Income Tax Calculator FY 2018-19

Income Tax Calculator FY 2018-19

Particulars Details Type Actual Amount in Rs. Maximum Limit Proof Required?
Gross Income (CTC) Salary, Bonus, Allowances, Other income etc Input
HRA Exemptions u/s 10 (13A) Refer below to know how HRA exemption is calculated Input As per calculation YES
Standard Deductions Input NO
Professional Tax Professional Tax Input NO
Net Income under Salaries Gross Income - Exemptions Output
Deductions u/s 80 C Investments in PF, PPF, Ins, ELSS, NPS, Housing Loan Principal repayment etc Input YES
Deductions u/s 80 CCD - 1B Investments in NPS (50 K Maximum) Input YES
Deductions u/s 80 CCD - 2 Investments into NPS by Employer Input 10% of Basic + DA YES
Deductions u/s 80 D Health Insurance Premium (Self, Spouse & Children) Age < 60 years Input YES
Health Insurance Premium (Self, Spouse & Children) Age 60 & above Input YES
Addional Benefit for Parents U/Sec. 80 D Health Insurance Premium for Parents age < 60 Years Input YES
Health Insurance Premium for Parents age 60 & above years Input YES
Deductions u/s 80 G Eligible Donations upto specified percentage Input DEPENDS ON TO WHOM IT IS DONATED
Deductions u/s 80 E Interest Paid on Education Loan Input NO LIMIT YES
Deductions u/s 80 TTA Interest Received on Savings Bank A/C < Age 60 Years Input
Deductions u/s 80 TTB Interest Received on Deposits for Senior Citizens Age 60 & Above only Input YES
Tax Benefit u/s 24 LOSS From House Property or Interest Paid On Home Loan Interes (Max 2 L) Input YES
Total Deductions/Benefits
Taxable Income Tax payable on this income Output

Tax Slab Slab Income Tax Rate Tax Amount
Income Tax Payee Type Male, Female, Sr. Citizen>60, Very Sr. Citizen>80 Input
%
%
%
+ %
Tax on Total Income Output
Surcharge 10% on Tax if Income > Rs 50 lakhs %
Surcharge 15% on Tax if Income > Rs 1 Crore %
Tax with Surcharge Output
Tax Credit Upto Rs. 2500 if Taxable Income < Rs. 3.50 lakhs Output
Tax with Surcharge less Rebate, if any Upto Rs. 2500 if Taxable Income < Rs. 3.50 lakhs Output
Education Cess %
Tax Liability with Cess Output

Income Tax Ratio

Monthly Income Gross Income/12 Output
Monthly Tax (Appx TDS) Tax Liability/12 Output
Income Tax Ratio Gross Income/Tax Liability Output

HRA Exemption Calculator

City living in Input
Basic Salary + DA Input
HRA Received Input
Actual Rent Paid Input
Least of the following will be HRA Exemption
1 HRA Receieved Output
2 % of Salary+DA (50%-Metro & 40%-Non-metro) Output
3 Rent paid in excess of 10 % of salary Output

Note: This is as per proposal presented during annual budget for FY 2018-19.

Income Tax Slabs

Tax Exemptions Age Creteria Income Exempted
Male -
Female -
Senior Citizens
Very Senior Citizens
%
%