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

Author Bio

More Under Income Tax

Posted Under

Category : Income Tax (27495)
Type : Articles (16980) Featured (4062)

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

  1. Tribhuwan Singh says:

    How to calculate total income if we borrow money from others and partial withdrawal from mutual funds after one year. For example 1. Salary. 200000. 2. Borrow money. 100000 3. Mutual funds​. 50000. What is taxable income?

  2. Raj says:

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

  3. 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

  4. ABHIJIT PATRA says:

    from no 16 asst. year 2017-18

  5. A B GHOSE BISWAS says:

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

  6. 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.

  7. 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

  8. Ramanathan says:

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

  9. 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.

  10. RAKESH KUMAR BANSAL says:

    Sir,

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

  11. 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.

  12. 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.

  13. 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

Leave a Reply

Your email address will not be published. Required fields are marked *