Income Tax Calculator for FY 2013-14 [Excel Download]

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Income tax rates are one thing which every common man is worried about. The finance minister, P Chidambaram in his Budget 2013-14 kept the income tax rates unchanged. The table below shows the summary of tax slabs for FY 2013-14.

There are two minor changes:

  1. Super rich have to pay more taxes. A surcharge of 10% on Rs 1 crore plus income earners have been imposed. This is for one year only and would impact about 42,800 people only
  2. The middle class with income of up to Rs 5 lakhs would receive tax credit of Rs 2,000 for FY 2013-14. This essentially means people with income up to Rs 5 lakhs have reduced tax burden of Rs. 2,060 for FY 2013-14.
Income Tax Slab for FY 2013-14

Income Tax Slab for FY 2013-14

As we have done previously for previous financial years, here is the first version of the income tax calculator for FY 2013-14. This calculator is in Excel format and can be downloaded.

Limitations of the Calculator:

  1. This calculates Income tax only for people who have no losses/gains from House property or have a maximum of 1 House.

I would try to incorporate these in the next versions of the calculator.

Download Income Tax Calculator for FY 2013-14

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You can also download Income Tax Calculator for FY 2012-13 and FY 2011-12 by clicking on respective links.

Your suggestions are welcome!

This is how the calculator looks like.

Tax Calculator FY 2013-14

Tax Calculator FY 2013-14

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9 thoughts on “Income Tax Calculator for FY 2013-14 [Excel Download]

  1. Chirag Gandhi says:

    Amit,
    Very Good Info & Quick too … but you forget to consider Exemption 80TTA for Interest income up to Rs.10,000/– from SB Account … :)
    ————
    Finance minister Pranab Mukherjee has introduced Section 80TTA in the income tax act that will provide for deduction in interest on savings accounts with banks, co-operative societies and post offices. Under this section, the exemption up to Rs 10,000 is available on interest income from all savings bank accounts that a taxpayer might have in banks, cooperative societies or post offices.
    ————

    Your Own Article on same is:
    http://apnaplan.com/savings-bank-account-becomes-tax-efficient-budget-2012/

    Regards,
    Chirag

  2. [...] The income tax slabs have largely remained unchanged for individuals. There are two major changes. People with income less than Rs. 5 Lakhs have to pay Rs. 2,000 less in taxes. For people with income of more than Rs 1 crore, a surcharge of 10% has been levied. You can check the details of Income tax slabs and download the income tax calculator for FY 2013-14 by clicking here. [...]

  3. [...] has been made possible by inserting a new section 87A in the Income Tax Act of 1961. I posted the Income Tax calculator for FY 2013-14 and received a lot of queries regarding the Rs. 2,000 tax [...]

  4. natasha Gupta says:

    Hi, I am a female and my total income is Rs. 7,14,165. I plan to invest Rs.100000 under 80c. Can you help me with how much should be my taxes payable on my income, taking into account my category as a resident female and investments under 80c.

  5. Cheers! It’s appropriate a chance to generate money for misfortune and it’s the right time to be happy.

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