Shreyans Mehta {(MBA (Finance), LLB}
Brief :- In this article Author has Provided three Income Tax Calculator in Excel Format for Calculation of Tax by Individuals below the Age of 60 Years, 60 or above but less than 80 Years and for 80 and above Years. Calculator calculate Interest U/s. 234ABC Automatically and provides option to include 1.Income from Salary / Pension 2.Income (Profits) from Business / Profession (Only input option). 3.Income / Loss from House Property and 4.Income from Other Sources.
The Assessment Year-2016-17 is over and its time now to get oneself ready with the Data Compilation for filing of the Tax Returns and as you may be aware that the provisions for Tax Calculation are in fact onerous to the person entrusted with the prescribed duties as paying taxes is not enough; one has to file his tax returns on yearly basis.
In Assessment Year-2016-17 the Income Tax Authorities has prescribed different Tax Slabs for Individuals, Person above the age of 60 years and Persons above the age of 80 years.
For Individual other then Resident Individuals below the age of 60 Years, Every HUF, AOP/BOI/Artificial Juridical Person.
| Sr | Net Income Range | Income Tax Rate |
| 1 | Up to Rs 2,50,000 | Nil |
| 2 | Rs 2,50,001 to Rs 5,00,000 | 10% |
| 3 | Rs 5,00,001 to Rs 10,00,000 | 20% |
| 4 | Above Rs 10,00,000 | 30% |
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For Resident Individuals Who is of the age 60 Years or more but less then age of 80 yrs at any time during the Previous year
| Sr | Net Income Range | Income Tax Rate |
| 1 | Up to Rs 3,00,000 | Nil |
| 2 | Rs 3,00,001 to Rs 5,00,000 | 10% |
| 3 | Rs 5,00,001 to Rs 10.00,000 | 20% |
| 4 | Above Rs 10,00,000 | 30% |
For Resident Individuals Who is of the age 80 Years or more at any time during the Previous year
| Sr | Net Income Range | Income Tax Rate |
| 1 | Up to Rs. 5,00,000 | Nil |
| 3 | Rs 500001 to Rs 10,00,000 | 20% |
| 4 | Above Rs 10,00,000 | 30% |
Be smart enough and start your exercise for Tax Calculation before it is too late and Deposit the Tax Liability so arrived. Here is the calculator for your Tax Calculation for the following:
- Income from Salary / Pension
- Income (Profits) from Business / Profession (Only input option).
- Income / Loss from House Property
- Income from Other Sources
These taxes need to be paid before filing of the Tax Return and also attracts Interest penalty for late payment of taxes.
The calculator is there wherein each personals falling in the above slabs could calculate their Tax Liability and pay Taxes. Further each cell has its comment on it for your understanding and please follow the step by step method for tax calculation and sheet for Interest Calculation u/s 234B & 234C is also there where the data is picked from the Computation itself accept the input of Month in calculation u/s 234B. For Interest calculation u/s 234A we request you to mention the date of filing your tax return.
Disclaimer : Though all care has been taken for preparing the Tax Calculator but I suggest consulting your tax advisor for Complicated Tax Issues and Tax Calculation. I request person’s with higher tax slab eligible for marginal relief of surcharge not to use this calculator. Further for Interest Calculator please check with your consultant for interest calculator. This is my personal calculator prepared by me personally.
(Author can be reached at Email:shreyanskirti@gmail.com)
dcbidari@gmail.com
You have to warn people about collection of forms 16A for all the tdsvat soyrcevif you are going to ask for a refundvfrom cbdt. So please mention this in your future articles positively. Many TDs companies are stop on delaying delivery of the preciousv16 A.
reg “Download Income Tax Calculator for Individuals Who is of the age 80 Years or more for A.Y. 2016-17/F.Y. 2015-16 – See more at: https://taxguru.in/income-tax/calculate-tax-ay-201617-ready-file-tax-returns.html#sthash.PjErTRTg.dpuf” I tried to fill in notional data . I found some entry is made under 234B and 234 C (under 234A is nil). these two are for deferment of advance tax. But senior citizens more than 80 years old need not pay advance tax. Kindly clarify