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Income tax for individual is what most tax payers want to know in Budget. In Budget 2017, the finance minister has made little changes to this. We highlight the changes and give you the new tax calculator for FY 2017-18 [AY 2018-19].
Changes in Income Tax Rules:
It is also an excel based income tax calculator. It also takes care of all the aspects of income tax calculation. This income tax calculator give you net income on the basis of available exemption. To use this calculator you need the salary slip to give all the details of income.
The calculator has used the bright colors which may not be very soothing to your eyes. It is a detailed excel based calculator but not very user-friendly. You may miss some columns or cell of this calculator. A very small portion of the calculator is visible on the screen.
The good thing about this calculator is the form 16. An HR employee can produce form 16 using this calculator.
1. Tax reduced from 10% to 5% for Income from Rs 2,50,000 – Rs 5,00,000 leading to tax saving of up to Rs 12,500.
2. 10% surcharge on income tax if the total income exceeds Rs 50 Lakhs but less than Rs 1 crore
3. For people with net taxable income below Rs 3.5 lakh, the tax rebate has been reduced to Rs 2,500 u/s 87A
4. NO RGESS Tax exemption from FY 2017-18
5. Interest deduction on rented property capped at Rs 2 Lakh
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