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. 4,00,000 | 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 |
New Tax Regime Scheme (Section 115 BAC)- Income Tax rates for the financial year 2024-25
| 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 |
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. 2,50,000 | 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.
- FY 2026-27 (AY 2027-28):
Income Tax Calculator for financial year 2026-27 (151.5 KiB, 2,893 hits)
- FY 2025-26 (AY 2026-27):
Income Tax Calculator for financial year 2025-26 (151.5 KiB, 31,993 hits)
- FY 2024-25 (AY 2025-26):
Income Tax Calculator for financial year 2024-25 (150.5 KiB, 31,035 hits)
- FY 2023-24 (AY 2024-25):
Income Tax Calculator for financial year 2023-24 (149.5 KiB, 26,867 hits)
- FY 2022-23 (AY 2023-24):
Income Tax Calculator for financial year 2022-23 (148.5 KiB, 14,188 hits)
- FY 2021-22 (AY 2022-23):
Income Tax Calculator for financial year 2021-22 (147.5 KiB, 10,838 hits)
- FY 2020-21 (AY 2021-22):
Income Tax Calculator for financial year 2020-21 (141.5 KiB, 24,643 hits)
- FY 2019-20 (AY 2020-21):
Income Tax Calculator for financial year 2019-20 (125.0 KiB, 57,963 hits)
- FY 2018-19 (AY 2019-20):
Income Tax Calculator for financial year 2018-19 (125.0 KiB, 75,042 hits)
- FY 2017-18 (AY 2018-19):
Income Tax Calculator for financial year 2017-18 (117.5 KiB, 47,201 hits)
- FY 2016-17 (AY 2017-18):
Income Tax Calculator for financial year 2016-17 (136.5 KiB, 41,346 hits)
- FY 2015-16 (AY 2016-17):
Income Tax Calculator for financial year 2015-16 (263.0 KiB, 55,298 hits)
- FY 2014-15 (AY 2015-16):
Income Tax Calculator for financial year 2014-15 (136.0 KiB, 85,348 hits)
- FY 2013-14 (AY 2014-15):
Income Tax Calculator for financial year 2013-14 (130.5 KiB, 60,077 hits)
- FY 2012-13 (AY 2013-14):
Income Tax Calculator for financial year 2012-13 (119.0 KiB, 95,057 hits)
- FY 2011-12:
Income Tax Calculator for financial year 2011-12 (116.0 KiB, 198,880 hits)
- FY 2010-11:
Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 162,705 hits)
- FY 2009-10:
Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 71,416 hits)
- FY 2008-09:
Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 28,692 hits)
Changes in FY 2020-21 (Budget Feb 2020):
- 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.
- 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):
- 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. - 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):
- Full tax rebate (u/s 87A) for taxable income (after all deductions/exemptions) upto Rs 5 lakhs.
- Standard deduction increased for salaried persons from 40,000 to 50,000.
- No notional rent for second self-occupied house property under income from house property.
- TDS deduction on fixed deposits threshold increased from existing 10,000 to 40,000.
- 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.
- Income tax slabs remain the same as the previous year.
- 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:
- Removal of conveyance allowance and medical reimbursement and Addition of standard deduction of Rs 40,000
- Cess on tax increased from 3% to 4% (education and healthcare cess)
- LTCG introduced @ 10%, for gains exceeding 1 lakh earned from listed stocks/equity-linked mutual funds
- Section 80D now allows up to Rs 50,000 deduction for plan taken for senior citizens
- 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
- Capital gain bonds u/s 54EC duration increased to 5 years from 3 years
Changes in FY 2017-18:
- The reduced income tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh to 5 per cent from 10 per cent.
- 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.
- Additional Surcharge of 10%, if taxable income is above 50 lakhs.
- Max loss from house property for let out property can be 2 lakhs.
- 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.
- 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:
- The actual amount of HRA received as a part of the salary.
- 40% (if living in non-metro area) or 50% (if living in metro area) of (basic salary+Dearness allowance (DA)).
- 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:
- Where journey is performed by rail; railway-fare in first AC class by shortest route to the destination.
- 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.
- 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.
- The actual amount received
- The cash equivalent of leave balance (max 30 days per year of service)
- Maximum of 10 months of leave encashment, based on last 10 months average salary
- 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:
- Spouse of the individual
- Brother or sister of the individual
- Brother or sister of the spouse of the individual
- Brother or sister of either of the parents of the individual
- Any lineal ascendant or descendant of the individual
- 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:
- Tax saving mutual funds (ELSS) with three years lock-in
- Five-year tax-saver bank Fixed deposits
- Public provident fund (PPF)
- National Savings Certificate (NSC) or National Service Scheme (NSS)
- Employer contribution into New Pension Scheme (NPS) (Section 80CCD)
- Life insurance/Unit Linked Insurance Plan (ULIP) premium
- Employee’s contribution towards Employee provident fund (EPF)
- Home loan principal amount payment (only if you have got possession of the house)
- Senior citizen savings scheme (SCSS), if your age is more than 60 years
- Post office tax-saving deposit or tax saving bonds
- Pension scheme/Retirement plans (Secion 80CCC)
- Tuition fees paid for children education
- 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:
- 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
- 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.
Hi,
Could you please let me know how the tax calculated for a salaried employee who changed company in a financial year? I’ve changed a company this financial year with higher salary package. Thanks.
@Srini
You just need to add taxable income from both employer and compute income tax on total figure.
You can use income tax calculator excel provided on this page and put monthly figures you got from employer.
Thanks. The excel sheet looks cool.
Hi Pankaj,
First of all thanks for sharing IT calculator and your indepth knowledge.
I am from non finance background. I dont have much idea on taxataion part. My annual income is rs4.1 lakhs ( salaried ) and I am paying rent rs72000 anually.
I would really appreciate if you can advise my yearly tax and how much I required to invest in order to zero my tax. Other than this I have a personal loan of 2 lakhs. Can it be shown in my income tax calculations?
@Hardik
Without knowing salary components breakup and allowances, its difficult to compute tax.
Please download income tax calculator excel, key in all monthly figures, rent receipt amount etc and it would show you total income tax.
In same file, you can put investment amount u/s various sections like 80C, 80D etc and see how much tax saving can be done (or if tax can be made zero).
There is no exemption/deduction available for personal loans.
BTW, I am also from non finance background. I am a software developer.
Thank you Pankaj for your valuable advise. Your excel file is user friendly. With the help of this site and income tax book I am able to understand financial terms.
Just one more thing. Rs 2000 rebate is available for income group 2lakhs- 5 lakhs. Can you please advise how does it work… so that I can work accordingly with my investments.
Many thanks in advance Pankaj.
@Hardik
For people with total income less than 5 lakhs (total income is before any deductions like 80C, 80D etc), Rs 2000 would be deducted from final computed income tax.
For example, say if a person has total income of 4.5 lakhs and he saves 1 lakh under section 80C, his total income tax would be Rs 15000, but with 2K tax credit, he would only need to pay Rs 13K.
Hi,
Thanks, as per http://law.incometaxindia.gov.in/DIT/Xtras/taxcalc.aspx…….. tax credit Rs. 2000 is based on total taxable income (not on total income). please clarify.
@Kanagaraj
Thanks for pointing that out.
As per budget speech, it was informed that tax credit would be applicable if total income is less than 5 lakhs, so we introduced it on total income basis.
Now we have got clarification that total income is after deductions, so we have correct file. You may download latest version for this update.
@Kanagaraj
Thanks for pointing that out.
As per budget speech, it was informed that tax credit would be applicable if total income is less than 5 lakhs, so we introduced it on total income basis.
Now we have got clarification that total income is after deductions, so we have correct file. You may download latest version for this update.
Hi Pankaj, the xls downloaded does not have the cal for 2nd housing loan facility on which the interest and principal both are deducted from the salary, could you pl update the same
@RB
Thanks for raising this issue.
We would definitely add support for same in next version.
I have invested in PFC tax free bonds. Are this bonds giving tax benefit over 1 lakh invested in 80C. If yes under which item i should include them in your uploaded “Income Tax Calculator for financial year 2012-13” sheet.
Thanks
@Tom
There is no tax deduction/exemption available for tax free bonds.
These are called tax free bonds because returns earned on these bonds are exempted from income tax.
Hi Pankaj,
As an NRI living in the UK, I get a taxable rental income in India (3.2 Lakhs per annum). Am I liable to file a tax return and tax in India ? Does the indian income have any relationship to my global income in terms of tax liabilities ?
Thanks
Karan
@Karan
As you are an NRI, you are only liable to pay income tax for income received in India. You don’t have to declare global income in income tax return filed in India.
If your taxable income before deductions is more than 2 lakhs, you should file income tax return in India and pay whatever income tax is payable.
Dear Sir,
As this is the my first job,
I have few doubts which i requests you to clarify.
1)My company gives HRA and additional HRA under different headings,so,while calculating HRA exemption (3 rules which you said)which one i should consider as “HRA received ” either sum of both or either of these?
2)My company gives conveyance allowance and transport allowance under different headings.So which is exempted from tax up to 9600 p.a and what about others(if we provide valid bills) ?
3)company is giving 1766p.m as a superannuation fund.will it be taxable?
4)company is giving lunch allowance of 1300 p.m.medical allowance of 1250p.m..as a part of salary.Are these taxable (if we produce valid bills)?
5)In June 2012 i have given a declaration to my company stating that i will invest 1lakh under 80c and 70k in ppf etc.,,,roughly after they deducted the tax in april and may.When they asked to submit the proofs in jan,i was on leave and not submitted even a single proof.so they deducted huge amount in feb salary.
a)Any penalty or some thing as i declared wrongly (roughly)?
b)Is it mandatory to invest same amount or in the same instrument which i declared?
c)Can i get back each penny (with tax exempted investment proofs other than i declared) when i file the returns after i get form 16 ?
I rely on you for accurate answer as i got your help previously.
Last but not least is there any department of you who helps me in filing the returns with whom i can interact at least over phone (personalized help not through email or internet) to get it done !If so,please let me know so that you will not be troubled with these many questions from me in future ……I am ready to pay the necessary amount.
Thank you very much.Thanks for your patience.
@Sai
Your query has already been answered on Socialfinance.in (http://www.socialfinance.in/questions/4183/income-tax-computation-in-first-job)
Hi!
Im a student. I got a job and Im not sure how much tax Ill be paying.
Salary – Base salary (A) – 372000
Allowances – Housing +Conveyance + Medical + Misc – 403000
Total – 775000.
So will I be paying my tax on 7.75L or 3.72L??
Will it be 20% or 10%?
@Akand
Please put these figures into income tax calculator excel file and compute income tax yourself.
Hi Pankaj,
You are really doing a great job. Maintaining such a site is really amazing. Keep it up.
I have one query regarding advance tax. This year I did job changes & due to that every company deducted very less Tax. Now, when I calculated, it comes out that I have to pay 45,000/-. At the same time, I’m stuck with some family responsibilities & not in position to pay this amount now. Can you please tell me that can I pay this amount at the time of filling I-Tax Return. If yes, then is there any extra charges & penalties? If not, then what it the last date of paying the advance date?
@Naresh
Yes, you can pay pending tax amount later before filing income tax return.
As amount is more than Rs 10,000 you would need to pay interest penalty u/s 234B and 234C. It would be 1% per month of pending amount for each section (234B and 234C). If you pay in July, interest amount would be around Rs 3500.
Hi,
I need few calrification on LTA exemption.
1. Whether it is exempted, if the travel performed by Taxi?
2. And Whether it is exempted, If travel performed by air and boarding pass is available only for one side travel and the copy of ticket is availabe for both.
Request you to clarify my doubts.
Thanks
@Starlet
1. Taxi bills may be accepted for travel proof, but actual exemption would be limited to first class AC train fare on same route.
2. One side boarding pass and ticket copies should be acceptable.
Hi i am a Canadian citizen and an OCI(Overseas Citizen of India).
I have relocated back to India and have been here for the past 2 years.
(1) I have some savings in the NRI accounts which are being taxed at 30% by the bank itself (a PSU) as i was told by the banker that it was the slab for foreign nationals. Is this a fact ?
(2) I have held some employment on and off for the past 2 years where i was taxed at 17 % or something like that.
(3) This is the first year that i am going to file a tax return in India.
My question is Q1 – Is it correct that my tax slab from INR 1 is 30 % or have i been over taxed by the PSU Bank ?
Q2 – In that case for this year in my taxes do i owe the IT department some more money ?
Q3 – I just have paystubs from my employer, are there any other documents that i need to ask from him to file my taxes ?
Any info would be helpful as i have forgotten the Indian tax law /code ?
Thanks
@Vikas
1. In case of NRIs, TDS is deducted at 30% rate on whole interest income by banks. There is no basic exemption for TDS. Even if 10 Rs is given as interest, 30% would be deducted as tax. As you are living in India for past two years, you can get your resident status updated with bank as resident Indian.
2. Employer may have deducted taxes as per slab rates. After basic non-taxable exemption (of Rs 2 lakh) and various slabs, effective tax may have been 17%. You would need to compute total income tax for year considering all incomes (interest etc) and see if there is any pending tax liability. You may download income tax calculator and compute taxes yourself.
3. Apart from salary slips, you may also need Form-16 from employer for file income tax return.
I have been using your IT calculator for past 3 years and its very accurate. Thanks Pankaj for sharing your wisdom at no cost. Without visiting a CA or a Professional tax planner, I am able to know my tax outgo to the last paise.
@Pavan
Thanks for the appreciation.
Its the support of people which is driving me to create these files and help them.
Hi Pankaj, Thank you for the latest Income Tax Calculator. I am using the v0503_1 version. I was trying to check the upper limit on the Car Expenses and Driver Salary Expenses reimbursement part. Last year the tax free limit for self owned car below 1600 cc was Rs. 1800 and Rs. 900 per month. However, in the latest version, it appears there are no such limits. Is it a computational error, or have these upper limits been removed?
@Suhas
Computing tax benefit for car expense and driver salary reimbursement is complex. It depends on multiple factors like who owns the car, cubic capacity of car, for what purpose car is used etc.
if we put limit on tax exemption in calculator, it may compute wrong figures for some of the cases.
For the same reason, we have left it to user to put exempted figure out of component in cells C55 and C57 themselves.
You can put 1800×12 in C55 yourself and 900×12 in C57 cell.
Hi Pankaj, Thank you for the input. Yes, I understand that putting limits may simply complicate the calculations. However, in the last years IT Calculator, you had mentioned about the limits bases on who owns the car, the cubic capacity, purpose of use etc. Just wanted to check if those guidelines are still valid?
@Suhas
Rules are still the same. Even in last year file with last revision (Income_Tax_Calculator_2012-13_v1309.xls), there is no limit.
This was done after 2-3 guys reported the issue.
Hi your excel based tax calculation sheet is very useful. Request you to kindly add deduction u/s 80CCD (2). 10% of basic salary payment to National pension scheme. Waiting for your reply
@Ashish
Thanks for your input. We would add support for same in next version of file.
However, in current file as well, if you put amount under employer contribution to NPS, its not included in taxable income.
Hi Pankaj thanks for your reply. Yes employer contribution is there, but I wanted to put employee contribution i.e. 10% of his basic salary is exempted u/s 80 CCD (2). This deduction is apart from 1Lac which is covered u/s 80 C. Correct me if I am wrong.
@Ashish
Employee’s contribution would come under 80C only. Whatever employer contributes to NPS in employee account would come under 80CCD(2).
Thanks for your reply. Okay.. understand can you please add employer contributions to NSP ins employee account u/s 80 CCD (2) in your excel sheet? Need your help
@Ashish
Row 115 already has NPS employer contribution.
Hi Pankaj,
Yes I put employer contribution but it doesn’t give additional deduction u/s 80 CCD (2) after 80C. In my case this contribution is part of my CTC. Can you please add one row below deduction u/s 80 c for this NPS contribution? Your prompt action will be highly appreciated.
@Ashish
As of now, Employer contribution is not added to your taxable income in calculator excel.
Hi Pankaj,
In the new sheet 2013-14 (AY 2014-2015) there is no option to choose my city.
In the last year sheet, you have given the option metro city / non metro city for reimbursing my HRA.
Thanks,
Peeyush Jagtap
@Peeyush
In latest file, city has been moved to Row 45 and its asked on per month basis.
A person may change his rented accommodation in between year and thus HRA computation should be done on monthly basis keeping in view his city in that month.
Hi Pankaj,
I wanted to know the last date for advance tax for salaried person. Is it 15-March or 31-March? (I did job change & now I need to pay tax.)
@Sonu
Last date for last installment of advance tax payment was 15th March.
Hi Pankaj,
Assessment year 2013-14 I will be having two form 16 from my two employer. And I have identified that I will have to pay 10000 extra tax by myself as my second employer didn’t deduct any tax. I want to know what’s the procedure to pay the tax by myself.
1. Will it be “self-assessment tax”?
2. Can I pay the tax after march 2013 as my employer will publish the form 16 in April 2013
3. can I pay the tax online in that case what code I need to select?
Thanks
Koushik
@Koushik
1. If you are paying before 31st March, it would be advance tax. After that it would be self assessment tax.
2. Yes, you can pay taxes after March 2013, but you would also be liable to pay interest penalty for late payment of taxes if pending amount is more than Rs 10,000.
3. You should use CHALLAN NO./ITNS 280, (0021)INCOME-TAX (OTHER THAN COMPANIES) and (100)ADVANCE TAX on challan page. Remember to fill correct assessment year.
I request you to confirm me whether the following components will be considered as perquisites or taxable.
1. Car Allowance / company provided car
2. Club membership which is owned by company name
3. Any kind of reimbursements.
Thanks & Regards,
Starlet
@Starlet
1. Perquisite value for employer provided car would be employee’s taxable income. Value would be Rs 1,800 per month if car is having engine upto 1600cc, else Rs 2400 per month. Also, Rs 900 per month is added if a driver is also provided.
2. Club membership won’t be added to taxable income with perquisite value.
3. Reimbursement won’t be taxable if original bills are submitted.
Hi Pankaj,
My CTC is 3,05,000. But i joined only on August 28th. Till now I have got 6 months salary and it hasn’t crossed 2,00,000. Should I pay tax?
@John
You should compute your income tax using calculator provided on this page.
Hi Pankaj,
I have outstanding demand amount of Rs.297/- for the year 2006-07 to IT dept. I received a letter from IT Dept to pay. Please let me know if i can pay it online to the IT Dept.
Thanks in advance.
Ranga Reddy
@Suda
You should use CHALLAN NO./ITNS 280, (0021)INCOME-TAX (OTHER THAN COMPANIES) and (400)TAX ON REGULAR ASSESSMENT on challan page. Remember to fill correct assessment year as mentioned on intimation letter as well.
Thanks for giving me the information. I am supposed get Rs.48000/- from IT dept for 2012-13 assessment year as a IT return. It looks like they are waiting for this payment to happen. I still do not understand why they delay the payments from their side. They can simply deduct the outstanding amount and send the IT returns money. This is so ridiculous.
@Suda
As Govt has shortage of funds, they are not releasing refund (even small amounts like 400-500). Instead they are sending notices for previous years to most of the taxpayers.
Hopefully you will get refund now in 1-2 months as new financial year has started.
The IT Dep issued PAN to my son with wrong DOB as 27.07.1981. We could see 26 AS with this wrong DOB. We have now got the correction done for the DOB as 27.09.1981. We can however login with wrong DOB only. I have written to ASK and TIN. There is however no response. Telephonic talks with IT Dep are also not helpful. Should we forget about the correction – & – continue to login with the wrong DOB ? To be very frank, there does not seem to be any other way out.
You Can submit Form 49A for Correction/Duplicata PAn with reference to existing PAN
@Dr S B Kalidhar
In your login on efiling website, you can create a support ticket by going through following path: Helpdesk > Submit Request.
As there is no option for date of birth, you can use Know your PAN/TAN under My profile category.