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Income tax Calculator for FY 2016-17 / AY 2017-18

Income tax Calculator for AY 2017-18: Income tax Calculator for Financial Year 2016-17 Assessment Year 2017-18. Income Tax calculator cum Flexi Allocation kit.
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.

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Categories: Income Tax

View Comments (33)

  • 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

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

  • 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?

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