
    Deepak

    • @Deepak
      In case you are paid by Indian subsidiary of Japanese company as an Indian entity, salary can be structured to include various components. Read more about such components here: http://www.socialfinance.in/questions/82/tax-exemption-component-for-salaried-employee

      In case you get amount as lump-sum as a contractor from outside entity, it would be like income from profession/business and not salaries. In that case, there won’t be any tax saving components like HRA, medical reimbursements etc. You need to maintain profit/loss accounts and accounts audit would be required. You would be able to show all business expenses as deductions from profits.

  5. Hi Pankaj,
    In past I always submitted my IT-return directly at IT office.
    But this time I am out of India from last 6 month, and my current
    status is NRI (may change when I am back in India again in same
    financial year). Since I was RI for AY 2012-2013 (FY 2011-2012) so I believe NRI
    rules doesn’t apply on me, and I can submit return online and send signed acknowledgment to IT-CPC electronic city office B’lore. In website it is strictly mentioned to send through normal post or speed post.

    There are two option for me
    1. Send it directly through International post.
    2. Send it to my family in India through international post and ask them to
    send it through speed post.

    Please suggest which of the above two option is correct

    • @Ashish
      I am not sure if International post would be accepted by IT department.
      Better option is to send to family/friend in India, who can then send to IT department address through simple/speed post/

  6. Can HRA be claimed without a rent reciept? Is there any limit on the max amount (eg. 33000-above this , one needs to show receipt)
    I have changed my city of residence so it is bit difficult to get the rent reciept now…Any workaround?
    Second, the telephne bill(broadband internet connection which is treated same as telephn bill by d company) comes by the name of my husband (husband as the payer). Can I show the same bill to get tax exemption or shuld I get the payer name changed?

    • @Diti
      HRA deduction is provided by employer and you need to provide them either rent receipts or registered rent agreement. If the house rent paid is upto Rs. 3000 per month, then rent receipt/agreement copy is not mandatory.

      Telephone/internet bill reimbursement is also done by employer and you need to have connection in your name to claim tax-free reimbursements from employer.

  7. My income became taxable for the financial year 2007-2008. As per form 16, I had to get refund of Rs.10,000.
    I had filed for the ITR but did not get any return.
    As I was unaware of these processes, I did not follow up on this.
    Please let me know if I can get the refund now. I do have all the documents of this year.
    Thanks!

    Must say that your site is truly a success!
    A very good information source. Helped me at a number of places, while filing the tax.

    Thanks again. Great work indeed.

    • @Diti
      First you check form-26AS for all assessment years starting from 2009-20 to check if refund has been issued or not.
      In case return was filed offline (in income tax office), its difficult to track processing online. In that case you will have to visit same income tax office to enquire about same. If they do not help, you can file RTI application to know status of refund.

  8. Can I claim tax benefit for investment that I have done under 80CCD but could not show to my employer. So my form 16 does not have this investment detail. Can I mention the investment while e-filing my returns? Is there anything else I have to?Do I have to include proof of NPS contribution?

    • @Ankit
      You can declare your investments u/s 80CCD while income tax return filing too. There is no issue for this.
      Make sure to include only under employee contribution only. Max total exemption limit would be still 1 lakh including 80C section.
      No proof is required to be sent along with ITR to IT department. If they need they will ask for it later.

        • @Devendra
          Consultancy income is considered as income from business/profession. Current income tax calculator is for people who only have income from salaries, long/short term gains from stocks/mutual funds, pension, bank/FD interest, gifts and income from house properties.

          Tax computation for business/profession altogether a different area and pretty complex as it requires P/L accounts, balance sheets, depreciation, business expenses etc.

      • Sir , is there any changes in Section 80C,as my consultant told me ,now we can show the 10% amount of cover value only instead of premium amount in that.

        • @Deepti
          80C deduction on insurance policies purchased after 1st April, 2012 only available if premium is less than 10% of sum assured. Benefit for existing purchased policies to continue as it is.

  9. My mother is a house wife and has done savings which she has in Fixed deposits and savings account.
    How much is non taxable. She hasnt got a running income

    • @Sam
      Whole interest from fixed deposit and savings account is taxable for FY 2011-12. For FY 2012-13, saving bank account interest is exempted upto Rs 10,000.
      She would need to compute income tax based on her slab rates. If she is below 60 years, income upto Rs 1.9 lakh would be non-taxable, else upto 2.5 lakh.

  10. Hi it is nice article, I have one doubt, that for Gratuity, it is non-taxable up to Rs 10 lakh where as it is written as taxable, so can you please review and make corrections.

    Thanks

    ————————–
    Gratuity: If amount is received before completion of five years of service with employer, it should be taxable. Else it would be taxable up to Rs 10 lakh in case of non-government servants. In case of Government service employees, it would be fully non taxable.
    —————————-

  11. I changed my employer and My current employer’s form 16 does not show taxable income. But I dont have form 16 for my previous employer. Do I need to add the total income from both the employer to see if I nedd to file return?
    Form 26A in IT website shows no transactionThis is the first time I am checking for ITR filing so little confused.

    • @Birbal
      You need to compute income tax on total year’s taxable income (whether its from current or previous employer). If there is any tax payable you need to pay that and file income tax return.
      Form 26AS would only show entries if somebody have deducted taxes and deposited against your name.

  12. Pankaj,
    If any one is deputed for international assignment on work permit from his company and his resident status is RI (not NRI), then transferring money from foreign earning to Indian account will be added to current year income?
    E.g.
    An IT guy, worked till Dec in India and moves to Europe for company assignment on work permit, here is paying tax in European country for Europe salary and also tax on Indian salary. If he transfers his saving from Europe to India in Mar, then will that amount be added to his current year India income and liable for income tax?

  13. Mr Pankaj, I have query on Capital gains :

    1. How about the taxability (Tax rates) of Long term/Short term capital GAIN from shares
    2. How about the taxability (Tax rates) of Long term/Short term capital LOSS from shares. Where i dont have any GAIN from SHARES, but have Salary/Interest income

    • @Vikram
      1. Short term gains from sale of shares (where STT is paid on transaction) is taxable at 15% rate. Long term gains (sale after one year of purchase) is tax free/.
      2. Short term losses from sale of shares can be set off against any capital gain. If there are no gains this year, these can be carried forward to next eight years. Losses from capital gains cannot be set off against income under other heads of income. Long-term capital loss can be set off only against long-term capital gain. Long term capital loss from shares, where STT is paid, will have no value. There are no tax benefit on this and It cannot be set off against any other income.

      • Thanks for the prompt feed back, much appreciated…

        I have query on Section 234B interest. My tax payable is less that 10,000 after adjusting TDS and Advance tax (deducted/Paid before 31st Mar 2012). Still i am being charge under Sec 234B interest by the tool. Is there someting got missed by me. Though there was some delay on advance tax as per section 234C, So charged accordingly for that…

        • @Vikram
          Rs 10,000 limit works only with (total tax payable – tax deducted at source). So in case tax pending after TDS is more than 10K, interest u/s 234B and 234C would be applicable.

  14. Hi i have one doubt i am new for it i dont know how to make tax savings.Could you please tell me,how to save tax. My package 5,10,000/- PA,last financial year 12k deducted form my salary.how can i save my tax amount.

    Regds,
    Abash

  15. Am working full time with an MNC Retail Store as Sales Executive and also on part time basis with a local firm. Both the employers are paying hra as part of total salary.
    Am paying rent for the house i live in with my family
    My question is 1) whether hra exemption is available only against hra received from full time employer or from both employers.
    2) In case both is allowed, whether consolidation of basic and DA of both employer is to be used for calculation of 40% and excess of rent paid over 10%.

    Please suggest

  16. I have joined a company in the begining of july and my monthly income is 21,500.. so it comes up to be 1,72,000 til feb, so whether i wil not be taxed or is it based on monthly income?

    • @Praveen
      Please compute income tax using income tax calculator excel and see if there is any income tax payable.
      Salary should be included till 31st March and not only till Feb.

  17. Hi,
    I am a expat in India for past 3 years. for 2011-12, I was in India for 165 days with indian salary and out for 200 days with us salary but no indian salary.
    How should I file. make a combined return and claim tax exemption since taxes are already paid in US or just file for 165 days of indian salary.

    I am confused and am getting conflicting advice from local tax consultants.

    • @Prasanna
      If you have stayed in India for more than 60 days in FY 2011-12 and also stayed in India for atleast 365 days during 4 year before the FY 2011-12, you would have a resident Indian status.
      In that case, whole global income would be taxable in India. All taxes would be paid in India. If already tax has been paid in US, you can file return there to get refund of the amount as per double taxation avoidance treaty.

  18. Dear Mr.Pankaj,

    I have query regarding endorsement of PAN card.
    I have filled my ITR for this financial year. If I want to apply for the endorsement of address and Last name (changed after marriage).
    Please suggest,
    1.What should be the right time to apply for endorsement? Should I wait for another couple of months?
    2.Will it automatically update my details in my account used while doing efile?
    3.And in how many days it get processed?

    Thanks.

    • @Nancy
      1. You can apply for PAN details anytime. But to be on safer side, I would advise you to use older name in this year’s return and once its assessment is done (mat take 4-5 months after e-filing), you should apply for change of name and address in PAN.
      New address can be used in ITR this time.
      2. Address used in efiling is used for communication regarding that return. No matter whats mentioned in PAN.
      3. Name and address change processing may take upto 15-20 days.