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].
Contents
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
[button link=”https://apnaplan.files.wordpress.com/2018/06/income_tax_calculator_fy_2017_18_v3.xlsx” target=”_blank” size=”large” style=”download” color=”darkcyan” text=”light”]Download Income Tax Calculator (FY 2017-18)[/button]
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.
![Income Tax Slab for FY 2017–18 [AY 2018-19]](https://www.apnaplan.com/wp-content/uploads/2017/02/Income-Tax-Slab-for-FY-2017–18-AY-2018-19-1024x441.png "Income Tax Calculator for FY 2017-18 [AY 2018-19] - Excel Download 2")
Download Income Tax Calculator
You can download the Income Tax Calculator for FY 2017-18 [AY 2018-19] from the link below.
[button link=”https://apnaplan.files.wordpress.com/2018/06/income_tax_calculator_fy_2017_18_v3.xlsx” target=”_blank” size=”large” style=”download” color=”darkcyan” text=”light”]Download Income Tax Calculator (FY 2017-18)[/button]
Also Read: 25 Ways Budget 2017 Impacts Your Taxes and Investments
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 2016-17, FY 2015-16, FY 2014-15, FY 2013-14, FY 2012-13 and FY 2011-12 by clicking on respective links.
![Income Tax Calculator for FY 2020-21 [AY 2021-22] - Excel Download](https://www.apnaplan.com/wp-content/uploads/2020/02/Income-Tax-Calculator-for-FY-2020-21-AY-2021-22-Excel-Download.png "Income Tax Calculator for FY 2020-21 [AY 2021-22] - Excel Download 5")
I have salary from pension and interst from Banks and ltcg on sale of shares not attracting any tax. Which form should i fill and where will the ITR2 xl format.
P. Mathias.
I am house wife . my short term capital gain is Rs. 1.8 lakh and dividend receipt is 20.000/-. I have no other source of income. I paid 92,000 as life insurance premium and 50,000 for NPS in FY 2017-18.
What will be tax liability?
No tax needs to be paid as 1.8 lakhs is below the income tax threshold limit
Sir,
your ITR Worksheet is protected, then we need to correction in this so how can we do this. will you tell me password plz
Please download again its not protected anymore
Sir DA /DR on pension is exempted or not
DA/DR on pension has the same tax treatment as pension. So its not exempted.
Sir is there any rebate for saving bank interest for income tax in FY 2017-18 ?. If yes then in your Income tax calculator above for FY 2017-18, there is no any rebate proposed under 80TTA for saving bank interest. Please clarify.
Yes 80TTA rebate is applicable for FY 2017-18. You can put that in other deductions. Thanks for pointing out, Will put this deduction in future version of the calculator
Sir,
The income tax calculator is awesome. Non-finance people like me also can easily understand. You did a great job.
I am buying a flat this month and registration will be done before 30th March 2018. I understand my first emi falls next year so there is no problem with that, but I am concerned on the additional benefit of Rs. 50,000/- for first time buyers. Do I need to claim this additional amount this year itself or I can claim in the next financial year ? Pls advise
Rgds, Prabhakar
Is there any benefit/deduction for income tax for the principal part also of the EMI paid ?
You can claim it next year too. Yes the principal part is exempted u/s 80C which has limit of 1.5 lakhs
First of all thanks to u becoz i am using ur i tax calculator frm last 3 years it is very easy to use and friendly.But i have one question is the rebate of 2500 on taxable income or gross income. If it is on taxable income under wt section. Thankyou again .
The Rs 2500 rebate is on net taxable income & not gross income
Thanks for providing a income tax calculator in excel format. It is very useful to me and to my office.
My name is p.s.v.ramana working as a teacher .i have only single income source.i live in my own house.my gross salary is 734295 .savings150000 and intrest on housing 100000 .health insurance 1440 per annum .proffesional tax 2400 per annum so can you tell me how to calculate my tax.
Very detailed Explanation related to taxation.Nice work.After reading previous comments it seems that most of the people are benefitting from your article.Hats off
Thanks to sharing An online tool which helps in calculating income tax
I worked in a Bank and took voluntary retirement during August 2017.
I am getting a monthly pension of Rs. 28900/- and Rs. 32,000/- monthly interest on retirement benefits. I do not have any other income.
I am a male and my age is 49 years.
what will be my tax liability for this financial year.
We had done a similar income tax calculation in this post, please refer it to calculate for you.
earlier it was a difficulty , Nicely explained
Hi Ashish,
I did my tax planning last year with help of your Tax Planning Excel, let me thanks to you for your help.
I am trying to do my tax planning this year as well by Tax Planning Excel provided here; but there is huge difference between last year excel & this one.
Can you please add monthwise salary template which you had previousely ? as its too easy for begineers like me to do tax planning by just pasting salary slip figures into excel.
Please update this excel if possible ………..
Really helpful..one can easily plan to benefit more from income tax through above details…thanks!!
how to calculate tax on Taxable salary income Rs. 351400
& also the same if savings is Rs. 24296/- taxable salary income is Rs. 327104/-
Here is a post which explains how you can calculate your income tax?