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. Dear Amit, I got last 8 years arrears. Can I split and amortise arrears amount ONLY for years 2013-14 and 2014-15?

    1. For taking tax benefit for arrears you will need to split it as it is. So for 8 years you will have to spread it for those years.

  2. Hi Amit,

    I saw your presentation on How to Save Tax for FY 2015-16. it was really helpfull.

    Can i have the same presentation for FY 2016-17?

  3. Sir, I am a private employee. House rent, LIC,Tuition Fee put together how much I can claim for IT deduction for AY 2016-17

    1. i checked its getting downloaded. May be when you tried the servers would be busy. Please try again, in case there are issues I’ll mail you the same.

  4. Sir,

    in your tax plan (AY 2017-18) you have mentioned about Home improvement (upto 30,000).

    I am having house loan and five more years is remaining to repay. My query is, whether I can go for some more loan amount under the title HOME IMPROVEMENT and can it be considered during IT returns?

    Ravindra K

    1. Yes if you are eligible for the loan and banks approve it, you can take home improvement loan and claim tax benefit on the same

  5. Shaikh Jamaloddin

    sir i am retired S.T.O.from Treasury Office jalna Maharashtra (Finance department) Now i am follow your IT clculeter
    for F.Y.2015-2016.As per State of Maharashtra the deduction of Group Ins. Schme (GIS) and General Provident Fund (GPF) contribution not shown in your IT calculeter and also say that the Form No.16 Part A and B not provide
    please do the need full.

    1. There are numerous tax exemptions which might not be available in the calculator. You can put the same in “others”. Also this utility just calculates your tax and is not meant for generating Form 16

  6. Hi Amit,

    I stay in Chennai in a rented house. I have three flats in Bangalore, Hyderabad and Tirupati, which are let out. All the three flats were purchased through home loans from banks. In this regard, my queries are:

    1. Can I claim HRA benifit as well as loss on house property from these three flats?

    2. The possession of Bangalore flat has happened in March 2016. Can I claim the exemption under Section 24 for the accumulated pre-construction period interest (i.e in five equal instalments)?

    Thanks and regards

    1. 1. Yes you can claim HRA if you have such component in your salary and you are actually paying rent.
      2. Yes you can claim pre-construction interest for your new house.

        1. Hi Amit, I have an additional question in a similar context as Gireesh.

          The possession of my flat in Bangalore has been taken in March 2016 (the interest payments on this had started from December 2014), so would like to claim the pre-construction interest.

          1. Is it mandatory to claim the pre-construction interest in five instalments?
          2. Under which “head” should I consider this amount?

          1. 1. If you want to claim benefit on pre-construction interest, it has to be done in 5 equal installments.
            2. This amount would be added to the interest you claiming for the current year (loss from house/property)

        2. Hi Amit,

          I have an additional question in similar context as Prasad G V S.

          I was not aware of rule of five equal installments for claiming pre-construction interest. I already had one installment just last month for my load approved in April 2016. What would be good whether to take rest four installments of same amount or take second installment as higher value such that remaining three are 1/5 of the loan amount ?

          Thank you in advance for providing useful help to tax payers.

          1. Sorry I did not understand the question correctly. Your loan is sanctioned in April 2016 so there is no question of already claimed benefit. Please elaborate – I think there is some confusion.

        3. Hi Amit,

          I had SBI Realty Home Loan 8.48 Lakh in 2014 for land purchase. In April 2014, I had SBI loan of 22.9 Lakh for house contruction on same land. As per your reply to Gireesh K, one can claim the exemption for pre-construction period interest.

          For my house construction, I had till date taken 3.45 lakh amount as first installment of approved loan amount of 22.9 lakh & going to have second installment soon.

          I understood from your reply to Gireesh K. that to claim pre-construction interest amount, borrower should take approved loan amount in five equal installments. Is my understanding correct ? If my undersanding is wrong then please explain meaning of “If you want to claim benefit on pre-construction interest, it has to be done in 5 equal installments.?”

          Did you mean that construction loan amount is to be taken in 5 equal installments by borrower from bank ?

          Second query is that what should I need to do in my house construction loan case so that in future I can claim “pre-construction interest” of home loan without any problem ?

          Thanks for your valuable guidance.

          1. There is No relation to borrowing installments and tax benefit.

            What I meant was you get tax benefit on home loan from the financial year in which the construction is complete. What ever interest you had paid before this FY (i.e the pre-construction interest), you can divide that interest in 5 equal installments and take tax benefit in next 5 years. I hope this solves your concern.

        4. Hi Amit,

          I missed one thing to inform you in my above post is that i will start to pay EMI of my house construction loan from 1st April 2017 but I am going to pay interest amount for each month in this year.

          Sorry for incomplete information in above post.

          1. You will get tax benefit on housing loan only from the financial year in which the construction of the house is complete irrespective of if you are paying only interest or regular EMI to bank.

        5. Hi,

          My house construction loan is in April 2016. Pls. ignore incorrect year in previous post.

          Sorry for inconvenience.

        6. Hi Amit,

          Now I have fully understood. Thank you for your valuable time & for giving fruitful guidance as well.

  7. Sir,
    I have purchased a house on loan and have put it up on rent. At the same time, i am occupying a government accommodation. Can I still claim deduction on principle and interest component of loan & also, do i need to pay tax for the rent i get. (Its an Army accommodation that i stay in. They charge me for rent, furniture, water and electricity)

    1. You can claim tax deduction on both principal and interest of the home loan. As you have put the house on rent there is no cap of Rs 2 lakhs on home loan interest. For e.g. You received annual rent of Rs 1 Lakh and paid interest of Rs 3 lakh this financial year, you would get approximate deduction of Rs (3 lakh – 1 Lakh * 70%) = Rs 2.3 lakhs as loss from house u/s 24. Also you can claim tax deduction on principal component u/s 80C up to Rs 1.5 lakh.

      You living in Government accommodation does not impact the above calculations!

  8. Sir,

    With reference to Budget 2016, Can I get benefit of Rs. 50K on home loan if I have already purchased my flat in 2008. And loan amount is under 30 Lakh.
    Please reply.

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