Yearly there are modifications within the Earnings Tax guidelines of India within the Union Finances. Protecting these modifications in thoughts we provide you with our Earnings Tax Calculator India yearly. The most recent funds was introduced in February 2021 and made the next modifications.
Earnings Tax Adjustments in Union Finances 2021
There was No main modifications in earnings tax in Finances 2021. The one change was the curiosity earned on contribution of greater than Rs 2.5 Lakh in a 12 months by EPF or VPF can be added to the earnings and taxed at marginal tax price.
Additionally the largest change in Finances 2020 relating to earnings tax was introduction of new tax slabs in case you do not need to take profit of assorted tax deductions like customary deduction, Chapter VI A deductions, HRA profit, LTA, house mortgage curiosity for self-occupied properties and so forth. continues.
From final 12 months you’ve the choice to decide on on what you need to observe:
- New Tax Slabs however forgoing all tax deductions
- Proceed with outdated tax slabs with all tax deductions
The earnings tax calculator India calculates the tax outgo utilizing each the above tax slabs and you’ll select what fits you.
Sukanya Samriddhi Account + PPF + SCSS Calculator
Sukanya Samriddhi Account, PPF, Senior Residents’ Financial savings Scheme are a part of small saving scheme sponsored by Authorities of India. These schemes are fairly well-liked and rightly so due to the protection, greater rate of interest provided amongst different issues. We have now constructed calculator for every of them the place you’ll be able to test the maturity quantity, mortgage eligibility, partial withdrawal and extra. Click on on the hyperlinks to get the related calculator – PPF Calculator, Sukanya Samriddhi Yojana Calculator, Senior Residents’ Financial savings Scheme Calculator, NSC Calculator.
Obtain Earnings Tax Calculator in Excel
You possibly can obtain the earnings tax calculator 2021 (for FY 2021-22) in excel by clicking the button beneath.
Learn how to use the Earnings Tax Calculator India for FY 2021-22 (AY 2022-23)?
The image beneath reveals how the earnings tax calculator India for FY 2021-22 (AY 2022-23) appears to be like like. You possibly can edit all cells in Orange color.
Part 1: Primary Particulars
The highest cells ask in your title and PAN Quantity. It’s optionally available discipline and is supposed in case you need to use it for a number of individuals.
Date of Beginning is obligatory discipline because the tax slab is totally different for individuals aged beneath 60, between 60 to 80 years and greater than 80 years.
Part 2: Wage Earnings
The following fields ask details about gross wage earnings.
- In case you’re employed, get HRA and hire out do fill within the particulars
- Commonplace Deduction is Rs 50,000 from Finances 2019 onwards and is relevant to salaried and pensioners solely.
- Do point out Any Different Exempted Receipts/ allowances like LTA, and so forth
- In case you’ve paid Skilled Tax as occurs in Maharashtra and another states do point out that. That is tax exempt.
Tax Free Wage Elements
There are parts in wage that are totally or partially tax exempt. For instance HRA is tax exempt if you happen to fulfill sure circumstances. You possibly can have the whole listing within the submit: Will need to have Tax Free parts in Wage.
Part 3: Earnings from different sources
Enter all the opposite earnings like Curiosity earnings from mounted or recurring deposits. It’s also possible to embody earnings from presents acquired if its greater than Rs 50,000 and from non-relatives.
Part 4: Loss from House Mortgage Curiosity
In case you’ve house mortgage, refill the columns to replicate the identical. You get tax profit on curiosity below part 24. Finances 2018 onwards there may be further profit for first time consumers of inexpensive properties. It’s also possible to declare tax profit on curiosity paid on house enchancment mortgage.
HRA & House Mortgage Profit at identical Time – Doable?
Many employer (& employers) are confused if they’ll reap the benefits of each HRA and House Mortgage for saving tax. This appears intuitive as how will you pay for house mortgage and likewise stay on hire. Nonetheless simply in your data its fully authorized to reap the benefits of each HRA & House Mortgage as there are a number of conditions the place you must stay on hire however nonetheless pay house mortgage. You possibly can learn extra about this our submit – Can I declare Tax Profit on each HRA & House Mortgage?
Part 5: Tax Deductions – Chapter VI A
Fill within the tax deductions you need to declare. It covers Part 80C for investments like EPF, VPF, PPF, SCSS, and so forth.
Moreover, you’ll be able to declare tax deduction as much as Rs 50,000 by investing in NPS u/s 80CCD(1B). that is along with Part 80C.
Part 6: Extra Tax Deductions
There are a number of instances the place you’ll be able to declare tax deductions like shopping for medical insurance coverage, and so forth. Point out the identical accordingly.
- Medical Insurance coverage premiums (for Self or mother and father)
- Curiosity Paid on Schooling Mortgage
- Medical Remedy of handicapped Dependent
- Expenditure on Chosen Medical Remedy for self/ dependent
- Donation to permitted funds
- For Lease in case of NO HRA Part (Finances 2016)
- For Bodily Disable Assesse
- In case your employer contributes to NPS account in your behalf, you’ll be able to declare as much as 10% of your primary wage as tax deductible.
- There’s additionally tax deduction for curiosity paid on buy of electrical automobiles.
Part 7: Earnings Tax Calculation (Previous Tax Slabs)
This part is auto-computed primarily based in your inputs and shows your remaining tax outgo. There
Part 9: Calculating Earnings Tax with New Tax Slab below new Regime
This part computes the Earnings Tax with Decrease Tax Slab below new Regime introduced in Finances 2020. This might allow you to to find out which tax regime fits you.
Learn how to Calculate Earnings Tax in India?
In case you need to calculate your earnings tax with out utilizing the Earnings Tax India calculator, it’s not very troublesome. You’ll want to observe following steps utilizing the beneath instance.
Amit is salaried worker with following wage construction.
- Primary Wage: Rs 6,00,000
- HRA: Rs 3,00,000
- Particular Allowance: Rs 60,000
- LTA: Rs 40,000
- Whole CTC: Rs 10,00,000
Step 1: Calculate Gross complete earnings from wage:
The desk beneath reveals the calculation for gross taxable earnings from wage.
|Part||Quantity (Rs.)||Exemption/ Deduction||Previous regime||New regime|
|LTA||40,000||40,000 (payments submitted)||0||40,000|
|Commonplace Deduction||–||50,000||– 50,000|
|Gross Whole Earnings from Wage||–||–||670,000||1,000,000|
Step 2: Tax Deductions
Amit had made the next investments to save lots of tax. These shall be deducted from the gross earnings to reach at internet taxable earnings.
- EPF deduction from wage – Rs 60,000
- PPF Funding – Rs 1,50,000
- Medical Insurance coverage Premium – Rs 25,000
- Whole Tax Deduction = Rs 1,50,000 + 25,000 = Rs 1,75,000 (PPF & EPF each come below part 80C and have a tax deduction higher restrict of Rs 1.5 lakh)
Step 3: Different Earnings
Amit additionally had Rs 20,000 from curiosity from mounted deposits with banks.
Step 4: Web Taxable Earnings
The desk beneath reveals the Web Taxable Earnings for Amit
|Nature||Previous Tax Regime||New Tax Regime|
|Earnings from Wage||670,000||1,000,000|
|Earnings from Different Sources||20,000||20,000|
|Whole Taxable Earnings||515,000||1,020,000|
Step 5: Calculating utilizing Earnings Tax Formulation
|as much as Rs 250,000||Tax Exempt||0|
|Rs 250,000 to 500,000||5% || (5% * (500,000 – 250,000)||12,500|
|Rs 500,000 to 1,000,000||20% || (20% *(515,000 – 500,000)||3,000|
|Cess||4% || (4% of 15,500)||620|
|Whole Tax Payable||–||16,120|
|as much as Rs 250,000||Tax Exempt||0|
|Rs 250,000 to 500,000||5% || (5% * (500,000 – 250,000)||12,500|
|Rs 500,000 to 750,000||10% || (10% * (750,000 – 500,000)||25,000|
|Rs 750,000 to 1,000,000||15% || (15% * (1,000,000 – 750,000)||37,500|
|Rs 1,000,000 to 1,250,000||20% || (20% * (1,020,000 – 1,000,000)||4,000|
|Cess||4% || (4% of 79,000)||3,160|
|Whole Tax payable||–||82,160|
As you’ll be able to see the tax legal responsibility modifications vastly relying on what tax regime you select. So you need to plan fastidiously. It’s also possible to test the official Earnings Tax web site for calculating your earnings tax.
Learn how to Pay 0 Earnings Tax on Wage of Rs 20+ Lakh (FY 2021-22)?
As you’ll be able to see with the above earnings tax calculation, wage parts and wage construction performs a vital position in how a lot earnings tax you pay. We have now provide you with some optimised wage construction utilizing which you pay NO earnings tax even with CTC of greater than Rs 20 Lakhs.
Earnings Tax Calculator FY 2020-21 Excel
Finances 2020 had launched the brand new Vs outdated tax slabs. Under are the tax slabs
Earnings Tax Calculator FY 2019-20 Excel
Following modifications had been made in Finances 2019 relevant for FY 2019-20:
- Rebate below Part 87A modified from Rs 2,500 to Rs 12,500 or 100% of earnings tax (whichever is decrease) for people with earnings beneath Rs 5 Lakhs (from Rs 3.5 Lakhs)
- Commonplace Deduction raised for Salaried & Pensioners from Rs 40,000 to Rs 50,000
- Elevated Tax for super-rich: Surcharge elevated to 25% for earnings between 2 to five crore & to 37% for earnings past Rs 5 crores
- Further Tax Deduction of Rs 1.5 lakhs u/s 80EEA on house loans on buy of inexpensive house
- Further Tax Deduction of Rs 1.5 lakhs u/s 80EEB on Auto loans on buy of Electrical automobiles
- No Tax on Notional Rental Earnings from Second Home
- Capital good points exemption on reinvestment in two home properties: Tax payers can now purchase two homes on sale of 1 home if the capital good points are lower than Rs 2 crore. This profit will be availed solely as soon as in lifetime
- TDS threshold elevated from Rs 10,000 to Rs 40,000 on Financial institution Curiosity Earnings
You possibly can obtain the Earnings Tax Calculator in Excel for FY 2019-20 from the hyperlink beneath.
Earnings Tax Calculator FY 2018-19 Excel
Finances 2018 has made some modifications to Earnings tax for particular person. There was no modifications within the earnings tax slab, nevertheless there have been some modifications associated to salaried/pensioner tax payers and senior residents.
- No Change in Earnings Tax Slabs
- 1% further well being cess taking complete cess on earnings tax to 4% (2% training cess & 1% greater training cess continues). This can marginally enhance earnings tax for each tax payer.
- Commonplace Deduction of Rs 40,000 to Salaried and Pensioners. Nonetheless transport allowance (Rs 19,200 every year) and medical reimbursement of Rs 15,000 has been abolished. So the online profit for salaried can be Rs 5,800 solely bringing marginal aid. Nonetheless Pensioners would achieve as they didn’t have transport & medical allowance.
- 10% Lengthy Time period Capital Good points Tax on Fairness and Fairness primarily based Mutual Funds launched.
- Medical Insurance coverage premium exemption for senior citizen elevated from Rs 30,000 to Rs 50,000 u/s 80D
- Medical bills will see elevated tax advantages for senior residents. 100,000 on important sickness u/s 80DDB
- Rs 50,000 exemption for curiosity earnings from Financial institution or Publish Workplace Mounted/Recurring Deposits for Senior Residents
Earnings Tax Calculator FY 2017-18 Excel
In Finances 2017, the finance minister has made little modifications to this. We spotlight the modifications and provide you with the brand new tax calculator for FY 2017-18 [AY 2018-19].
- Tax lowered from 10% to five% for Earnings from Rs 2,50,000 – Rs 5,00,000 resulting in tax saving of as much as Rs 12,500.
- 10% surcharge on earnings tax if the full earnings exceeds Rs 50 Lakhs however lower than Rs 1 crore
- For individuals with internet taxable earnings beneath Rs 3.5 lakh, the tax rebate has been lowered to Rs 2,500 u/s 87A
- NO RGESS Tax exemption from FY 2017-18
- Curiosity deduction on rented property capped at Rs 2 Lakh
Earnings Tax Calculator FY 2016-17 Excel
In Finances 2016, the finance minister has made little modifications.
- There was no change within the earnings tax slabs.
- For individuals with internet taxable earnings beneath Rs 5 lakh, the tax rebate has been elevated from Rs 2,000 to Rs 5,000 u/s 87A. This might profit individuals who have internet taxable earnings between Rs 2.7 Lakhs to Rs 5 Lakhs.
- Further exemption for first time house purchaser as much as Rs. 50,000 on curiosity paid on housing loans. This might be relevant the place the property price is beneath Rs 50 Lakhs and the house mortgage is beneath Rs 35 lakhs. The mortgage must be sanctioned on or after April 1, 2016.
- Tax Exemption u/s 80GG (for hire bills who do NOT have HRA part in wage) has been elevated from Rs 24,000 to Rs 60,000 every year. It is a good transfer to align the exemption quantity with immediately’s hire and preserve the part related.
- For individuals with internet taxable earnings above Rs 1 crore, the surcharge has been elevated from 12% to fifteen%
- Dividend Earnings in extra of Rs. 10 lakh every year to be taxed at 10%
- 40% of lump sum withdrawal on NPS at maturity can be exempted from Tax. This rule now additionally applies to EPF. So now in case of EPF earnings tax can be relevant on 60% of the corpus on maturity.
- Presumptive taxation scheme launched for professionals with receipts as much as Rs. 50 lakhs. The presumptive earnings can be 50% of the revenues.
- Exemption to employer’s contribution to acknowledged provident funds restricted to 1.5 lakh. Earlier, the cap was as much as 12% of wage
Earnings Tax Calculator FY 2015-16 Excel
The tax slabs have stay unchanged however there have been some modifications when it comes to Transport Allowance, Medical Insurance coverage advantages and exemption for Bodily challenged tax payers.
- Transport Allowance elevated to Rs 1,600 from Rs 800
- Improve in Medical Insurance coverage Premium exemption restrict from Rs 15,000 to Rs 25,000 u/s 80D (as much as 30K for Senior Residents)
- Sukanya Samriddhi Account a brand new funding choice u/s 80C
- Very Senior Residents (above 80 Years of age) to be allowed deduction of Rs 30,000 for medical expenditure in case they don’t have medical insurance
- Further exemption of Rs 50,000 below sec 80CCD for investing in NPS (New Pension Scheme)
- Improve within the restrict of deduction out there for remedy of continual illnesses u/s 80DDB from Rs 60,000 to Rs 80,000
- Rs 25,000 enhance in deduction out there to individuals with incapacity and extreme incapacity u/s 80DD and 80U
- 2% surcharge on Tremendous wealthy (i.e. people with earnings > 1 crore)
Earnings Tax Calculator FY 2014-15 Excel
We have now integrated the three modifications that occurred in Finances 2014 (introduced on July 10, 2014)
- Earnings as much as Rs 2.5 lakhs for Basic Public and as much as Rs. 3 lakhs for Senior residents are actually exempted from paying Earnings tax. Earlier this restrict was Rs 2 Lakhs for Basic Public and rs 2.5 Lakhs for Senior Residents.
- The exemption restrict for investments below part 80C has been raised from Rs 1 Lakh to Rs 1.5 Lakhs.
- The exemption on paying curiosity on House Mortgage has been raised from Rs 1.5 Lakhs to Rs 2 Lakh.
Earnings Tax Calculator FY 2013-14 Excel
The finance minister, P Chidambaram in his Finances 2013-14 stored the earnings tax charges unchanged. The desk beneath reveals the abstract of tax slabs for FY 2013-14.
There are two minor modifications:
- Tremendous wealthy need to pay extra taxes. A surcharge of 10% on Rs 1 crore plus earnings earners have been imposed. That is for one 12 months solely and would impression about 42,800 individuals solely
- The center class with earnings of as much as Rs 5 lakhs would obtain tax credit score of Rs 2,000 for FY 2013-14. This basically means individuals with earnings as much as Rs 5 lakhs have lowered tax burden of Rs. 2,060 for FY 2013-14.
Earnings Tax Calculator FY 2012-13 Excel
Under is the Earnings Tax Slab for FY 2012-13. A big distinction is there isn’t a extra distinction between women and men so far as taxes are involved.
Earnings Tax Calculator FY 2011-12 Excel
Under is the Earnings Tax Slab for FY 2011-12.
Earnings Tax Calculator India FAQs
✅ Ought to I’m going with New or Previous Tax Slab?
It is best to do the calculation utilizing our earnings tax calculator and test your self. Typically if you happen to do tax saving investments and get wage parts tax deduction, you need to observe the outdated tax slab.
✅ Is Tax Deduction totally different than Tax Exemption?
You could discover each Tax Deduction and Tax exemption phrases used interchangeably. However technically each phrases have totally different which means.
Tax Deduction means you’ll be able to deduct these out of your earnings. This may very well be investments like PPF, and so forth that you simply do below part 80C. That is tax deducted as much as Rs 1.5 lakhs.
Tax Exemption means the earnings shouldn’t be taxable like curiosity earned on PPF.
✅ Do NRIs have to pay Earnings Tax in India?
NRIs (Non-resident Indians) and foreigners need to pay earnings tax in India on earnings accrued in India.
✅ What’s surcharge on Earnings Tax?
For sure high-income tax payers, the federal government of India has launched surcharge. As of FY 2021-22 the surcharge is as follows:
Lower than Rs 50 Lakh – No Surcharge
Rs 50 lakh to 1 crore – 10%
Rs 1 crore to 2 crores – 15%
Rs 2 crores to five crores – 25%
Greater than Rs 5 crores – 37%
✅ What’s Cess on Earnings Tax?
All tax payers need to pay 4% of Earnings Tax as well being and Schooling cess. This cess is claimed for use for the above function.