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. Hii.. I started earning in nov.. My salary is 1.1 lac per month.. I have a savings of rs.20,000 in lic and health insurance of around 13k and a tds cutting of 10000 per month.. What is the tax i need to pay and will I get any refund? Kindly reply

  2. can you advice me i have received maturity amount of rs 217000 polciy was teken in 2001 jewwan dhara table no.145 pension plan.is this amount taxable?

    • In case of pension plans 1/3 amount is paid in lumpsum on maturity which is tax free. For rest you would receive annuity which would be taxable! I think the amount you received is the lumpsum part and hence tax free!

  3. I am a pensioner of U P govt. and the statement from the treasury shows gross pension and commuted amount separately though I have received net amount of pension which is gross amount minus commuted amount. Whether Income tax calculation is to be on gross or on net pension.

  4. Hi , i am working as a consultant for a company. Pl share what would be the deductions if my gross salary is 150000 per month.

    Also , what if my company plans to offer me employment keeping the gross salary same. Which is more beneficial and how? pl explain.

    Regards,
    Rajeev

  5. Rs.5000/ rebate when it is to be taken before or after deduction of Rs.250000/-

  6. Can we claim deduction income tax for investment under mahila pradhan kshetriya bachat yojana? If yes under which section?

  7. Hi Amit
    when you will upload for 2017-18 tax calculator

  8. mymoneystreet says:

    I am working as a consultant, in individual capacity. I don’t have any firm. What would be my tax implication. Can I get deductions under 80c

  9. Swathi Acharya says:

    Hello Amit,
    In the income tax declaration provided by my company there was no mention regarding contributions to charity. How do we claim for the same?

  10. How and under what section should one claim the Interest paid on a home loan prior to gaining possession of the house? I know the interest paid has to be divided into 5 equal parts…Is there any limit to this per year?

    • The pre-possession interest paid is to be claimed under the same section as home loan interest (Sec 24). There is no limit if the house is rented but for self-occupied the cap is at 2 lakhs (which include current FY interest + 1/5 of pre-possession interest paid)

  11. Mhonthung Ngullie says:

    Isn’t the u/s 80 CCD Central Govt. Contribution to NPS is out side the bracket of u/s 80 C.

  12. Hasn’t the limit under section 80DD been raised to 75000 (disability) and 125000 (severe disability)?

  13. Tax Exemption u/s 80GG (for rent expenses who do have HRA component in salary) –
    is it for rent expenses who do have HRA component or do not have HRA component?

  14. very good information for tax calculation,
    I have taken a home loan to purchase house in 2014 and home improvement loan in 2015. Home improvement loan is eligible for 30000/ deduction under section 24

    • For home improvement loan you can claim tax deduction up to Rs 30,000 per annum on the interest paid. This limit is for self-occupied home. For rented home there is no such limit.

  15. atmala s s prasada raju says:

    amit sir,
    very good and authoritative explanation on this topic.I have one doubt regarding taxation, Iam a state govt. employee working in andhra pradesh comes under CPS(contributory(new) pension scheme) 10% basic+DA has been deducted from our salaries under this scheme and the same amount has been contributed by employer.
    my queries are::
    1.Whether employer i.e. govt. share also to be shown under our earnings??
    2.The employee share comes under which category 80C ( restricted to 1,50,000) or it is additional to 1,50,000/-
    3.How 80c differs from 80 ccd(1)?
    please help me in this regard…

    • Thanks for your appreciation. Here are your answers:
      1. No its not required to show employer contribution in your earnings
      2. CPS can be shown in addition to 80C limit of 1.5 lakh. Infact its recommended to show it u/s 80CCD(1B) and claim tax deduction up to Rs 50K
      3. The total limit of tax exemption is capped for both sections – 80CCD(1) & 80C together to Rs 1.5 lakh. 80CCD(1) deals with NPS while 80C deals with lot of tax saving investments.

  16. how to use the calculator if pasaword protected ?

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