Update: Income Tax Calculator for FY 2016-17 [AY 2017-18] – Excel Download
The Union Finance Minister Shri Arun Jaitley in his Budget Speech ON 29/02/2016 in Lok Sabha proposed no change in the rate of personal Income-tax. He announced the tax proposals with no change in the rate of tax for companies in respect of the income earned in the financial year 2016-17 assessable in the assessment year 2017-18.
However rebate under section 87A has been increased to 5000 from 2000/- earlier.But 87A relief is available only to persons having taxable income up to 500000/- (income after all deductions).
So if your Taxable income is more than 5 lakh then no benefit is available to you.
Further if your income is more than one crore then surcharge has been increased to 12 to 15%.
We have prepared a simple Income Tax calculator for your convenience.Just fill your taxable income in cell and benefit of Income tax will be shown to you.
This Income Tax File Created By Mr. Suleman bhai.
This Income Tax File Created By Mr. Suleman bhai.
