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.

 

Facebook Comments

Write a Comment

Comment

3,657 Comments

  1. Hi
    I am deducting Rs 3000 per month as Income Tax from my salary
    as such i have already remitted Rs 33000/- But when the income tax for this year is calculated it is only Rs 28000/-
    how can i get the excess amount back

    • @Vinaykumar
      If taxes have already been deposited with IT department by your employer, there is no other way to get excess amount back than through filing income tax return.
      It would only come in tax refund after tax return filing. It may even take upto 1-2 years after return filing.

  2. hi.my salary is consolidated. from april 2012 to september it is 25 k and from october 2012 to march 2013 it is 30 k.my saving is 37k till now.how much tax i have to give this year?

  3. Can I show my USA visit expenditure in F.Y.2010-11, if I file REVISED return?
    This expenditure is done from my interest I recd from my freinds & Bank

  4. Hi Pankaj,
    I have got an Intimation letter u/s 143 (1) demanding additional Rs 16350 instead of a refund of Rs 19910 In their letter I see the following problems –
    1) A late penalty of Rs 1708 charged against 234A,B,C inspite of being filed the return before due date [31 Aug 2012]
    2) They have not considered the Advance Tax paid by me in their calculations.

    What should I do next?

    • @Ashish
      1. Penalty may be levied u/s 234 B and C, if tax is not paid on time (return filing date does not matter). In case you have pending tax liability after 31st March for amount more than Rs 10000, penalty may be levied. As they have not considered advance tax deposit by you, penalty may also come out.
      2. Their system sometime does not show some of the taxes deposited. First make sure that you have provided advance/self assessment tax details in ITR with correct BSR code, challan serial, date of deposit and amount.
      If yes, You should file a rectification request online against the communication reference number. Select rectification request type as “No further data correction required. Reprocess the case.” with tax credit mismatch.

      • Thanks Pankaj for your reply.
        About the advance tax paid I verified that from the Form 26AS in the TRACES website. The same figure I had mentioned in the ADVANCE TAX paid section of the ITR1.
        How can i attach this info to the online corrected return?

  5. I get Rs.15,000/- as HRA alongwith salary and I pay Rs.5000/- House Rent to Land Lord. On how much amount I will get tax exemption.

    • @P K Haridas
      HRA exemption would also depend on basic salary and city of residence.
      Income tax exemption for HRA will be least of following:
      1. The actual amount of HRA received as a part of 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).

    • @Mohan
      Older file may have been cached.
      I have changed file name so that’s its treated as different file by browser.
      Download it now, new file name would be Income_Tax_Calculator_2013-14_v2802_1.xls

  6. Hi
    I have salary income as per form 16 RsX and also professional income for RS Y.
    I have form 16 for salaried income & 16A (10% for professional income) for professional income.
    While filling ITR my professional income will be treated as Taxable income or TAX paid (as I have already pay 10% on professional income.) ?

    • @Rinku
      As you have professional income, you would need to file returns using ITR-4
      You can show all business expenses and compute net profit from profession. only the profit part would be taxable and not whole.
      10% tax paid may be lower or higher than net income tax that would come out from above.

    • @Rohit
      You can only get extra 1 lakh benefit if loan amount is less than 25 lakhs and loan is taken in FY 2013-14 for a self occupied house. And it should be your first home loan 🙂

  7. @pankaj

    I have a small doubt in the FY 2012-13 i have worked from april to july in one company and aug to present in another company. the prev company not deducted any tax and my current company deducting tax for entire year. can i submit medical bills for 15000 here? at present my current company considering only 8 months med bills (1250*8). or
    Can i submit at the time of IT returns?

    • @Mohan
      Current company would only accept medical bills since you are employed with them (Aug 2012).
      Max medical reimbursement deduction is Rs 1250 per month, they can consider only non-taxable as 1250*8 months.

        • @Mohan
          As you have not submitted medical bills with previous employer, medical allowance would become taxable for these 4 months.
          There is no option in ITR to claim these medical allowances. If you decide to reduce taxable income by this Rs 5000 and file returns, form-16 and ITR would present different figures in taxable income. In that case, if income tax department raise a query, you would need to prove this extra deduction.

  8. Sir news channel shows that rs tax rebate is given on income upto rs 5 lakh, it means there will be not income tax on rs 220000. am i right ?

  9. Dear Pankaj, i think thw home loan part is not updated it supposed to be 2,50,000.00 or it will be available if i am taking loan after April 2013 i took a home loan of 44.86L in 15th feb 2013 it is for my 1st home loan i can get 2.5L rebate or 1.5L only

    • @Venkatraman
      Extra one lakh tax benefit on home loan is only available if its a first home loan up, loan amount is less than Rs 25 lakh, loan is taken in FY 2013-14 and property is self occupied property.

    • @Bablu
      In case you total income is less than 5 lakhs, then only you would get Rs 2000 benefit, so this won’t be applicable to you at taxable amount greater than 5 lakhs.

  10. I changed my job recently, but I could not furnish my old company tax computation to my new company. Hence I would have to give a tax of more than 5000. Is there a need to pay this amount as advance tax or it it OK to pay the amount while filing my return.

      • Hello Pankaj,

        As mentioned above

        “tax saving for ELSS u/s 80C has been continued for FY 2013-14 as well. ”

        So, If in case we have taken a mutual fund which is under ELSS for example SBI Magnum Taxgain Scheme 1993 in this after 3 years lock-in we will get our compounded interest back. So, this interest is tax free or taxable please clear this.

        Also pls suggest which could be the best mutual fund plan under SIP or ELSS can be taken.

  11. I just want to get a confirmation whether there is an exemption of Rs. 9600/- towards travelling expenses in this year (AY 2013-14) also. When I put these details in the auto calculation sheet, the same does nt seem to have updated with this. Could anybody confirm this ? Form where can I get a Tax Calculator for AY 2013-14 to do recalculation

    Regards
    Rkrishnan

    • @R Krishnan
      Conveyance allowance exemption of Rs 800 per month is applicable for FY 2012-13 (AY 2013-14) as well.
      Income tax calculator excel does computes exemption by default. Let me know what issue you are facing in same.