INCOME TAX CALCULATOR FOR FY 2017-18 (AY 2018-19)

INCOME FOR THE YEAR
Deductions (LIC, PPF, etc...)
NET - TAXABLE INCOME
TAX ON TOTAL INCOME
TAX - REBATE U/S 87A
TOTAL - INCOME TAX
SURCHARGE ON TAX
S&H EDUCATION CESS
TAX PAYABLE

Income Tax slabs for FY 2017-18 (AY 2018-19) for Individuals

Income RangeTax Rate
Total income less or equal to 2,50,000 No tax
Total income less than 5,00,000 but more than 2,50,000 5%
Total income less than 10,00,000 but more than 5,00,000 20%
Total income more than 10,00,000 30%
Rebate under section 87A
Individuals with income upto 3,50,000 are eligible for rebate with maximum limit of Rs. 2,500.
Surcharge limit and rate for individuals
Surcharge is payable at 10% for individuals having taxable income more than 50,00,000 but less than 10,00,0000.
Surcharge is payable at 15% for individuals having taxable income more than 10,00,0000.
Education cess for individuals
Education cess at 3% is payable total tax amount (tax+surcharge).

How to calculate income tax on salary?

You have to calculate tax on salary, after deducting all allowed deductions such as HRA, conveyance/transportation allowance etc.

Once you have deducted available allowances, you will get your gross income.

With help of this gross income you can calculate your income tax on salary after deducting chapter VI deductions.

80C deduction less in form 16, can you claim excess 80C deduction in ITR  while filing your income tax returns?

Yes, you can claim the 80C deductions, if due to some mistakes or error, it was not considered by your employer.

After considering these deductions, of course you will have a refund amount, which will be credited to your bank account.


What is the due date for filing Income tax return for FY 2017-18 (AY 2018-19) and what is the penalty if return is not filed before due date?

Due date to file return for FY 2017-18 is July 2018.

If ITR is not filed on or before due date of filing your return then a penalty upto Rs. 10,000 can be imposed on you.

Penalty of Rs. 5,000 will be imposed if return is filed after due date but before 31, December 2018.

If return is filed after 31, December 2018 then penalty or fee will be Rs 10,000.

Author
Posted by Pulkit Sharma under Income-Tax

A Chartered Accountant by qualification. I am founder of KnowyourGST.com to provide free resources to enable smooth compliance by Tax Payers. You can use GST Invoicing application developed by m...Contact

1 Comment


Narendra Shah

sir,
our client are in construction activity, As per GST REGIME, what is the tax liability on construction of road, bridge with government & non government ( private ) .please advise the GST ITC CREDIT are receivable from our materials input.

my email id : narendrashah23559@gmail.com. contact no: 07021701869 / 9322283074


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