Income tax calculator 2016-17 by Insurance Funda provides you a simple and easy method to calculate your income tax liability in few steps.
This on-line Income tax calculator can calculate tax for Financial year 2014-15 (Assessment year 2015-16), Financial year 2015-16 (Assessment Year 2016-17), and Financial year 2016-17 (Assessment Year 2017-18).
Income Tax Calculator will help you to
- Calculate income tax for Individuals (Male and Female), Senior Citizens and very Senior Citizens.
- Calculate income tax for different Financial years and Assessment years.
- Deductions for your insurance premium under 80C and 80CCC
- Deductions for contributions to National Pension Scheme (80CCD(1B)) and to Pension Account(80CCD).
- Deductions for amount paid for Medical Insurance (Sec 80D)
- Relief on expenses for handicapped dependants under Section 80DD
- Income tax rebate available for housing loan principal(80C) and interest paid(Sec 24)
- Calculate surcharge and Educational Cess on tax.
- and more.
Income Tax Calculator – Steps involved
- Select the Financial year for which Income Tax is to be calculated.
- Select the Type of Individual from “General, Senior Citizen, and Very Senior Citizen”
- Enter Your Gross Annual income for which tax has to be computed
- Enter deductions under settings 80C, 80CCC, 80D etc.
- Your tax will be calculated which can be printed if you wish.
Read more: All about Income Tax rules applicable to Insurance Policies