Saturday, 4 February 2017

Auto Income Tax Calculator Version 12 for FY 2017-18

 After budget 2017, there are many doubts in respect of Key changes in individual taxation which affects the individual tax liability. In news & social media they are writing that there is no tax on annual income of ₹3Lakh. People are taking that tax slab has change from ₹3L to 5l etc.
Actually there are only three new major changes for an individual in this Budget and new slabs are as follows.

1. Tax slab remain same but rate for tax slab of 2,50,000 to 5,00,000 has reduced from 10% to 5% and rest rates are same.
    Now new slabs are     
       For Individual Male/Female with age <60 Yrs         
                                           Up to ₹2,50,000 -   Nil
                               ₹ 2,50,000 to 5,00,000 -    5%
                              ₹ 5,00,000 to 10,00,000 -  20%
                                   ₹10,00,000 & above -   30%
    For senior. Citizen of above 60 Yrs & less than 80 Yrs
                                         ₹ Up to 3,00,000 -    Nil
                                  ₹3,00,000 to 5,00,00 -    5%
                                ₹5,00,000 to 10,00,000 - 20%
                                    ₹10,00,000 & above -   30%
2.  Rebate under section-87A - has been reduced from ₹ 5,000 to 2,500 and eligibility for rebate of Sec 87A has reduced for individual of total income of ₹3,50,000,( instead of ₹ 5,00,000)

3.  Surcharge @ 10% will be charge from income above ₹50 Lakh, up to ₹1 cr  & @ 15% for income above ₹1 Cr. 

You all have to how much tax is payable in financial year 2017-18. This tool of Auto Tax Calculator from Taxationseva will help you to calculate the income tax in very simple way with less time and fewer efforts. After calculate your tax liability you will be able to plan your tax saving accordingly.
As a ready reconer related informations are also hyper linked in simple calculator. So calculate your tax, TDS , Exemptions, Deductions etc and know the related rules.

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