Benny Thadathil

Income tax Calculator for Financial Year 2016-17 Assessment Year 2017-18.

Income Tax calculator cum Flexi Allocation kit, for the use of salaried employees of govt and private sector prepared on the basis of Proposed Changes in Income Tax Act,1961 by Union Budget 2016-17.

Tax slabs;

Rates for Individuals below 60 years

Income slabs Income tax rate
Income up to Rs. 2.50 lakhs Nil
Rs. 2.50 to Rs. 5 lakhs 10%
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%

Rates for Individuals below 60 years below 80 Years

Income slabs Income tax rate
Income up to Rs. 3 lakhs Nil
Rs. 3 to Rs. 5 lakhs 10%
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%

Rates for Individuals 80 years & above

Income slabs Income tax rate
Income up to Rs. 3 lakhs Nil
Rs. 3 to Rs. 5 lakhs Nil
Rs.5 Lakhs to Rs. 10 Lakhs 20%
Rs. 10 lakhs above 30%

Surcharge of 15% on Income tax those taxable income exceeds Rs.1.00 crore will apply.

Education cess will apply 3% on the Income tax & Surcharge will apply for all.

Section 80C gives deduction for various savings schemes upto Rs. 1.50 lakhs  and additional deduction of Rs.50,000 towards investment in NPS under 80CCD (1b).

Additional tax deduction of Rs.50,000/- allowed on the new housing loans taken after 1-April-2016.

Download Income tax Calculator for Financial Year 2016-17 / Assessment Year 2017-18

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

 ALSO READ
S.NO. INCOME TAX SLAB
INCOME TAX CALCULATORS
1. Income Tax Slabs for FY 2016-17 / AY 2017-18
2. Income Tax Slab for FY 2015-16 AY 2016-17
3. Income Tax Slab for FY 2014-15 AY 2015-16
4.
5.  Income tax Slab for FY 2012-13 / AY 2013-14 Income Tax Calculator FY 2012-13 / AY 2013-14
6. Income tax calculator for FY 2006-07 to FY 2016-17
7. Income Tax Slab Rates from AY 1992-93 to AY 2015-16

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32 responses to “Income tax Calculator for FY 2016-17 / AY 2017-18”

  1. Raj says:

    dear sir
    net salary Rs 9013410
    Tax Value Rs 107682
    Cess Rs 3230 how to calculate sir Amount of Tax 107682

  2. asha phatak says:

    my gross income thr.FD interest+ Savings int.is Rs.6,61,016/during 2016 17
    Deductions are Rs.1,50,000/- (80) C
    Rs. 1,500/-(80)G donation
    Rs. 5118/- Insu.premium
    Rs. 10,000/- 80 (TTA)
    —————–
    Rs. 1,66,618/-
    ——————
    Tax deducted is Rs. 9846/-
    now pl.calculate the tax payable by me

  3. ABHIJIT PATRA says:

    from no 16 asst. year 2017-18

  4. A B GHOSE BISWAS says:

    Sec.87A of Income Tax Act prevailing for FY 2016-17 / AY 2017-18

  5. Mohit says:

    I m an fresher my salary is
    4 lac fix +3lac (performancce basis)
    What amt of income tax would I have to pay?
    In which tax slab would I be 5percent or 20percent?
    Suggest measure for saving tax, also I live on Rent.

  6. RANJIT Singh says:

    I m 74 year old man and residential indian citizen, retired from state govt having annual income from pension is 358452 and agriculture income 250000

    Should I use ITR1 for refilling or any other ITR
    PLEASE HELP ME TO FILE MY ITR

  7. Ramanathan says:

    is there any deductions for the LIC Varishta Bhima Yojana?If so, what is the percentage ?

  8. sun says:

    in tax calculator where we will get exemption of conveyance u/s 10

    if any financial year tax certificate given by bank does not match with 26as and form 16a given by bank then which figure we should add in out tax computation.

  9. RAKESH KUMAR BANSAL says:

    Sir,

    Please provide us Income tax Calculator for FY 2017-18 / AY 2018-19

  10. Sanjay Kumar says:

    sir, I left job in Dec 2015 and started working as freelancer. So far, I filled form ITR 2 for my returns. But in this year, i dont have any salary income. I have some income of commission from overseas customer in foreign currency. it is around $5500 in total. So can you pl guide for the applicable exmptions for me? So far i used to claim all exemptions for under VIa. But this year i dont have salary income.

  11. Neeta Sanjay Khade says:

    Dear Sir, I would like to know some queries regarding NPS & DCPS contribution for tax calculation.My gross salary is 599231/- including NPS.However my NPS deduction is 50106/- & DCPS deduction is Rs 48548/-My question is whether deduction of NPS & DCPS deduction come under 1.5lakh rupees or should I show above deduction elsewhere to get tax benefits.

  12. Vikas Deorukhkar says:

    Please advice for salary income tax. As my salary Rs. 14l & 80C 1.50L utilise & 80D 24819 use. Now interest on hsg. Loan Rs. 176770 use. My tax is coming Rs. 142604/_ this case can you suggest for any tax savings. Advice Vikas

  13. K. Jhansi Rao, wife of ramarao, sri.citizen. says:

    sir, I am a sr.citizen (lady) earning interests of fix deposits amounting Rs. 682000 ( accrued intered ) for the financial year 1.4.1916 to 31.3.1917. So far i have not paid it. Now i am required to pay it for the first time. i am have pan number. Could you please whether the following calculation is correct. upto 3 lakhs nil upto 5 lakhs 20,000 ( 10%) over 5 lakhs tax on 182000 @ 20% is 36400 : Total tax is 56400. 3% cess i 1692. total tax come to 58092.. Pl. guide and advise whether i approach any taax consultant or can i pay directly to it . If so what where can i get saral if payment chalana. pl. guide me in this matter sir. …. k. jhansirani /

  14. BHRIGU nath says:

    Ration money allowance paid to police personnel is tax exempted or not.

  15. Pankaj K. Dey says:

    I received Rs. 480/- as Hill Allowance (Assam) whether It is exempted under IT act.

  16. Deelip Patil says:

    Sir,
    I am serving Revenue department and I have required suggestion on HRA I am living in rented house at the Rs 3500/- per month and am getting Rs 18716 per year and paying rent Rs 42000/-. How many amount I will be exempted from my salary i.e Rs 4,95,828/- per year

  17. sandeep says:

    sir
    my gross salary is rs. 574477.00
    toatal saving is 80c rs. 151000.00
    80ccd nps is rs 51283.00

    kindly compute my tax

    thanking you

  18. Sir/Madam,
    please tell me theTotal Limitt of saving u/s 80c,80cc,80ccd ,80ccd(1),80ccd(2)

  19. sanjiv lokhande says:

    My,gross salary is 687000 VA 2500 ,talo6333 no home lloan deduction u88c is 150000 howcani calculate my income tax

  20. Nishita says:

    Hi my net salary is 18600 pm where 300 goes in office society . on top of that the arreas from Jan 16 to Dec 16 will be going in NPS credit I think so. And even my monthly deduction toward NPS is going . pls tell me I’m falling under taxable income ? Is any tax will be applicable for me? Pls reply me on my email I’d . thx you.

  21. Gopala Rao says:

    Respected Sir,

    I am approaching you for clarification about HRA Exemption for IT calculation.

    I am working in Central Autonomous Organization and not implemented the VII CPC so far.

    Now my Pay & HRA details as below:

    Pay 22110/-
    Grade Pay 5400/-
    DA 36313/-
    HRA 5502/-

    I am living at rented home in NON METRO CITY (40%)
    I am paying rent 9000/- per month

    HRA received 65376/-
    Salary+DA (40%) 754088/-
    Rent paid in excess (10%) 108000/-

    how much i will get exemption: A) Rs. 32,591/- ( Salary + DA included for 40%)
    B) Rs. 65,376/- (Salary without including DA for 40%)

    You are requested to kindly clarify for computation of my tax

    please…………….

    Thanking you,

  22. dalpat says:

    give me 16aa form

  23. Elizbeth says:

    sir,
    I want to know whether the standard deduction of
    rs.250000 is to be deducted from gross salary.
    2).If the taxable income for eg:-is 7lacs our office divides it into 3 parts
    1)first part- 0-2.5lacs-no tax
    2).second part-2.5lac -5lacs-10%
    3).third part-5lac above -7lacs-20%
    so a person will be paying about 65000 as tax
    Is this calculation correct?

  24. KAUSHIKI PADA CHAKRABARTI says:

    dear sir,
    many thanks for your valuable suggestions. i have 2 quires.

    a)i made a partial withdrawal in a Mutual Fund (equity) within 1 year in FY 2016-2017. is it taxable?
    b) is LPG refund taxable in FY 2016-2017?

    Thanking you and looking for your early reply.

  25. satpalsingh says:

    adhik kar Jana karke adhik sukh paya

  26. Hina Agrawal says:

    Hello sir
    Sir 2017-2018 me income tax free 4 lakhs per. Karni chahiye

  27. Alkesh says:

    Dear Sir
    My mother has sold out her agriculture land and they have paid Around Rs.35 lakh by cheque. do i have to show as capital gain or not.
    Please Guide me.
    Thanks

  28. Pritam Mugal says:

    Dear Benny,
    contribution to NPS is not considered for exemption in this FY2016-17 calculator.

    Thanks

  29. A K Ghosh says:

    Dear Anand,
    Form the details as given by you it appears that you are not supposed to pay any LTCG on sale of Res. Property since the same has again been invested in acquiring another property of same value. You have to file ITR 2 if you are Salary income holder or else ITR 4 in case of business income. No documentation is required to be filed physically as there is no such provision in I T Act.

  30. Anand Nema says:

    dear Sir,
    I have sold out my residential property in Oct 2015 which was purchased in 2002 and purchased another under construction residential property(of the same value) in the same city for which the agreement is due to happen in the month of May 2016.. I will be obliged to receive answers to below questions –
    1. Do I need to pay any capital gain tax in AY2016-17?
    2. Which ITR form I should fill to notify IT department about it during my annual return filing?
    3. Is there any property documentation required to be submitted along with ITR?
    Regards,
    Anand

  31. Ramesh says:

    from new FY 16-17 ???

  32. Ramesh says:

    Has Limit increased in 54 EC from 50,00,000 to 1,00,00000

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