in Finance, Government, Income Tax, India, Investment

The excel based Income tax calculator can be used for computing income tax on income from salary, pension, gifts, fixed deposit and bank interest, house rent and capital gains(short and long term gains).

Income Tax rates for financial year 2018-19/ 2019-20 (Assessment Year: 2019-20/ 2020-21)

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 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 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

Please download income tax calculator from the links provided below on the basis of required financial year/assessment year. Any person who has basic knowledge of Microsoft excel can use this tool easily.

  1. FY 2019-20 (AY 2020-21)

      Income Tax Calculator for financial year 2019-20 (125.0 KiB, 45,457 hits)

  2. FY 2018-19 (AY 2019-20)

      Income Tax Calculator for financial year 2018-19 (125.0 KiB, 71,613 hits)

  3. FY 2017-18 (AY 2018-19)

      Income Tax Calculator for financial year 2017-18 (117.5 KiB, 45,037 hits)

  4. FY 2016-17 (AY 2017-18)

      Income Tax Calculator for financial year 2016-17 (136.5 KiB, 39,283 hits)

  5. FY 2015-16 (AY 2016-17)

      Income Tax Calculator for financial year 2015-16 (263.0 KiB, 52,900 hits)

  6. FY 2014-15 (AY 2015-16)

      Income Tax Calculator for financial year 2014-15 (136.0 KiB, 83,316 hits)

  7. FY 2013-14 (AY 2014-15)

      Income Tax Calculator for financial year 2013-14 (130.5 KiB, 58,065 hits)

  8. FY 2012-13 (AY 2013-14)

      Income Tax Calculator for financial year 2012-13 (119.0 KiB, 93,213 hits)

  9. FY 2011-12

      Income Tax Calculator for financial year 2011-12 (116.0 KiB, 197,139 hits)

  10. FY 2010-11

      Income Tax Calculator for Financial Year 2010-2011 (97.5 KiB, 161,090 hits)

  11. FY 2009-10

      Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 69,694 hits)

  12. FY 2008-09

      Income Tax Calculator for Financial Year 2008-2009 (71.5 KiB, 26,822 hits)

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 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 upto Rs 50,000 deduction for plan taken for senior citizens
  5. New section 80TTB added for senior citizens which allows upto Rs 50,000 deduction for income from saving bank interest or income from fixed/recurring deposits. But 80TTA (10,000 deduction 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. Reduced income tax rate on income between Rs. 2.5 lakh and Rs. 5 lakh to 5 per cent from 10 percent.
  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 incrased to 5000 from 2000 u/s 87A
2. Like NPS, tax deduction also available for APY (Atal Pension Yojana)


This excel calculator supports inclusion of 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 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).

In some cases, deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in 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 employee also avail 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/Supplemementary Allowance: That’s general component in 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 CTC amount into some component.

ArrearsGenerally arrears are fully taxable, but 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 actual year. Now difference of income tax between payment year and actual year would be allowed for deduction.

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

  1. Where journey is performed by rail; railway-fare in first AC class by shortest route to destination.
  2. Where places of origin and destination are connected by rail but the journey is performed by any other mode then first AC class fare by shortest route to the place of destination.
  3. Where 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 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 encashmentPayment 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 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 upto 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 employer for same.

Periodical Journals: Some employers may provide 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 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 allowance for purchase of office dress/uniform. In such case, the component would become non-taxable.

Telephone reimbursements – In some of the 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 company provides component for this and employee use 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 car is more capacity than 1600cc.

Driver salary – If employee pays driver salary for self owned or company owned car, Rs 900 per month may become non-taxable if employer provides 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 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, rebate on agricultural income would be provided at 10-30% rate depending on 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 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 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 mediclaim 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 deduction 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 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 needs to shown in income in case house is not self-occupied.

Section 80U (Disabled/Handicapped person): Deduction can be claimed if person has a disability. The allowed dedudtion if 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 patient is senior citizen). Deduction is only allowed in 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. Hematological 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 are taxable in nature should be done after deduction of taxes at the source itself. Hence employer compute income tax on salary payment and deduct 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 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 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 rest by 31st March. If its not followed one may be charged interest penalty u/s 234C.

If you want to use 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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    • @Chiranth
      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 Lakhs

  1. Sir

    If in salary slip Medical Allowance, Special Allowance and transport allowance available than in which row will be fill in excel sheet- for FY 2018-19 please guide.

  2. In the tax Calculator(Excel Based) There is No Provision for Medical allowance/Reimbursement This component is on-taxable up to 15000 per year (or Rs 1250 per month) on producing medical bills. where i can fill the Same

  3. it is a good excel format it can be easily understand every one.

    thank you

  4. the excel format is very good it is every one can easily understand and calculate the how much tax he will pay and take the necessary plan.

  5. Dear Sir,

    Firstly I would like to express my sincere thankfulness to you for providing us with tax Calculator.
    Your tax calculator is really a great tool for people like us and I am using it since years.
    In your tax Calculator for the year 2018-19 (AY 2019-20) you have removed options to enter Medical allowance and Conveyance/Transportation Allowance, saying that a standard deduction of 40000 is provided. But our company is still continuing the above said allowances. So where we need to enter in the tax calculator.

    Thanking You,
    Kodali Santhu.

    • @Kodali
      First, Thanks for the appreciation.
      You can use the special allowance field to enter conveyance/ transport allowance or medical allowance. It’s used as a fully taxable component.

  6. Sir,
    While the calculator is useful i want clarifications for below. I am getting only pension aged 70.Pension amount is to be shown under salary income before standard deduction of 40000/ or after deducting it as there is no column for standard deduction. Also I had closed one old NSS account and post office has deducted 10% TDs. As this is to be shown as income under which head it will come. Aslo how to save the excel till return is filed.
    Regds sethupathy

    • @Sethupathy
      1. You need to put income before deduction under income from salary section.
      2. Standard Deduction is automatically deducted at the end and you need not to provide any input for same.
      3. NSS account interest should be mentioned in income from fixed deposit section

  7. Sir,
    This is in reply to the clarifications given.
    Thanks for the clarifications. In the case of NSS between 90 to 92 Fy 42000/ is paid on which 100% tax exemption is taken.
    Now it is closed for 422465 i.e other than 42000 all other are interest over the years and total 42247 TDS is deducted. So I have to show 42000 as income others and balance as interest from fixed deposits will it match with 26AS. Post office shows full amount. Regds

  8. In the excel sheet for FY 2019-20 NPS deducted by employer is showing up in all calculations, but the tax is not reducing.

    My employer is deducting 10% of my basic and depositing it in NPS. This is over and above my 80c of 1.5 lac rupees.

  9. Kindly enable insertion of comments in the cells – Helps to write which bank has what amount of saving interest. It was enabled earlier now not able to add comments.

  10. Hi Pankaj, Thanks for publishing the income tax calculators. I have a request to include a row to take into account ESPPs and RSU given by companies into the calculator.

  11. Hello Pankaj,

    Thank you so much for the excellent Excel sheet.
    Could you please provide the password for 2019-20, Savings, Tax Computation.

    So that I can customize for my company. it will be very useful for us.

    I am looking forward to hearing from you.

    Thanks & Regards,
    Yuvaraj Ramesh
    [email protected]
    +91 95003 57158

  12. Sir,
    I am using your income tax calculator since the F Y 2011-12. Absolutely the income tax so calculated was perfectly tallying with the tax calculated by the incomeTax Dept. But this time, for the FY2018-19,thetaxis not tallied with IT Dept. This is because of standard Deduction shown in row 102 Col .
    Row 102 : Interest deduction u/s 80TTA/B 50000/-
    Actually, Standard Deduction for the FY 2018-19 is only Rs.40000/-
    Kindly reconcile.

    • @T.Kamaraj
      Not sure which sheet you are using.
      Please confirm that you are using the latest file with name Income_Tax_Calculator_2018-19_v2004.xls
      In this sheet, the standard deduction is computed in row 104 and not in 102. and its correctly computed as 40,000 max.

  13. Dear Sir,
    First, I thank you for your quick response. I checked the figures as you have mentioned. I am very sorry for having mentioned as “the difference is due to Standard Deduction”. Standard deduction has been shown at row 104 and the amount is also correct.
    The difference is due to interest deduction of Rs. 50000/- for senior citizens from the age of 60 on wards under section 80TTA/B. This deduction is not coming on efiling online. Whether interest deduction is admissible for the F Y 2018-19 ?.
    I would like to add one more item. I am claiming Rs.96000/- as rent paid for the financial year 2018-19. I am not getting the effeut in online , I am getting Rs.36000/- as rebate and Rs.60000/- is charged as income. Please check up.

    • @T.Kamaraj
      Sorry for the delay in response.
      There were issues in online e-filing website and it has now been fixed. 50,000 exemption u/s 80TTA for senior citizen is correctly computed now.

      As you don’t receive HRA in salary but pay rent, you can get a tax deduction on the rent paid u/s 80 GG. You cannot get the benefit of this section if you (or your wife/minor child) own a house property.
      The deduction under Section 80GG is given to the least of the following :
      1. Total rent paid minus 10% of basic salary.
      2. Rs 60,000 per year (Rs 5,000 per month).
      3. 25% of the adjusted gross total income.

  14. Dear Mr. Batra,

    I have been using this utility since 2010 and it has been of great help matching up to the last paisa with company’s accountant. However, i have left the job now and have been working with the same company as home based contract basis with TDS deducted under 194J (professional), as the only income source. Please advise/help which ITR (3 or 4) i should fill as i have some carry forward losses (equity) from past years. Also, if there is any other utility for INDIVIDUALS without salary? is standard deduction of 40k applicable for such individuals?

    Thanks and Regards,

    • @Vivek
      As you are now in the professional category, ITR filing is complex as it requires balance sheet, P&L creation. I would advise you to consult a tax professional or CA in this matter.
      The standard deduction is only applicable to salaried individuals.

  15. Sir,
    Thank you for your Income tax calculator in Excel format which is elaborate and very user friendly compared to many available online. I tried the same for FY 2019-20 (AY 2020-21) i.e. your version v04_02. I found that exemption of Gratuity is NOT updated to Rs.20 lacs. Kindly examine.

    Also kindly guide if there was any recent Income Tax notification regarding exemption limit of leave encashment on superannuation of employees other than Central and State govt.

    With regards.