Benny Thadathil

Income Tax calculator for the FY 2017-18. Download, check out and use the simple Excel template which incorporates the changes proposed in the Union Budget 2017.

Salient features of the Tax calculator.

1. Useful for the salaried employees of government and private sector.

2. Private sector employees can use to do their Flexi allocation and tax planning.

3. Tax and rebate calculation of agriculture income, to arrive the annual tax liability.

4. Marginal relief on surcharges where income crosses 50L and 1Cr.

5. Individual Form 16 Part B generation, useful for the small size firms.

6. Automated HRA exemption/Sec 80GG deduction calculation based on the salary and rent payments.

7. Validate and highlights the limits Chapter VI A deduction, Housing loan interest set off, and surcharge impacts.

Following are the changes in the tax rules from 2017-18, which is impacting the tax computation of the salaried employees.

1. Changes in Tax Slabs. The tax rate for income between Rs 2.5 lakh to Rs 5 lakhs has been reduced to 5% from 10%

2. Rebate u/s 87A reduced to Rs 2,500– The income tax rebate under section 87A has been reduced from Rs 5,000 to Rs 2,500, and the eligibility of taxable income limit has been reduced from Rs 5 lakh to Rs 3.5 lakh.

3. Changes in the Surcharge Limits– Surcharge at 10% of tax levied on income between Rs 50Lakh and 1 Crore. The rate of surcharge with income above Rs. 1 crore will remain 15%.

4. Ceiling on the set-off of loss on house property. Loss on house property deduction, both self-occupied and let out, limited to Rs.2 lakh per annum,however additional loss can be carried forward for 8 years.

5. TDS of 5% if the monthly rent paid is more than Rs 50,000– The TDS deduction has to be done on the last month of the financial year or the last month of tenancy if the monthly rent is more than Rs.50,000/-

Income tax Slabs & Rates FY 2017- 18, AY 2018-19
Income tax Slabs General Category Sr.Citizen Very Sr. Citizen
Upto Rs. 2. 5Lakh NIL NIL NIL
Rs.2.5 Lakh to 3.0 Lakh 5% NIL Nil
Rs.3.0 Lakh to Rs.5.0 lakh 5% 5% NIL
Rs.5.0 Lakh to Rs.10.0 Lakh 20% 20% 20%
Above 10.0 Lakh 30% 30% 30%

Surcharge:

1. If the total income between Rs 50 Lakhs and Rs 1 crore, a surcharge of 10% will be levied.

2. 15% surcharge on income tax if the total income is over and above Rs 1 cr.

Please reach me @ bennythadathil@gmail.com, for all clarifications and feedbacks on this Tax calculator.

Download Income Tax Calculator for Financial Year 2017-18

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10 responses to “Download Income Tax Calculator for Financial Year 2017-18”

  1. U KISHORE says:

    i have a salary income . I also received 40,000 from stocks (short term capital gain i.e all profits made within a year) after giving all brokerage and STT taxes. Could you please let me know what extra tax I need to pay wrt stocks. ITR1 or ITR2? – See more at: http://taxguru.in/income-tax/rate-tax-short-term-capital-gain-section-111a-correction-proviso-section-111a.html#comment-1962557

  2. deepak jain says:

    thank you to much for sharing calculation sheet of income tax.

  3. Laxman S. Pandey says:

    hi sir it is very nice that we can search everything related to tax when i get this i was very happy .
    thank you sir if any query will be there i will ask you and please reply the same.

  4. ABHAY PRATAP SINGH says:

    Dear sir please provide a soluition about my small firm because when i register firm by sell tax office after one month some financially and family problem is being on my project to open total firm duiration is 14/09/2015 to 22/04/2017 firm tin no is running on upcomtax website but not any buy /sell here so i want fill all doc about sales/income tax for her firm and need some financial support hence banking thro MUDRA please provide soluion

    • Laxman S. Pandey says:

      DEAR ABHAY U NEED TO FIRST CONFORM FROM SALES TAX OFFICER BY REQUESTING HIM HE WILL PROVIDE A SOLUTION
      UNTIL UNLESS YOU ARE NOT GETTING YOUR VAT NO. AND TIN NO. TILL THAT TIME U LEAVE THAT PLACE ELSE FILL EVERYTHING WHICH YOU HAVE

  5. Sweta says:

    Thanks sir.

  6. Joseph says:

    Very good information and initiative Benny..

  7. vikas kumar says:

    sir please tell me difference between previous itr4s and current three pages itr4

    • Laxman S. Pandey says:

      i think u are asking question regarding previous year and assessment year. if it is the same question then,
      previous year is the year in which we earn income
      and assessment year is the year in which we pay tax. previous year is U/S-2(31) AND assessment year U/S-2(9)

  8. vikas kumar says:

    dear sir , i think itr4s is going over and and in plaace of new itr 4 three pages comes.

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