Income Tax Calculator for FY 2016-17 [AY 2017-18] – Excel Download

Income Tax Calculator for FY 2016-17 (AY 2017-18) - Excel Based
Income Tax Calculator for FY 2016-17 (AY 2017-18) – Excel Based

Income tax for individual is what most tax payers want to know in Budget. In Budget 2016, the finance minister has made little changes to this. We highlight the changes and give you the new tax calculator for FY 2016-17 [AY 2017-18].

Changes in Income Tax Rules:

1. There has been no change in the income tax slabs.

2. For people with net taxable income below Rs 5 lakh, the tax rebate has been increased from Rs 2,000 to Rs 5,000 u/s 87A. This would benefit people who have net taxable income between Rs 2.7 Lakhs to Rs 5 Lakhs.

[button link=”” size=”large” style=”download” color=”darkcyan” text=”light”]Download Income Tax Calculator for FY 2016-17 [AY 2017-18] (351.50 KB)[/button]

3. Additional exemption for first time home buyer up to Rs. 50,000 on interest paid on housing loans. This would be applicable where the property cost is below Rs 50 Lakhs and the home loan is below Rs 35 lakhs. The loan should be sanctioned on or after April 1, 2016.

How much tax you Save from Budget 2017 Download FY 2017-18 Income Tax Calculator 

4. Tax Exemption u/s 80GG (for rent expenses who do NOT have HRA component in salary) has been increased from Rs 24,000 to Rs 60,000 per annum. This is a good move to align the exemption amount with today’s rent and keep the section relevant.

5. For people with net taxable income above Rs 1 crore, the surcharge has been increased from 12% to 15%

Download: Free ebook for Income Tax Planning for FY 2016-17

6. Dividend Income in excess of Rs. 10 lakh per annum to be taxed at 10%

7. 40% of lump sum withdrawal on NPS at maturity would be exempted from Tax. This rule now also applies to EPF. So now in case of EPF income tax would be applicable on 60% of the corpus on maturity.

8. Presumptive taxation scheme introduced for professionals with receipts up to Rs. 50 lakhs. The presumptive income would be 50% of the revenues.

9. Exemption to employer’s contribution to recognized provident funds limited to 1.5 lakh. Earlier, the cap was up to 12% of salary

Also Read: Calculate Tax on Arrears in 7 Easy Steps

Income Tax Slab for FY 2016-17 [AY 2017-18]

There is no change in income tax slabs except additional 3% increase in cess for super rich (i.e. individuals with income > 1 crore). For Income Tax Purpose – citizens above age of 60 are considered as Senior Citizens and above age of 80 are considered Very Senior citizens.

Income Tax Slabs for FY 2016–17 [AY 2017-18]
Income Tax Slabs for FY 2016–17 [AY 2017-18]

Download Income Tax Calculator

You can download the Income Tax Calculator for FY 2016-17 [AY 2017-18] from the link below. You might need to unlock this by any of the options below:

[button link=”” size=”large” style=”download” color=”darkcyan” text=”light”]Download Income Tax Calculator for FY 2016-17 [AY 2017-18] (351.50 KB)[/button]

Limitations of the Calculator:

  • This Calculator is for people with only one home
  • It does not computes Capital Gains Tax

These features might be incorporated in next versions of the Tax calculator

You can also download Income Tax Calculator for FY 2015-16,  FY 2014-15,  FY 2013-14 FY 2012-13 and FY 2011-12 by clicking on respective links.

128 thoughts on “Income Tax Calculator for FY 2016-17 [AY 2017-18] – Excel Download”

  1. Some people find it hard to computer their income tax so using income tax calculator is a very good choice. This is very helpful to compute our tax. Off my hat to the creator of this calculator. You really help us a lot and saves us headaches from computing manually.

  2. Q1. My father is suffering from Blood Cancer and his treatment expenses have been reimbursed into my salary against the actual bills submitted, so what will be the tax implications on it?

    Q2. I have purchased a flat in an apartment, which is under construction and i have made home loan against the flat purchased, can i claim interest paid on it? Since it is under construction? Flat purchased in Jul 2017

    1. 1. No tax implication on reimbursement
      2. No tax rebate for under-construction flat. Tax benefit on home loan can be claimed only after possession.

  3. I was working in a PSU. I left my job in April 2017. There was a bond of 3 lakh which was paid from my account. I took money from my family and friends. I started online blogging and earning about 1 lakh per month. I paid 1.5lakh which I borrowed from friends. Till now, I have received around 6 lakh from blogging in my bank account. I have 2 lakh in my blogging site which I am not sure to transfer into my bank account or not due to high-income tax.
    I want to ask that the money I borrowed for paying bond amount will be shown as income or not.
    How should I file my income next year? I read somewhere that I can file as a business. In that case, should I have to register myself somewhere? Can I show depreciation on my assets?

    Should I transfer the rest amount in my bank account?
    What should be best for me? I do not want to pay much tax. I can invest 1.5 lac under 80C but even after that, I have to pay around 1 lakh tax even if I do not credit my account with the rest of the money.

    Please help me out.

  4. can u come up with Tax saving Caluculator, like if my taxble amount is 5000 per annum how much i have to invest in Postal NSC

  5. Snusha Wankhede

    Hello sir,
    I have received insurance maturity amount Rs. 801904 from ICICI Prudential Life Insurance Co and TDS Deducted Rs.8020/- i have no any other income, please help me for calculation tax liability.


  6. sandeep kumar arya

    My employer Kamrup Housing projects Pvt. Ltd. , Greater Noida has given me only 7 month salary in Financial year 2106-2017, balance 5 due with him . Even employer not submit TDS of any quarter in this 2016-2017. How can I file my Return ? please suggest….

    1. You can file your returns based on salary slips and if TDS has been deducted from salary you can claim the same – irrespective of TDS is deposited by employer or not. Unfortunately this is going to be cumbersome process. Here are some links that might help you – If your employer defaults on TDS payment and What if your employer does not pay salaries or fails to deposit TDS or PF?

  7. Ranjeet Chaudhary

    Hi Sir
    I have withdrawn my PF amounting Rs 3.65 lacs in this FY. due to delayed in PF transfer AND I RECEIVED PF AMOUNT WITH TDS Dedection but i want know during ITR its need to add in my current annual income or not as when we included its demanding more TAX AS due this slab got change

    i joined A company in Aug 11 and left 4 APR 14 and then PF transferred to B Company joined 7 APR 2014 and left 1 Apr 2016 but PF amount credit in Dec 2016 As per calculation 5 year completed but may be short Wherein13 after working arroung arround 6 years (joining date was 27 Feb 2007). My income from other sources is arround 3 lacs in this fY. What tax i have to pay,


    1. You’ll need to show your EPF withdrawal as income in financial year it was credited to your account. If your work experience is more than 5 years then no tax would be payable and you can claim TDS refund while filing your tax return. As per your query – you worked between Apr’11 to Apr’16 with two employers,
      which is 5 years & it qualifies for tax exemption — provided there was no monthly break in between!

  8. I have taken some amount as final settlement from previous employer. And I got Form 16 from current employer. But in that the details from previous employer is not added. What shall do to file ITR. Do i need to add the amount received from previous employer to the gross of current employer and file?

  9. Hi Amit,

    I have two home loans and both are co-borrowed and both properties are co-owned. One house (10 L loan amount) is rented out and other (25 L loan amount) is under construction. My wife is working. I have below questions:

    1. Can we claim tax benefit for both loans. If yes, will interest of both loans be added and then divided as per share in property between me and my spouse. If share is 50 – 50 does that mean the tax benefit will be for 50% of interest component for both. In my case interest on 10L loan is around 90K and for 25L it is around 2.12L. So total int is 3L. Does this mean we both can avail 1.5L tax benefit in lieu of interest paid?
    2. EMI for both loans is paid from my account. Can we both claim for tax benefit


  10. Hello Amit sir
    Please share the TDS salary calculator in excel sheet with formulas for the year of “2016 -2017” and “2017-2018” on my mail ID.
    i shall be very thankful to you for this
    Vishal Dogra

  11. Hello Amit,

    I haven’t invested anywhere and my income this FY is 8-9 LPA, can you guide me on the best options to invest to save taxes and save money.

  12. upendra nath srivastava

    my question is whether payment of housing loan interest in coming under 80c or it is additional benefit apart from 80 c deduction

  13. Maninder Pal singh

    Hi Amit
    I have received my PF from my employer amounting Rs 7 lacs in this FY. Wherein i Have left the job in Jan 2013 after working arroung arround 6 years (joining date was 27 Feb 2007). My income from other sources is arround 3 lacs in this fY. What tax i have to pay,


    1. As you had more than 5 years of service your EPF is tax free. Your taxable income is Rs 3 lakhs which would incur 0 tax!

  14. Q1..Regarding Dividend tax. If a person gets 11 lacs as dividend and since dividend above 10 lacs is taxable at the rate of 10 % ….what is the amount of tax payable :

    Is it a) (10% of 11 lacs ) OR b) 10% of 1 lac ie excess amount over 10 ?

    This part has not been added to the excel calculator.

    Q2… If the same person above in Q1 also earns say 90 lacs taxable income after all deductions excluding dividend
    Then his total income would be

    c) 90 lacs plus 11 lacs as dividend …
    so he would have to additionally pay 15% surcharge on the tax amount as his income exceeds 1 crore
    d) Exclude dividend so his income being 90 lacs hence no surcharge.
    e) Assume dividend is ( 11-10)=1 since 10 lacs is deductible and hence
    Total income is 90 + 1 = 91

    Q1 …Which one is correct ? a or b ?
    Q2.. Which is correct ? c , d or e ?

    1. Q1 – Dividend income up to Rs 10 lakh is tax free. The tax is on additional amount. In your case ans is A
      Q2 – While calculating total taxable income exclude dividend income as it has separate tax all together. So your ans is D

  15. Hii.. I started earning in nov.. My salary is 1.1 lac per month.. I have a savings of rs.20,000 in lic and health insurance of around 13k and a tds cutting of 10000 per month.. What is the tax i need to pay and will I get any refund? Kindly reply

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