Income Tax Calculator

Vikas Gupta (CHARTERED ACCOUNTANT) (16295 Points)

24 December 2010  

Income Tax & Taxable Income Calculator AY 2010-11 (FY 2009-10)

For Individual Male, Female & Senior Citizens and HUFs

Income Tax calculator to calculate your Taxable Income and your Income Tax Liability for Financial Year 2009-10. Use this Calculator to :

  • Calculate your Taxable Income by taking into account income from all sources viz. Salary and Allowances, House Property, Capital Gains, Income from other sources, Agriculture Income etc. You can also include income chargeable at Special Rate for computin the Taxable Income.
  • Calculate deductions available from the Taxable Income under various Sections of Income Tax Act
  • Calculate Income Tax and Education Cess Payable with slab-wise details of Income and Income Tax payable.
  • Calculate Income net of Income Tax Liability
  • Advance Tax Payable by 15th September, 15th December and 15th March.

Please send your suggetions / feedback to multiutils @ gmail.com to enable us to make the calculator more useful.

 

Select Your Category / Status

Enter data in only shaded boxes.
Click on any "Calculate" button to carry out all calculations.

A

Calculation of Income from Salary
1 Total Salary and / or Pension as per Form 16
( Excluding all exempt/ non-exemptallowances, perquisites & profit in lieu of salary )
2 Allowances Exempt under Section 10
( Will not be added to the Total Income from Salary chargeable to Income Tax )
3 Add : Allowances not exempt
4 Add : Value of Perquisites and / or Fringe Benefits
5 Add : Profits in lieu of Salary
Total Income from Salary chargeable to Income Tax (1-2+3+4+5)

B

Calculation of Income from House Property
1 Annual Lettable Value or Rent Received or Receivable
2 (i) Taxable Amount of Rent
2 (ii) Taxes paid to Local Authorities ('0', If self occupied)
3 Taxable amount of Rent Received / Realized{70% of (1 - 2 - 3)]
4 Interest payable on borrowed capital
Income from House Property chargeable to Income Tax (3 - 4)

C

Calculation of Income from Capital Gains (Short Term + Long Term)
1 Income chargeable at Normal Rates
2 Income Chargeable at Special Rates
Total Income from Capital Gains (1 + 2)

D

Calculation of Income from Other Sources viz. Interest, Dividend etc.
1 Income chargeable at Normal Rates
2 Income Chargeable at Special Rates
Total Income from Other Sources
Details of Income Tax at Special Rate included in C and D above:
  Amount Rate Income Tax
1.
2.
3.
Total

E

Agricultural Income for Rate Purpose only

F

Aggregate Income

G

Calculation of Deductions from Taxable Income
1 Deductions under Sec. 80C, 80CCC & 80CCD.
(Max.1 lakh) For details Click Here
2 Deductions under Sec. 80D for Health Insurance. (Max.20,000/- for Senior Citizens &15,000/- for others). For details Click Here
3 Deductions under Sec. 80D for Health Insurance of parents. (Max.20,000/- if parents are Senior Citizen, otherwise15,000/-).
4 Deductions under Sec. 80DD. Max.1 lac.For details Click Here
5 Deductions under Sec. 80DDB. Max.40,000/-.For details Click Here
6 Deductions under Sec. 80E. For details Click Here
7 Deductions under Sec. 80G. For details Click Here
8 Deductions under Sec. 80GG. For details Click Here
9 Deductions under Sec. 80U. For details Click Here
10 Deductions under Sec. 80RRB. For details Click Here
11 Any other eligible deduction
12 Total Deductions from Taxable Income
Total Taxable Income

H

TDS / Advance Tax Deposited, if any

I

Calculation of Taxable Income, Income Tax, Educational Cess, Total Tax Liability and Net Income
Descriptttion Income Income Tax
Exempt Income
Income chargeable at 10%
Income chargeable at 20%
Income chargeable at 30%
Income chargeable at Special Rates
Total
Less : Income Tax on Agricultural Income included above
Income Tax Payable
Education Cess @ 3% of Income Tax Payable
Total Tax liability
Less: TDS / Advance Tax deposited
Net Income Tax due
Income Net of Income Tax Liability
To Calculate Advance Tax, please Click Here
To calculate interest under Section 234 A, B and C, please Click Here