GConnect Income Tax Calculator for 2011-12 (A.Year 2012-13)
We are already halfway through this financial year as first 6 months of 2011-12 have already passed. It's time to manage our tax payment for the year 2011-12 (Assessment Year 2012-13).
Many of you would have started work of estimating the monthly TDS to pay income tax in installments. Will it not be fine if you come to know the your exact tax liability taking into account your monthly income, savings/deductions etc?
Yes. GConnect income tax calculator tool will always come handy for this work.
Click here to go to GConnect Income tax online tool 2011-12 – Assessment year 2012-13
What you can do with this tool?
By just providing your monthly pay/pension as on March-2011 you can come to know Gross Total Income.
You can try to reduce your Income Tax liability by keeping your savings and deductions at optimum level. This income Tax tool will help you in finding out the the said optimum level of savings and deductions. The following illustrations will show how you can find out the optimum saving and deductions.
Illustration 1:
Except contribution of Government in NPS, all savings such as GPF, PPF, NSC etc under Section 80C, CCC, CCD etc., would attract the restriction of Rs. 1 lakh under Section 80CCE. So you can use this tool to estimate the sum of all these savings so that you can restrict the investment in the same to Rs. 1 lakh, unless you have any other reason to invest in these schemes.
Illustration 2:
You can plan the amount for yearly premium of Health Insurance. The employees in service can get deductions at source at the maximum of Rs.35,000/- (Rs.15,000 for self and Rs.20,000 for parents)
Likewise, following income tax provisions allow deductions. This online tool can be used by entering varied amounts of deductions in the relevant fields to estimate the optimum amount of deductions you can make in order to pay lowest possible income tax.
Savings/Deductions under Chapter VI-A:
- Section 80C (Amount paid towards life insurance premium, contributions in GPF, CPF, PPF, NPS, NSS etc, tuition fees, payment, Housing Loan principal repayment)
- Section 80CCC (Deduction in respect of contributions to certain pension funds)
- Section 80CCD (Deduction in respect of contributions to pension scheme of Central Government)
Note: Section 80CCE restricts aggregate amount of deduction under section 80C, 80CCC and 80CCD to one lakh rupees). The subscribers in New Pension Scheme (NPS) are allowed to deduct the entire government contribution in NPS without any ceiling. In the last year (financial year 2010-11) Government contribution in NPS was also subjected to Rs. one lakh restriction under Section 80 CCE. This is really a welcome change.
- Section 80D (Deduction in respect of Medical Insurance Premium) (Max. Rs. 20,000/- for Senior Citizens & Rs. 15,000/- for others).
- Deductions under Sec. 80D for Health Insurance of parents. (Max. Rs. 20,000/- if parents are Senior Citizen, otherwise Rs. 15,000/-).
- Section 80DD (Deduction in respect of maintenance including medical treatment of dependent who is a person
- with disability- Maximum amount- Rs. 1 lakh)
- Section 80DDB (Deduction in respect of medical treatment. Maximum amount – Rs.40,000)
- Section 80E (Deduction in respect of interest on loan taken for higher education)
- Section 80G (Deduction in respect of donations to certain funds, charitable institutions, etc.)
- Section 80GG (Deduction in respect of rents paid subject to ceiling if HRA not received)
- Section 80GGA (Deduction in respect of certain donations for scientific research or rural development)
- Section 80GGC (Deduction in respect of contributions given by any person to political parties)
- Section 80U (Deduction in case of a person with disability-An amount of Rs.50,000 and Rs. 1 lakh in the case of self is physically disabled and severely physically disabled respectively)
The following is the New Income Tax structure for the year 2011-12.
In case of individual (other than II and III below) and HUF
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.1,80,000/-. | NIL |
| ii. | Where the total income exceeds Rs.1,80,000/- but does not exceed Rs.5,00,000/-. | 10% of amount by which the total income exceeds Rs. 1,80,000/- |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. | Rs. 32,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.8,00,000/-. | Rs. 92,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-. |
II. In case of individual being a woman resident in India and below the age of 60 years at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.1,90,000/-. | NIL |
| ii. | Where total income exceeds Rs.1,90,000/- but does not exceed Rs.5,00,000/-. | 10% of the amount by which the total income exceeds Rs.1,90,000/-. |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/-. | Rs. 31,000- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.8,00,000/- | Rs.91,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-. |
III. In case of an individual resident who is of the age of 60 years or more at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- | 10% of the amount by which the total income exceeds Rs.2,50,000/-. |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/- | Rs.25,000/- + 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.8,00,000/- | Rs.85,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-. |
IV. In case of an individual resident who is of the age of 80 years or more at any time during the previous year:-
| Income Level | Income Tax Rate | |
|---|---|---|
| i. | Where the total income does not exceed Rs.2,50,000/-. | NIL |
| ii. | Where the total income exceeds Rs.2,50,000/- but does not exceed Rs.5,00,000/- | Nil |
| iii. | Where the total income exceeds Rs.5,00,000/- but does not exceed Rs.8,00,000/- | 20% of the amount by which the total income exceeds Rs.5,00,000/-. |
| iv. | Where the total income exceeds Rs.8,00,000/- | Rs.60,000/- + 30% of the amount by which the total income exceeds Rs.8,00,000/-. |
Education Cess: 3% of the Income-tax.
- SALARY INCOME INCLUDES :- PAY, DP, Band pay, Grade pay, DA, OTA, BONUS, CCA, Honorarium, Children Education Allowance Received, Pension, Subsistence Allowance, Government's Contribution in New Pension Scheme, Transport Allowance above Rs.800/- per month.
- House Rent Allowance to the extent not exempted under Section 10 (13A) of Income Tax Act.
- Agricultural Income. Click here for more details
Exemption under Section 10 (13A) in respect of HRA – Calculation Method:
Least of the following amount is to be treated as exempt from Income Tax.
- Actual House Rent Allowance Received, or
- Rent paid in excess of 10% of Pay in Pay band and Grade Pay or
- 50% of Pay in Pay band and Grade Pay if the employee is in Chennai/Mumbai/Kolkatta/Delhi and 40% of Pay in Pay Band and Grade Pay for the employees is in other places.
- If the employees resides in his/her own house or in a house for which he/she does not pay any rent, no HRA exemption is available.
For detailed Calculation of Exemption on HRA use this HRA Calculator provided by GConnect
Income or Loss on House Property:
Interest paid on Loan obtained for constructing house property can not be deducted as such. It should be treated as loss on house property and income if any such as rent recived from the house property should be treated as an income from House property.
I FIND THAT THE CALCULATION OF DA ARREARS FOR 3 MONTHS IS SHOWING IN EXCESS OF WHAT WAS RECEIVED IN MY CASE, WHERE THE PAY IN PAY BAND AS ON MARCH 2011 IS RS. 13760/-; GP IS RS. 4200/-. PLEASE EXPLAIN IF AND HOW THE FIGURE OF DA ARREARS FOR 3 MONTHS WAS ARRIVED AT RS.4,695/- IN PLACE OF RS.3,522/-, WHICH IS THE AMOUNT RECEIVED BY ME CORRECTLY. I WISH TO HAVE A REPLY IN THIS REGARD.
K V DURGA PRASAD; DT: 20/09/2011
Dear Mr.Durga Prasad,
Thanks for pointing out this issue. We could find that this field was calculating DA at the diff rate of 8%. This problem is rectified now. Now you can check that DA arrears is arrived at Rs.3522 for pay in pay band of Rs.13760 and and GP of Rs.4200 (of course TA is Rs.1600). This answer matches with the one manually calculated by you
SALARY MEANS FOR THE PUPOSE OF CALCULATING HRA.WHETHER IT INCLUDES PAY,GP,DA
http://gconnect.in/service/personal-income-tax/it-exemption-for-hra-should-we-take-da.html
though i am a registered user of GC why can’t i save the probable IT WORK SHEET FOR this year i.e., 2011-12 , as i could for the previous year? has that option been withdrawn ?
Thanks, last year I pointed out for inclusion of NPA in the list. It has been included. But it has not included all the items required for calculation of Income tax. NPA is not fixed, it is calculated @25% of pay (Basis + GP). So the amount of NPA in the month of March is not same in the month of July. Similarly in case of Andaman and Nicobar Islands, government servants are getting ISDA ( Island special Duty allowances), which is again calculated @ 20% of pay (Basic +GP + NPA). So it also varies after increment. Hope this will be included in your tax calculation sheet.
Thanks.
M.S.Kundu
Sr Scientist
CARI Port Blair
You have pointed out about NPA as 25% of pay in pay band and GP. Is it uniform for all the employees who are eligible to receive NPA? If it is so, We can calculate NPA automatically based on your basic pay. Please clarify. You can either give this clarification as reply comment or as mail to [email protected]
Yes NPA is uniform for all the employees who are eligible. But in case of remote areas like Andaman and nicobar Island where the employees are also eligible to get Island special duty allowances (ISDA) which is 20% of Pay band ,GP and NPA; so the ISDA is not fixed for the employees who gets the NPA. Please do the needful.
thanks
M.s.Kundu
Sr Scientist
CARI Port Blair
NPA is fixed for all @ 25% of Basic Pay+GP. (As usual rounded off.)
NPA is treated as pay for all purposes. But when calculating DA arrears NPA is not considered in your calculator. Pl. rectify the same.
This aspect is has been taken care now. Pl check the tool now and provide your feedback
While calulating Pay for HRA Exemption Pay includes PAY+GP+DA+DA ARREAR. But ur tool is taking Only Pay and GP. Secondly u/s 57ii(a) there is a rebate of Rs 15000 or 33.1/3 whichever is less but this thing is not taken into account in your I T calculation tool.
As far as Government Employees are concerned, the 10% factor which has to be deducted from the actual rent for the purpose of calculating income tax exemption for HRA, will be Pay and GP as our pension fixation calculation do not include DA
sir, my father in law is having two daughters only. my wife being eleder he staying with me .my parent have expired.father-in-law is suffering with paralitic stroke, he depended on me. can claim medical exmption asper IT rules
we have to serve in rural area in residencial setup in which we have to work whole day to compensate that government give us 10% of(B.P.+G.P.) Special Allowance. I want to know that this special Allowance is tax Free on not.
Does this page calculate income tax for state govt employees? Thank you
Yes. It will calculate. You can make minor adjustments in the work sheet