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
Author Bio
Sir
i have a ICICI PRUDENTIAL Foreever life policy having pension plan. Now it is going to be matured in dec18. life insurance cover is 160000 & accrud bonus is rs.967562. I never availed the tax exemption . I paid the premium of RS 10500 per year foe 15 yrs. So kindly guide me the tax liability if i withdraw all the amount i.s.Rs.256756.00.
devendra ambade
FREE DOWNLOAD TAX CALCULATOR
This Income-tax calculators does not calculate the surcharge properly. It wrongly calculates the surcharge without considering the Marginal Relief on Surcharge where income exceeds 1 crs. Pl check.
income tax fa 2017-18
dear sir, my taxable income is 675656. so while calculating income tax till 5 lacks do I have to calculate in 5% and then remaining 175656 can I calculate in 20%. thank you sir…
How to download income tax calculator in excel.
if i click on above option, it has been directed Akshaya patra. Please help me.
password to unprotect this sheet
Main railway se retair hon or meri pention 42000 per month hai. Mujh per kitna tax lagega
LIC deduction not shown by the employer in form 16 but i have already shown in pre calculation of Income tax submitted to the department.
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: https://taxguru.in/income-tax/rate-tax-short-term-capital-gain-section-111a-correction-proviso-section-111a.html#comment-1962557
thank you to much for sharing calculation sheet of income tax.
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.
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
Thanks sir.
Very good information and initiative Benny..
sir please tell me difference between previous itr4s and current three pages itr4
dear sir , i think itr4s is going over and and in plaace of new itr 4 three pages comes.