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Finotax Income Tax and Taxable Income Calculator for AY 2011-12 (FY 2010-11)

We have tried to make it the best online Income Tax Calculator for Indian Individual and HUF Tax payers. Please send your suggestions to finotax@gmail.com to enable us to make the calculator more useful. Please write your feedback on the quality and usefulness of the calculator on the blog.

Income Tax Calculator - Individuals and HUFs - A Y 2011-12
Select Your Category / Status
Enter data in shaded boxes.
Click on any "Calculate" button to carry out all calculations.
ACalculation of Income from Salary
1Total Salary/Pension as per Form 16
( Excluding all exempt/ non-exempt allowances, perquisites & profit in lieu of salary )
2Allowances Exempt under Section 10 ( Will not be added to the Total Income from Salary chargeable to Income Tax )
View information on Exempt Incomes & Allowances under Section 10
3Add : Allowances not exempt ( Use Taxable HRA Amount Calculator )
4Add : Value of Perquisites and / or Fringe Benefits ( Use Perquisite Value Calculator )
5Add : Profits in lieu of Salary
Total Income from Salary chargeable to Income Tax (1+3+4+5)
BCalculation of Income from House Property
1Annual Lettable Value or Rent Received or Receivable
2Amount of Rent, which cannot be realized
3Taxes paid to Local Authorities ('0', If self occupied)
4Taxable amount of Rent Received / Realized {70% of (1 - 2 - 3)]
5Interest payable on borrowed capital
Income from House Property chargeable to Income Tax (3 - 4)
CCalculation of Income from Capital Gains (Short Term + Long Term)
1Income chargeable at Normal Rates
2Income Chargeable at Special Rates
Total Income from Capital Gains (1 + 2)
DCalculation of Income from Other Sources viz. Interest, Dividend etc.
1Income chargeable at Normal Rates
2Income Chargeable at Special Rates
Total Income from Other Sources
Details of Income Tax at Special Rate included in C and D above:
 AmountRateIncome Tax
1.
2.
3.
Total
EAgricultural Income for Rate Purpose only
FAggregate Income
GCalculation of Deductions from Taxable Income
1Deductions under Sec. 80C, 80CCC & 80CCD. (Max. Rs. 1 lakh)
2Deductions under Sec. 80CCF for Investment in Infrastructure Bonds (Max. Rs. 20,000)
3Deductions under Sec. 80D for Health Insurance. (Max. Rs. 20,000/- for Senior Citizens & Rs. 15,000/- for others).
4Deductions under Sec. 80D for Health Insurance of parents. (if parents are Senior Citizen Rs. 20,000/-, else Rs. 15,000/-).
5Deductions under Sec. 80DD (Max. Rs. 1 lac)
6Deductions under Sec. 80DDB (Max. Rs. 40,000/-)
7Deductions under Sec. 80E
8Deductions under Sec. 80G
9Deductions under Sec. 80GG
10Deductions under Sec. 80U
11Deductions under Sec. 80RRB
12Any other eligible deduction
13Total Deductions from Taxable Income
HTotal Taxable Income
Taxable Income, Income Tax, Educational Cess, Total Tax Liability and Net Income
DescriptionIncomeIncome Tax
Exempt Income
Income chargeable at 10%
Income chargeable at 20%
Income chargeable at 30%
Income chargeable at Special Rates
Total
Less : Income Tax on Agricultural Income included above
Income Tax Payable
Education Cess @ 3% of Income Tax Payable
Gross Income Tax liability
Less: Tax relief under sections 89, 90 and 91
Net Income Tax liability
Add: Interest Payable under Sections 234A, 234B and 234C
Aggregate Income Tax liability
Less: TDS / Advance Tax deposited
Net Income Tax due
Income Net of Income Tax Liability
Use Calculator to calculate interest under Section 234 A, B and C.
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