Income Tax Calculator FY 2018-19

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Income Tax Calculator FY 2018-19

ParticularsDetailsTypeActual Amount in Rs.Maximum LimitProof Required?
Gross Income (CTC)Salary, Bonus, Allowances, Other income etcInput
HRA Exemptions u/s 10 (13A)Refer below to know how HRA exemption is calculatedInputAs per calculationYES
Standard DeductionsInputNO
Professional TaxProfessional TaxInputNO
Net Income under SalariesGross Income - ExemptionsOutput
Deductions u/s 80 CInvestments in PF, PPF, Ins, ELSS, NPS, Housing Loan Principal repayment etcInputYES
Deductions u/s 80 CCD - 1BInvestments in NPS (50 K Maximum)InputYES
Deductions u/s 80 CCD - 2Investments into NPS by EmployerInput10% of Basic + DAYES
Deductions u/s 80 DHealth Insurance Premium (Self, Spouse & Children) Age < 60 yearsInputYES
Health Insurance Premium (Self, Spouse & Children) Age 60 & aboveInputYES
Addional Benefit for Parents U/Sec. 80 DHealth Insurance Premium for Parents age < 60 YearsInputYES
Health Insurance Premium for Parents age 60 & above yearsInputYES
Deductions u/s 80 GEligible Donations upto specified percentageInputDEPENDS ON TO WHOM IT IS DONATED
Deductions u/s 80 EInterest Paid on Education LoanInputNO LIMITYES
Deductions u/s 80 TTAInterest Received on Savings Bank A/C < Age 60 YearsInput
Deductions u/s 80 TTBInterest Received on Deposits for Senior Citizens Age 60 & Above onlyInputYES
Tax Benefit u/s 24LOSS From House Property or Interest Paid On Home Loan Interes (Max 2 L)InputYES
Total Deductions/Benefits
Taxable IncomeTax payable on this incomeOutput

Tax SlabSlab IncomeTax RateTax Amount
Income Tax Payee TypeMale, Female, Sr. Citizen>60, Very Sr. Citizen>80Input
Tax on Total IncomeOutput
Surcharge10% on Tax if Income > Rs 50 lakhs %
Surcharge15% on Tax if Income > Rs 1 Crore%
Tax with SurchargeOutput
Tax CreditUpto Rs. 2500 if Taxable Income < Rs. 3.50 lakhsOutput
Tax with Surcharge less Rebate, if anyUpto Rs. 2500 if Taxable Income < Rs. 3.50 lakhsOutput
Education Cess%
Tax Liability with CessOutput

Income Tax Ratio

Monthly IncomeGross Income/12Output
Monthly Tax (Appx TDS)Tax Liability/12Output
Income Tax RatioGross Income/Tax LiabilityOutput

HRA Exemption Calculator

City living inInput
Basic Salary + DAInput
HRA ReceivedInput
Actual Rent PaidInput
Least of the following will be HRA Exemption
1HRA ReceievedOutput
2% of Salary+DA (50%-Metro & 40%-Non-metro)Output
3Rent paid in excess of 10 % of salaryOutput

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

Income Tax Slabs

Tax ExemptionsAge CreteriaIncome Exempted
Senior Citizens
Very Senior Citizens

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