Income Tax Calculation

Income Tax Calculator Excel Sheet Download Now and Calculate Your Tax

As per the new income tax slab proposed by Finance Minister Pranab Mukherjee in Indian budget 2011;  Income Tax Calculator for financial year 2011-12 (Assessment Year 2012-13) is attached.

Broadly speaking, the tax slabs exempt all income below INR 1,80,000 whereas the income between INR 1,80,000 and INR 5,00,000 is proposed to be taxed at the rate of 10%. The next income tax slab lies between INR 5,00,000 and INR 8,00,000 for which the rate of taxation is 20%. Finally, all income above INR 8,00,000 would be taxed at the rate of 30%.

A new tax slab has been introduced for senior citizens of 80 years and above. There will not be any tax upto 5 lacs income for people above 80 years.

Current age limit for consideration as senior citizens has been reduced from 65 years to 60. And they will get tax exemption for income up to Rs 2.5 lakh (earlier it was 2.4 lakhs)

Income Tax Rates for financial year 2011-2012

For Men
Upto Rs. 1,80,000/- Nil
Rs. 1,80,001/- to Rs. 5,00,000/- 10 per cent
Rs. 5,00,001/- to Rs. 8,00,000 20 per cent
Above Rs. 8,00,000/- 30 per cent
For Women
Upto Rs. 1,90,000/- Nil
Rs. 1,90,000/- to Rs. 5,00,000/- 10 per cent
Rs. 5,00,001/- to Rs. 8,00,000 20 per cent
Above Rs. 8,00,000/- 30 per cent
For resident individual of 60 years or above (Senior Citizens)
Upto Rs. 2,50,000/- Nil
Rs. 2,50,001/- to Rs. 5,00,000/- 10 per cent
Rs. 5,00,001/- to Rs. 8,00,000 20 per cent
Above Rs. 8,00,000/- 30 per cent
For resident individual of 80 years or above (Very Senior Citizens)
Upto Rs. 5,00,000/- Nil
Rs. 5,00,001/- to Rs. 8,00,000 20 per cent
Above Rs. 8,00,000/- 30 per cent

This calculator supports inclusion of following salary components:

  1. Basic salary
  2. House Rent Allowance (HRA) and HRA exemption calculations
  3. Dearness allowance
  4. Transport Allowance
  5. Child Education Allowance
  6. Grade/Special/Management/Supplementary Allowance
  7. Arrears
  8. Gratuity
  9. Leave Travel Allowance (LTA)
  10. Leave Encashment
  11. Performance Incentive/Bonus
  12. Medical Reimbursement
  13. Food Coupons
  14. Periodical Journals
  15. Telephone Reimbursements
  16. Car Reimbursement
  17. Internet Expense
  18. Driver Salary
  19. Gifts From Non-Relatives
  20. Gifts From Relatives
  21. House Rent Income
  22. Professional Tax
  23. Employee’s PF Contribution
  24. Employer’s PF Contribution
  25. Home Loan Interest Component
  26. Deductions under chapter VIA
  27. Insurance Premium/ULIP
  28. Employee’s contribution to PF
  29. PPF
  30. ELSS, Mutual Fund
  31. NSC/NSS/SCSS/Post Office Deposit
  32. Tution Fees paid
  33. Housing Loan Principal repayment
  34. Fixed Deposit for 5 yrs. or more
  35. Other Eligible Investments
  36. Total of Section 80C
  37. Pension Fund (80 CCC)
  38. Total Deduction under Section 80-C & 80-CCC
  39. 80D (Medical insurance premium, Self/Family)
  40. 80D (Medical insurance premium, Parents)
  41. 80E (Interest on Loan for Higher Education)
  42. 80U (Handicapped person)
  43. Donations – 80G (100 % deductions)
  44. Donations – 80G (50 % deductions)
  45. Long Term Infrastructure Bonds (Section 80 CCF)
  46. TDS deduction (Tax deducted at source)
  47. In Hand monthly salary
  48. In Hand monthly salary without reimbursments
  49. Total income this year
  50. Advance Tax schedule

Important  posts:

  1. Direct Tax Code (DTC): Highlights and Impact
  2. Income tax calculator for India
  3. Income Tax Calculator for 2010-11

Income Tax Calculator Excel Sheet Download Now and Calculate Your Tax

Design a site like this with WordPress.com
Get started