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Income Tax Calculator FY 2017-18 (AY 2018-19)

With Capital Gain Tax Calculation
For Resident Individuals & HUFs
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    A A.   Income from Salary / Pension
    1 Total Salary/Pension as per Form 161
    2Allowances Exempt under Section 102
    3Add : Allowances not exempt
    4Add : Value of Perquisites
    5Add : Profits in lieu of Salary
    Total Income from Salary chargeable to Income Tax
      Income (Profits) from Business / Profession
    B   Income / Loss from House Property
    1 Interest payable on borrowed capital (Max. 2 lacs, if Self Occupied)
    C   Income from Other Sources
    D   Aggregate Income (A+B+C)
    Agricultural Income (For Rate purpose)
    E  Income from Capital Gains - Know about capital Gain
    Calculate Capital Gain as per amendments w.e.f. April'17
    1Short Term Capital Gain chargeable - Taxable at Normal Rates
    2Short Term Capital Gain chargeable (u/s 111A) - Taxable @ 15%
    3 Long Term Capital Gain chargeable - Taxable @ 20%
    4 Long Term Capital Gain chargeable - Taxable @ 10%
    Total Income from Capital Gains
    F   Total Taxable Income
    G   Eligible Deductions
    1Deductions under Sec. 80C Know It
    2Deductions under Sec. 80CCC Know It
    3 Deductions under Sec. 80CCD1 Know It
    4Total of Deductions u/s 80C, 80CCC and 80CCD(1) (Max. Rs. 1.50 lakh)
    5 Deductions under Sec. 80CCD2 Know It
    6 Deductions under Sec. 80CCD Know It
    7 Deductions under Sec. 80CCG Know It
    8 Deductions under Sec. 80D Know It Health Insurance - Self & family
    9 Deductions under Sec. 80D Know It Health Insurance - Parents
    10 Deductions under Sec. 80DD Know It
    11 Deductions under Sec. 80DDB Know It
    12 Deductions under Sec. 80E Know It
    13Deductions under Sec. 80G Know It
    14Deductions under Sec. 80GG Know It
    15Deductions under Sec. 80RRB Know It
    16 Deductions under Sec. 80TTA Know It
    17 Deductions under Sec. 80U Know It
    18 Any other eligible deduction
    Total Deductions (Total of G)
    H  Tax Paid / Deducted Already
    1Tax Deducted at Source
    2 Tax Collected at Source
    3 Advance Tax paid
    4 Self Assessment Tax paid
    Total Tax already Paid
    INet Taxable Income
    aIncome Tax at Normal Rate
    bShort Term Capital Gains (Covered u/s 111A) 15%
    cLong Term Capital Gains (Charged to tax @ 20%)
    dLong Term Capital Gains (Charged to tax @ 10%)
    JIncome Tax
    aLess: Tax Credit u/s 87A4
    bIncome Tax Payable
    cSurcharge5
    dIncome Tax + Net Surcharge
    eEducation Cess6
    Gross Income Tax liability
    Less: Tax relief under sections 89, 90 and 91
    Net Income Tax liability
    Tax Payable / Refund


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    Useful Points

    1. Excl. all exempt / non-exempt allow., perquisites & profit in lieu of salary
    2. Not to be added to Total Income from Salary chargeable to Income Tax
    3. Check your case for Marginal Relief in Surcharge, if applicable
    4. Available under Section 87A only to Individual Resident assessees having total taxable income upto Rs. 3,50,000
    5. Surcharge :

      10% of the Income Tax, where taxable income is more than Rs. 50 lacs and upto Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 50 lacs by more than the amount of increase in taxable income.

      15% of the Income Tax, where taxable income is more than Rs. 1 crore. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of Rs. 1 crore by more than the amount of increase in taxable income.

    6. Education Cess @ 3% of (Income Tax + Net Surcharge)
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