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.Online GST Certification Course by TaxGuru & MSME- Click here to Join
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%|
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 @ firstname.lastname@example.org, for all clarifications and feedbacks on this Tax calculator.