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.
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)|
|Income||Up to 59 years of age||60 to 79 years of age||Age 80 and above|
|0 – 2.5 lakhs||Nil||Nil||Nil|
|2.5 – 3 lakhs||5% of income above 2.5 lakhs||Nil||Nil|
|3 – 5 lakhs||2500 + 5% of income above 3 lakhs||5% of Income above 3 lakhs||Nil|
|5 – 10 lakhs||12500 + 20% of income above 5 lakhs||10000 + 20% of income above 5 lakhs||20% of income above 5 lakhs|
|Above 10 lakh||112500 + 30% of income above 10 lakhs||110000 + 30% of income above 10 lakhs||100000 + 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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Anish L J is a ‘Financial Planner’ and member of Chartered Insurance Institute(CII), London and Insurance Institute of India. He is also a finance, insurance and software consultant. He thoroughly follows the developments in finance, insurance, and other related sectors.