INCOME TAX CALCULATOR – FY 2017-18 | AY 2018-19

(Last Updated On: July 10, 2017)

Income Tax Calculator by Insurance Funda is a simple and useful online tool to calculate your income tax liability in few simple steps. Take a print of your Income Tax Calculation sheet or get it mailed to your e-mail id in few simple steps. Tax payable with rebates and deductions under various sections can be accurately calculated by people even with little knowledge on income tax rules and acts.

Read more: Income Tax return e-filing – Complete step by step guide to make return filing easy.

How to use Income Tax Calculator from Insurance Funa

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Income Tax Calculator FY 2017-18| AY 2018-19 – How to use it?
1. Income tax calculator 2017-18 – Information needed
  • Age of the Income Tax Assessee ( Category- General, Senior citizen and Super senior citizen)
  • Gross annual income for the financial year.
  • Deductions under section 80C
  • Deductions in connection with medical insurance and disability(80D,80DD etc)
  • Housing loan interest and principle payment (Separate)
  • Details of house rent.
  • Other allowable deductions if any
2. Sharing of the Income tax calculator – calculation sheet
  • Print the calculation sheet using the button provided in the bottom.

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Income Tax Slabs And Rates (Financial Year – 2017-18) (Assessment Year 2018-19)

 

Income Tax Slabs And Rates (FY – 2017-18) (AY 2018-19)
IncomeUp to 59 years of age60 to 79 years of ageAge 80 and above
0 – 2.5 lakhsNilNilNil
2.5 – 3 lakhs5% of income above 2.5 lakhsNilNil
3 – 5 lakhs2500 + 5% of income above 3 lakhs5% of Income above 3 lakhsNil
5 – 10 lakhs12500 + 20% of income above 5 lakhs10000 + 20% of income above 5 lakhs20% of income above 5 lakhs
Above 10 lakh112500 + 30% of income above 10 lakhs110000 + 30% of income above 10 lakhs100000 + 30% of income above 10 lakhs
If income is above 50 lakhs 10 % of tax as surcharge
If income is above 1 crore 15 % of tax as surcharge
Educational Cess at the rate of 3% has to be paid on tax + surcharge

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