Finance

Income Tax Calculator

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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Pankaj Batra

Jack of multiple trades. A generalist! Founder of Sparse Labs. Find me at FB, Twitter or LinkedIn .

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  • I have two houses total rental income is Rs270000/ house loan is rs800000/ interest paid 64217/ and LIC installment is Rs3640/ pl calculate my income tax

  • Dear Pankaj,

    This is sunil and am working in corporate company and my CTC is 20k. and my take home salary is 16185
    I am not knowing whether i need to file IT returns or not. one of my friend told me that i need to submit form 16 and ITR1. Please guide me through this. And plz find my ctc details below
    basic - 9000
    bonus exgratia - 900 (10% of basic)
    conveyance - 800 (fixed)
    House rent allowance - 3600
    personal pay - 1350
    special allowance - 1465
    ---------------
    recoveries
    ---------------
    pf - 780
    professional tax - 150
    ------------------
    employee charges
    ------------------
    eps - 541
    epf - 239
    bonus annual - 900
    LTA - 1080

    • @Sunil
      Your total income is below 5 lakhs in the year.
      If you don't have any other income apart from your salary, all taxes have been already deducted by employer in form of TDS (if any), nothing is payable to IT department, there is no refund needed;
      then you need not to file income tax return this year.

  • i cannot put the PF amount in the C64 column as it is protected. need to put that amount to calculate my yearly tax. Am i missing something or can you modify it.

    • @Amit
      You will have to fill monthly EPF deduction in Row 103 and sum of it will automatically come in C64.

  • The xls after downloading has all cells protected.
    Please share the password to unprotected the cells to use the xls.

    • @Jigar
      Let us know what issues you are facing with excel sheet.
      Formula are protected and you need not to edit them. You can fill editable cells in excel to compute your tax.

  • hi Pankaj

    My mother expired last year. She has to get a tax refund of around 7k.
    Now how should i file the income tax returns, in whose name should I file, can i do it through e filing

    • @Karthikeyan
      After death of a person, Its responsibility of legal heir to fill income tax return on his/her behalf, as per Section 159.
      In name of assessee you can write 'late (name of deceased) through legal heir (name of person filing)'.

      • hi Pankaj
        You mean to say the name should be in the format
        Name: Late '"XXXX" through leagal heir "YYYY"
        1. What should i enter in the bank details, my account details or my mothers
        2. Should I put my name in the declaration space and sign
        3. Should i attach any supporting doc like death certificate
        4. Is it possible to e file for deceased

        • @Karthikeyan
          1. Its better if you provide your mother's account details, if it still exists. If not available, you can provide yours.
          2. You will have to provide your name and sign declaration section as a representive of the decesead.
          3. No document needs to be attached along with income tax return.
          4. You can file return online for deceased.

  • Dear Mr. Pankaj,

    I am working in Dubai. My company is closing its Dubai office and has asked me to join its Inidia office. It now wants me to submit my CTC to their HR. Please guide me how the CTC can be made up if my take-home salary per month is Rs.1,00,000. Thanking you in advance.

    Regards,

    Shafi.

  • Hi Pankaj,

    today i went to drop the form 16 but the guy told me go http://www.incometaxindia.gov.in
    and pay 12010, why should i pay. because i hav form 16 of my previous cmpany and i hale already been paid. i am not understand why should i pay.
    I really appreciate if you guide me.

    Best Regards,
    Kuldeep Singh Rathore

    • @Kuldeep
      I am not able to understand your query. Where did you went to drop form-16?
      You can compute your income tax and file income tax return online on https://incometaxindiaefiling.gov.in.
      If whole tax is already paid in form of TDS by your employer, there is no need to pay anymore tax, but if some tax is still payable, you will have to pay yourself.

  • Hi Pankaj,
    Apart from salary, I have some other income from Insurance commission, which ITR form shall I fill?

    Thanks in Advance..

    Micky

  • Hi Pankaj ji
    My greetings..
    What are the income tax exception options in 2010-11 year.
    If my annual income is 350000, what will be the limit of HRA exception from tax
    Thanks
    Vipin

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