Income Tax Calculation is one of the most complex tasks for the common man. If you are searching for income tax calculator your search ends here. I am herewith Income tax calculator for the financial year 2017-18. It is simple excel based calculator specially made for all categories of employees. Using this calculator you can calculate your income tax liability for F.Y 2017-18 (A.Y 2018-19). Prior to looking at Income tax calculator let’s take a look at Income tax slab for FY 2017-18 and income tax changes recently made in Income tax.

Income Tax Slab for FY 2017-18 (AY 2018-19)

There are three slabs for the Income tax. Income up to 2.5 lakh is tax-free. 5% tax slab is applicable for income in the range of 2.5 Lakh to 5 Lakh. 20% tax is applicable for income in the range of 5 Lakh to 10 Lakh. Any income above 10 Lakh will be charged with 30% tax.  In addition to above 10% surcharge is applicable for income above 50 Lakh to 1 Crore & 15% surcharge is applicable for income above 1 Cr.

Income Tax Rule Changes –

In budget 2017 following income tax related changes are introduced.

·                                 Tax rate for the lower slab is reduced from 10% to 5%. This leads to saving of Rs.12500 for income group between 2.5 Lakh to 5 Lakh.               
                 ·  10% surcharge is introduced for income in the range of Rs 50 Lakh to 1 Cr.   
                 ·   RGESS tax exemption is removed from FY 2017-18.          
                 ·  TDS is mandatory if rent amount is exceeding Rs 50,000 monthly.     
                 · Maximum limit of Interest deduction on rented property is 2 Lakh.

Download – Income Tax Calculator – FY 2017-18

You can download Income tax Calculator from the link below. In order to calculate your income tax, you need to provide inputs such as your gross income, exemption amount. In addition to that, you need to provide information about the investment made by you under various sections. In the bottom section, you need to provide selection about applicable tax slab.

You will be able to see tax applicable in Tax Liability section.

Download  the Automatic Income Tax Calculator for Financial Year 2017-18& Assessment Year 2018-19

   

                                                 

                                     

On March 27, 2017 by www.taxexcel.net

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According to the income tax guidelines, income tax is deductible annually for each financial year commencing from 1^st of April and ending on the 31^st March. The responsibility of the employer has been affixed by the Income-tax Department to deduct income tax from the salary of employees monthly on a proportionate basis and deposit before the due date ( Monthly) as prescribed and report same to Income tax Department (quarterly as well as annually). The aggregate tax calculated on the estimated projected income will be deducted proportionately in 12 months, thus the assessment needs to be done on at the start of the year.

Download All in One TDS on Salary for Private employees for F.Y.2016-17 & A.Y.2017-18 [ This Excel utility can prepare at a time Tax Compute Sheet ( Income tax Declaration )+ Automatic H.R.A. Exemption Calculation + Individual Salary Structure as per Private Concerned Salary Pattern + Automatic Form 16 Part A&B + Automatic Form 16 Part B for F.Y.2016-17 + Form 12 BA, as per Finance Budget 2016-17]

Therefore, all employees are requested to declare their proposed investments for the financial year 2016–17 ,so that proportionate income tax could be calculated & systematic deducted from the salary can be started early

It has to be noted that only the expenditure actually incurred on payment of rent in respect of residential accommodation occupied by the assessee subject to the limits laid down in Rule 2A, qualifies for exemption from income-tax. Thus, house rent allowance granted to an employee who is residing in a house/flat owned by him is not exempt from income-tax.

Download All in One TDS on Salary for Govt & Non Govt Employees for F.Y.2016-17 [This Excel utility can prepare at a time Tax Compute Sheet ( Income tax Declaration )+ Automatic H.R.A. Exemption Calculation + Individual Salary Structure as per Govt & Non -Govt Concerned Salary Pattern + Automatic Arrears Relief Calculator U/s 89(1) with Form 10E + Automatic Form 16 Part A&B + Automatic Form 16 Part B for F.Y.2016-17 as per Finance Budget 2016-17]

There were the various anomaly as well as ambiguity in relation to the declaration as well as the submission of details and supporting so CBDT issued Form No 12BB so as to standardize same.

Rent Paid / Payable for:

PARTICULARS	MAX BENEFIT PERMISSIBLE (RS.)	REMARKS	Dcouments Required
Life Insurance Premium	Maximum amount eligible for Deduction under section 80C & 80CCC Categories is Rs.1,50,000/-	Self , Spouse & Children only	Copy of PremiumPayment Receipt
Public Provident Fund (PPF)		Self , Spouse & Children only, Submit PPF challan or PPF passbook front page with entries	Copy of Payment Receipt / Passbook
Provident Fund (PF)		Deducted from salary	EPF No If any To be mentioned
Pension Fund Contribution		Self only	Copy of Premium Payment Receipt
National Savings Certificate (NSC)		Self only	Copy of NSS Certificate/s
Interest Accrued on NSC (Reinvested)		Self only	Copy of NSS Certificate/s
Unit Linked Insurance Policy (ULIP)		Self , Spouse & Children only	Statement of Holding along With Purchase dates
ELSS or a Specified Tax Saver Plan  (Lock in period of 3 years)		Self only	Statement of Holding along With Purchase dates
Payment of Tuition fees for Children                (Max 2 Children) for Full Time Education only.		Two children only	Copy of Payment Receipt from School
Sukanya Samriddhi Account (SSY)		Only Girl Children	Copy of Payment Receipt / Passbook
Principal repayment of Housing Loan		Self & Joint a/c holder	Certificate from Bank / Financial Institution
Registration charges incurred for Buying House   (I year Only)		Self only	Copy of Stamp Duty Paid/ Copy of Registration
Scheduled Bank Fixed Deposit for 5 Years & above		Self only, Stipulated Bank Stamp Required	Copy of FD Receipt
Term Deposit for 5 years & above		Marked as “for Income Tax purpose only”
PARTICULARS	MAXIMUM LIMIT (RS.)	REMARKS	Documents Required
Sec. 80CCD (1B) National Pension Scheme	Rs. 50000/-	Amount contributed to National Pension Scheme by employee	Copy of Payment Receipt / Passbook
Sec 80D (Medi Claim Policy & Preventive health check up)	Rs. 25000/- (or) Rs.30000/-)	Medical Insurance Premium PAID by Employee:	Mediclaim Policy Copy or Premium Certificate/ Original Medical Bills for preventive Checkup ( Payment has to be Made by Cheque Only
(Overall limit proposed in Budget 2016 – Rs.30000/-)		– on the health of employee, spouse, and dependent children (Payment must be made by cheque only).
		[Rs.30,000/- In case an employee is a Senior Citizen] (i.e., 60 years or more).
		Payment made by an employee  for preventive health check-up of self, spouse, dependent children during the financial year is eligible for the maximum deduction of Rs 5000.
		The amount  paid is within the overall limits ( Rs.25000/Rs.30000)
	Rs. 25000/- (or) Rs.30000/-)	Medical Insurance Premium PAID by Employee:-on the health of parents (even not dependent on employee) (Payment must be made by cheque only)	Mediclaim Policy Copy or Premium Certificate/ Original Medical Bills for preventive Checkup ( Payment has to be Made by Cheque Only
		[Rs.30,000/- In the case  parents are  Senior Citizen]i.e., 60 years or more
		payment made by an employee  for preventive health check-up of  parents during the financial year is eligible for the maximum deduction of Rs 5000.
		The amount  paid is within the overall limits ( Rs.25000/Rs 30000).
Sec 80DD (Maintenance including Medical treatment of the dependent person with the disability)	Rs. 75,000/- and Rs. 1,25,000 for severe disability)	Here Employee gets  fixed amount of deduction.If the employee has incurred any expenditure/deposited in specified policy.	Certificate from Prescribed Authority in Form No. 10-I Sec. 80 DDB
Sec 80E (Education Loan)	No limit	Interest on Loan taken for Higher Education:	Certificate from Bank / Financial Institution
Please mention Initial Year  (Year in which Interest payment started)	(only Interest Portion)	Amount paid by employee during the financial year on loan taken for higher education of
		– Employee, spouse or children of employee or students for whom employee is a legal guardian
		Benefit Period:
		Upto 8 years from initial year
Donations	Under Section 80G	Receipt should have Name, Pan No of donee and section under which the benefit is available.( Subject Various Limits & Exclusions )	Copy of PAN Card of Institutions, Copy Of Cheque, Bank Statement Reflecting Clearing of Cheque, Original Receipts ( Duly Stamped and Approved, with Full Details of Validity of 80G exemptions, address,etc)
Sec 80U (For the person with a disability)	75,000/- and Rs. 1,25,000 for severe disability)	Here Employee gets fixed amount of deduction.
ARTICULARS	Please Fill in	Remarks	Documents Required
Complete Details of the ccommodation	Please enter your Monthly Rent details as per the Rent Receipt / Lease Deed, with necessary details as Tenant Name, Owner name, rented property address, PAN no of owner, payment details, revenue stamp.	Original Rent Receipts every month (with Revenue Stamp if amount paid is above Rs. the 4999/-) and Rent Agreement. Receipt should contain PAN of Landlord if Rent for the year exceeds 8300/ p.m.     Copy of Landlord PAN and Registered Lease agreement Copy of Rent Paid Exceed 8300 p.m.
Apr-16			Note:-
May-16	Name of Landlord
Jun-16
Jul-16
Aug-16	Address of Landlord
Sep-16
Oct-16
Nov-16
Dec-16	PAN of Landlord
Jan-17
Feb-17
Mar-17
TOTAL	Sum  of 12 Months mentioned Above
Medical Bill Reimbursement	1250/- every month	Applicable upto the extent of the CTC/Gross SalaryComponent, if any	Original Medical Bills (including Parents, Wife/Husband, Children)
Medical Expenditure for Parents (Very Senior Citizen) (not having Mediclaim Policy) -80D	Rs.30000	Applicable upto the extent of the CTC/ Gross Salary Component, if any	Original Medical Bills

On July 07, 2016 by www.taxexcel.net

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