If you are still wondering how much Income tax you need to pay this year 2011-12, here is a calculator for you in excel format. Below is the Income Tax Slab for FY 2011-12.
Word of Cautions for using the Excel sheet:
- Only Orange Cells are input cells.
- Do not change any other cells as this may lead to Incorrect calculation.
- Do not leave any orange cell blank. This may lead to incorrect calculation. Instead, enter 0
Limitations of the calculator:
- This calculates Income tax only for people who have no losses/gains from House property or have a maximum of 1 House.
- For details of Assumptions & Income tax rules followed for the calculator Read – Income Tax – Some Common Rules & Regulations
Disclaimer: I am not a tax consultant. I have tried to incorporate all the Income tax rules & regulations best known to me. Its always advisable to consult an expert or a tax consultant to cross verify your tax liability.