Income tax for individual is what most tax payers want to know in Budget. In Budget 2017, the finance minister has made little changes to this. We highlight the changes and give you the new tax calculator for FY 2017-18 [AY 2018-19].
Changes in Income Tax Rules:
1. Tax reduced from 10% to 5% for Income from Rs 2,50,000 – Rs 5,00,000 leading to tax saving of up to Rs 12,500.
2. 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but less than Rs 1 crore
3. For people with net taxable income below Rs 3.5 lakh, the tax rebate has been reduced to Rs 2,500 u/s 87A
4. NO RGESS Tax exemption from FY 2017-18
5. Interest deduction on rented property capped at Rs 2 Lakh
Income Tax Slab for FY 2017-18 [AY 2018-19]
For Income Tax Purpose – citizens above age of 60 are considered as Senior Citizens and above age of 80 are considered Very Senior citizens.
Download Income Tax Calculator
You can download the Income Tax Calculator for FY 2017-18 [AY 2018-19] from the link below.
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