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.

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

  1. Snusha Wankhede says:

    Hello sir,
    I have received insurance maturity amount Rs. 801904 from ICICI Prudential Life Insurance Co and TDS Deducted Rs.8020/- i have no any other income, please help me for calculation tax liability.

    Thanks

  2. sandeep kumar arya says:

    My employer Kamrup Housing projects Pvt. Ltd. , Greater Noida has given me only 7 month salary in Financial year 2106-2017, balance 5 due with him . Even employer not submit TDS of any quarter in this 2016-2017. How can I file my Return ? please suggest….

  3. Ranjeet Chaudhary says:

    Hi Sir
    I have withdrawn my PF amounting Rs 3.65 lacs in this FY. due to delayed in PF transfer AND I RECEIVED PF AMOUNT WITH TDS Dedection but i want know during ITR its need to add in my current annual income or not as when we included its demanding more TAX AS due this slab got change

    i joined A company in Aug 11 and left 4 APR 14 and then PF transferred to B Company joined 7 APR 2014 and left 1 Apr 2016 but PF amount credit in Dec 2016 As per calculation 5 year completed but may be short Wherein13 after working arroung arround 6 years (joining date was 27 Feb 2007). My income from other sources is arround 3 lacs in this fY. What tax i have to pay,

    Regards

    • You’ll need to show your EPF withdrawal as income in financial year it was credited to your account. If your work experience is more than 5 years then no tax would be payable and you can claim TDS refund while filing your tax return. As per your query – you worked between Apr’11 to Apr’16 with two employers,
      which is 5 years & it qualifies for tax exemption — provided there was no monthly break in between!

  4. I have taken some amount as final settlement from previous employer. And I got Form 16 from current employer. But in that the details from previous employer is not added. What shall do to file ITR. Do i need to add the amount received from previous employer to the gross of current employer and file?

  5. Hi Amit,

    I have two home loans and both are co-borrowed and both properties are co-owned. One house (10 L loan amount) is rented out and other (25 L loan amount) is under construction. My wife is working. I have below questions:

    1. Can we claim tax benefit for both loans. If yes, will interest of both loans be added and then divided as per share in property between me and my spouse. If share is 50 – 50 does that mean the tax benefit will be for 50% of interest component for both. In my case interest on 10L loan is around 90K and for 25L it is around 2.12L. So total int is 3L. Does this mean we both can avail 1.5L tax benefit in lieu of interest paid?
    2. EMI for both loans is paid from my account. Can we both claim for tax benefit

    Thanks,
    Ashish

  6. VISHAL DOGRA says:

    Hello Amit sir
    Please share the TDS salary calculator in excel sheet with formulas for the year of “2016 -2017” and “2017-2018” on my mail ID.
    i shall be very thankful to you for this
    Regards
    Vishal Dogra

  7. Hello Amit,

    I haven’t invested anywhere and my income this FY is 8-9 LPA, can you guide me on the best options to invest to save taxes and save money.

  8. upendra nath srivastava says:

    my question is whether payment of housing loan interest in coming under 80c or it is additional benefit apart from 80 c deduction

  9. Maninder Pal singh says:

    Hi Amit
    I have received my PF from my employer amounting Rs 7 lacs in this FY. Wherein i Have left the job in Jan 2013 after working arroung arround 6 years (joining date was 27 Feb 2007). My income from other sources is arround 3 lacs in this fY. What tax i have to pay,

    Regards

  10. Q1..Regarding Dividend tax. If a person gets 11 lacs as dividend and since dividend above 10 lacs is taxable at the rate of 10 % ….what is the amount of tax payable :

    Is it a) (10% of 11 lacs ) OR b) 10% of 1 lac ie excess amount over 10 ?

    This part has not been added to the excel calculator.

    Q2… If the same person above in Q1 also earns say 90 lacs taxable income after all deductions excluding dividend
    Then his total income would be

    c) 90 lacs plus 11 lacs as dividend …
    so he would have to additionally pay 15% surcharge on the tax amount as his income exceeds 1 crore
    or
    d) Exclude dividend so his income being 90 lacs hence no surcharge.
    or
    e) Assume dividend is ( 11-10)=1 since 10 lacs is deductible and hence
    Total income is 90 + 1 = 91

    Q1 …Which one is correct ? a or b ?
    Q2.. Which is correct ? c , d or e ?

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