Income Tax and Taxable Income Calculator for AY 2012-13 (FY 2011-12)

For Individual Male, Female, Senior Citizen and Very Senior Citzen Tax payers

Select Gender
Select Your Age group

A

Calculation of Income from Salary

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

1Annual Lettable Value or Rent Received or Receivable
2 (i)Taxable Amount of Rent
2 (ii)Taxes paid to Local Authorities ('0', If self occupied)
3Taxable amount of Rent Received / Realized{70% of (1 - 2 - 3)]
4Interest 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)

1Income chargeable at Normal Rates
2Income Chargeable at Special Rates
Total Income from Capital Gains (1 + 2)

D

Calculation of Income from Other Sources viz. Interest, Dividend etc.

1Income chargeable at Normal Rates
2Income Chargeable at Special Rates
Total Income from Other Sources
Details of Income Tax at Special Rate included in C and D above:
 AmountRateIncome Tax
1.
2.
3.
Total

E

Agricultural Income for Rate Purpose only

F

Aggregate Income

G

Calculation of Deductions from Taxable Income

1Deductions under Sec. 80C, 80CCC & 80CCD. (Other than Infrastructure Bonds)
2Deductions under Sec. 80CCF for Investment in Infrastructure Bonds (Max. Rs. 20,000)
3Deductions under Sec. 80D for Health Insurance. (Max. Rs. 20,000/- for Senior Citizens & Rs. 15,000/- for others).
4Deductions under Sec. 80D for Health Insurance of parents. (Max. Rs. 20,000/- if parents are Senior Citizen, otherwise Rs. 15,000/-).
5Deductions under Sec. 80DD. Max. Rs. 1 lac.
6Deductions under Sec. 80DDB. Max. Rs. 40,000/-.
7Deductions under Sec. 80E.
8Deductions under Sec. 80G.
9Deductions under Sec. 80GG.
110Deductions under Sec. 80U.
11Deductions under Sec. 80RRB.
12Any other eligible deduction
13Total 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

DescriptionIncomeIncome 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