Income Tax Calculator for FY 2016-17 [AY 2017-18] – Excel Download

Income Tax Calculator for FY 2016-17 (AY 2017-18) - Excel Based

Income Tax Calculator for FY 2016-17 (AY 2017-18) – Excel Based

Income tax for individual is what most tax payers want to know in Budget. In Budget 2016, the finance minister has made little changes to this. We highlight the changes and give you the new tax calculator for FY 2016-17 [AY 2017-18].

Changes in Income Tax Rules:

1. There has been no change in the income tax slabs.

2. For people with net taxable income below Rs 5 lakh, the tax rebate has been increased from Rs 2,000 to Rs 5,000 u/s 87A. This would benefit people who have net taxable income between Rs 2.7 Lakhs to Rs 5 Lakhs.

3. Additional exemption for first time home buyer up to Rs. 50,000 on interest paid on housing loans. This would be applicable where the property cost is below Rs 50 Lakhs and the home loan is below Rs 35 lakhs. The loan should be sanctioned on or after April 1, 2016.

How much tax you Save from Budget 2017 Download FY 2017-18 Income Tax Calculator 

4. Tax Exemption u/s 80GG (for rent expenses who do NOT have HRA component in salary) has been increased from Rs 24,000 to Rs 60,000 per annum. This is a good move to align the exemption amount with today’s rent and keep the section relevant.

5. For people with net taxable income above Rs 1 crore, the surcharge has been increased from 12% to 15%

Download: Free ebook for Income Tax Planning for FY 2016-17

6. Dividend Income in excess of Rs. 10 lakh per annum to be taxed at 10%

7. 40% of lump sum withdrawal on NPS at maturity would be exempted from Tax. This rule now also applies to EPF. So now in case of EPF income tax would be applicable on 60% of the corpus on maturity.

8. Presumptive taxation scheme introduced for professionals with receipts up to Rs. 50 lakhs. The presumptive income would be 50% of the revenues.

9. Exemption to employer’s contribution to recognized provident funds limited to 1.5 lakh. Earlier, the cap was up to 12% of salary

Also Read: Calculate Tax on Arrears in 7 Easy Steps

Income Tax Slab for FY 2016-17 [AY 2017-18]

There is no change in income tax slabs except additional 3% increase in cess for super rich (i.e. individuals with income > 1 crore). 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 Slabs for FY 2016–17 [AY 2017-18]

Income Tax Slabs for FY 2016–17 [AY 2017-18]

Download Income Tax Calculator

You can download the Income Tax Calculator for FY 2016-17 [AY 2017-18] from the link below. You might need to unlock this by any of the options below:

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 2015-16,  FY 2014-15,  FY 2013-14 FY 2012-13 and FY 2011-12 by clicking on respective links.

108 thoughts on “Income Tax Calculator for FY 2016-17 [AY 2017-18] – Excel Download

  1. Calculator is very fine. Ihave been using it for more than 5 years.

  2. M Abhimanya Reddy says:

    Is there any limit interest on education loan,for tax purpose.

  3. I wanted to know that can we claim refund for TDS on RD/FD.what is the Procedure for refund of TDS.

    • You need to file your income tax return. The return would have columns to fill TDS deducted for last financial year. If you have no tax due, the TDS would be refunded back in your bank account mentioned in tax return. The process of filing return is pretty simple and online especially if you have only salary/pension income along with FD/RD interest.

  4. Downloaded the tax calculator.. very informative and useful.
    One Query – there is no placeholder for “Interest paid on Home Loan” please clarify

  5. Very informative and easy to calculate
    Thank You Brother.

  6. Thats really helpful! Thanks for sharing.

  7. Thats really helpful! Thanks for sharing.

  8. P R RAJENDRAN says:

    informative

  9. THIS CALCULATOR IS PASSWORD PROTECTED HOW CAN I OPEN IT

  10. i have missed paying advance tax in june 2016 (individual)…can i adjust by paying 15% (for june 16) and 45% (for Sept 15) advance tax…ie 60% total

  11. santosh dinkar patil says:

    please send the salary slab a.y 2017-18

  12. Dear Amit,

    I am facing an issue while using the “Income-Tax-Calculator-FY-2016-17.xlsx”.
    When I fill the “Rent Paid” as 0, the adjacent grey cell shows value in negative, which upsets the calculations.

    The same issue is occurring when i fill the Rent Paid cell with a value lesser than 10% of the Basic Salary.

    Can you please explain how this calculation works?

  13. WHY THE 80D MEDICAL INSURANCE PREMIUM FOR SELF SHOWS EXEMPTION OF 30,000/-?

  14. Very good excel – Thanks

  15. Very informative info

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