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

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

You can also Download the latest Tax Calculator for FY 2014-15 below

Income Tax Calculator for FY 2014-15 [AY 2015-16]

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

About Amit

Hi Readers! I am Amit, the mind behind Apnaplan.com I am MBA from NITIE, Mumbai and BIT from Delhi University. This blog is my online diary where I write about my tryst with my investment decisions. In the 400+ posts on this blog you will find articles on Personal Financial Planning, Investments, Retirement Planning, Insurance, Loans, Fixed Deposits, Provident Funds, Stock Markets, Gold, Silver, Real Estate Investment, Credit Cards, Credit Score, Taxation, Inheritance Planning and Reviews on various Financial Products.

10 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. Gardening Tips says:

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

  6. […] Income Tax Calculator for FY 2012-13 You can also download the Income Tax Calculator for FY 2013-14 Presentation on Quick Guide to Save Tax for FY 2013-14 (AY 2014-15)312866 […]

Leave a Reply