Income Tax Calculator For FY 2017 Tax Slab For FY, Calculation Example

Income Tax Calculator

Every tax payer must know how to calculate income tax as per income tax slab rates. Income Tax Calculator for FY 2017 makes your work more hassle free. It is the latest gadget through which you can calculate specific amount which you have to pay in the financial year. For your convenience, we have presented the Income Tax Calculator in the below section you can download, easily estimate amount on which you need to pay as tax.

Income tax is such a part of an individual’s salary, which everyone has to pay to the government for the development of our nation. If you don’t know how to calculate income tax, you may pay more than amount. In case you may excess amount you may claim for refund under section 237 to 245 of income tax.

Income Tax Slab Rates

Income Tax Slab For Individual Tax Payers & HUF (Less Than 60 Years Old) (Both Men & Women)

Income Slab Tax Rate
Income up to Rs 2,50,000* No Tax
Income from Rs 2,50,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
when the income exceeds Rs.1 crore surcharge is 12%
Cess- 3% on total of income tax + surcharge

Read Now – How To Pay Income Tax In India?

Income Tax Slab For Senior Citizens (60 Years Old Or More But Less Than 80 Years Old) (Both Men & Women)

Income Slab Tax Rate
Income up to Rs 3,00,000* No Tax
Income from Rs 3,00,000 – Rs 5,00,000 10%
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
when the income exceeds Rs.1 crore surcharge is 12%
Cess: 3% on total of income tax + surcharge.

Income Tax Slab For Super Senior Citizens (80 Years Old Or More) (Both Men & Women)

Income Slab Tax Rate
Income up to Rs 2,50,000* No Tax
Income up to Rs 5,00,000* No tax
Income from Rs 5,00,000 – 10,00,000 20%
Income more than Rs 10,00,000 30%
Surcharge: 12% of income tax, where total income exceeds Rs.1 crore.
Cess: 3% on total of income tax + surcharge.

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How To Calculate Income Tax?

Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other sources like as Medical Bills+ LTA. If the taxpayer receive HRA and live on rent, he or she may claim exemption on HRA.

Employees receive Transport allowance as part of their salary. It is provided by company to its employees so that they can manage their travel expenses from their residence to work. The limit of exemption is 1,600 monthly and 19,200 annually for the financial year2015-16. For instance a person obtain Rs 2,000 as transport allowance monthly then the Rs 1600 will be tax free and needs to pay tax on Rs 400 monthly and 4800 annually.

How To Calculate HRA

Assume, a person basic salary is 8,00,000 per annum and HRA is 25,000. Transport Allowance is 80,000 per month. LTA is Rs 20,000 annually.

The HRA received is not fully exempt from tax. It is calculated on the following condition;

  • HRA received from your employer
  • Actual rent paid minus 10% of salary
  • Living in metro cities 50% of basic salary
  • Living in non-metro cities 40% of basic salary

The basic salary is 8,00,000 and HRA of Rs 25,000.

25000 x 12=30000

Excess rent paid over 10 percent of salary 1,20,000

2,00,000 – 1,20,000 = 1,80,000 which is taxable.

Nature Amount Exemption / Deduction Taxable
Basic Salary 8,00,000 8,00,000
HRA 2,00,000 1,20,000 1,80,000
Transport Allowance 80,000 19,200 60,800
Special Allowance 50,000 50,000
LTA 30,000 12,000 (bills submitted) 18,000
Medical Bills 14,000 14,000(bills submitted)
Gross Total Income from Salary 1108800

Know About – Income Tax Benefits On Home Loan

A person has saving account 6,000 and interest earn and medical insurance premium 10,000 during the year. His public provident fund investment is Rs 50,000, ELSS investment is 10,000. We are presented deductions under section80C, Section 80D and Section 80TTA on following table.

Nature Maximum Deduction Eligible investments/expenses Amount claimed
Section 80C Rs.1,50,000 PPF deposit Rs 60,000, ELSS investment Rs 10,000, LIC premium Rs 6,000. EPF deducted by employer= Rs 60,000 *12% *12 = 86400 Rs 1,50,000
Section 80D Rs 25,000 Medical insurance premium Rs 10,000 Rs 10,000
Section 80TTA 10,000 Savings account interest 6,000 Rs. 6,000

Calculation of gross taxable income

Amount Total
Income from Salary 1108800
Income from Other Sources 18,400
Gross Total Income 1127200
Deductions
80C 1,50,000
80D 10,000
80TTA 6,000 1,66,000
Gross Taxable Income 961200

A person must know how to calculate income tax amount so that he pays only required amount. There are many way present that you can take tax deduction from your salary. If you have any kind of insurance policies, fixed deposit and home loan etc, you are eligible to claim tax deduction under section 80C, 80EE and section 24. If you pay more than required amount you may also claim for refund under section 237 and section 245.

It is the duty of every citizen that he/ she pay tax on time, the percentage of your income which you pay to the government use as infrastructural development of the country. Government takes direct taxes as well as indirect taxes. Sales taxes, VAT, service tax are the example of indirect taxes.

 

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