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Modified on : 5 September, 2018

Income Tax Calculator for AY 2018-19
for Firm, Company, Co-operative and Local Authority

This calculator calculates income tax, Surcharge and Health and Education Cess for non-individual assessees viz. Firm, Domestic Company, Other Company, Local Authority and Co-operatives for the Assessment Year 2019-20. This Calculator takes into account Marginal Relief in Surcharge, in case of taxable income exceeding ₹ 1 crore of Firms, Co-operatives and Local Authorities and ₹ 1 crore / 10 crore in case of Domestic and other than domestic companies (Foreign Companies).

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Select Status
A.   Income from Salary / Pension
1Total Salary/Pension as per Form 16 (Excl. all allow., perquisites & profit in lieu of salary)
2Allowances Exempt under Section 10 (Not to be added to Total Income from Salary)
3Add: Allowances not exempt
4Add: Value of Perquisites and / or Fringe Benefits
5Add: Profits in lieu of Salary
6Total Income from Salary
B.   Income (Profits) from Business / Profession
1Calculate Presumptive income u/s
1. Turnover or Receipts in cash
2. Turnover or Receipts other than in cash
(by account payee cheque / bank draft or electronic clearing system through bank account)
3. Gross Turnover or Gross Receipts (Not Eligible u/s 44AD if more than ₹ 1 core)
4. Minimum Presumtive Income u/s 44AD (8% of 1 + 6% of 2)
1. Gross Turnover or Gross Receipts (Not Eligible u/s 44ADA if more than ₹ 50 lacs)
2. Minimum Presumtive Income u/s 44ADA (50% of 1)
Vehicle No.Owned for monthsVehicle No.Owned for months
16
27
38
49
510
Minimum Presumtive Income u/s 44AE (₹ 7500/- per month per vehicle)
2Presumtive Income from Business / Profession
3Enter Income from Business / Profession other than Presumptive Income
4Total Income from Business / Profession
C.   Income / Loss from House Property
1Whether Property is Rented of Self Occupied
2Annual Lettable Value or Rent Received or Receivable (Zero, if Self occupied)
3Amount of Rent, which cannot be realized (Zero, if Self occupied)
4Taxes paid to Local Authorities (Zero, if Self occupied)
5Annual Value of Property ( 2 - 3 - 4 )
630% of 5
7Interest payable on borrowed capital (Max. ₹ 2 lacs)
8Income / Loss (-ve) from House Property ( 5 - 7 )
D.   Income from Capital Gains (Taxable at Normal Rates)
E.   Income from Other Sources (Taxable at Normal Rates)
F.   Total Income Taxable at Normal Rates
G.   Less: Deductions under Chapter VI A
H.   Less: Any other eligible deductions
I.   Total Taxable Income at Normal Rates
H.   Income Taxable at Special Rates
1ParticularsRate %Amount
2Income taxable at10
3Income taxable at15
4Income taxable at20
5Income taxable at30
6Income taxable at
7Total Income taxable at Special Rate
I.   Rebate under Section 88E
J.   Tax already paid
1Tax Deducted at Source
2Tax Collected at Source
3Advance Tax paid
4Self Assessment Tax paid
5Total Tax paid
Income and Income Tax Liability
Total Income (Normal Rate + Special Rate)
Income Tax at Normal Rates
Income Tax at Special Rates
Total Income Tax
[Income Tax (Normal Rate + Spl. Rate) - Ded. under section 88E]
Surcharge at applicable rates
Less: Marginal Relief, if applicable
Net Surcharge
Income Tax + Surcharge
Education Cess (3% of Income tax + Surcharge)
Total Tax liability
Tax Payable / Refund(-)
Income Net of Income Tax Liability
Important : This calculator is an easy online tool for quick basic calculation and cannot give correct calculation in all circumstances. The exact calculation may be made after taking into account all applicable provisions of Income Tax Act / Rules.

Surcharge Rates

Taxable IncomeTax PayeeSurcharge
Exceeds ₹ 1 croreFirm, Local Authority and Co-operative12% of Income Tax
Domestic Company7% of Income Tax
Other Company (Foreign Company)2% of Income Tax
Exceeds ₹ 10 croresDomestic Company12% of Income Tax
Other Company (Foreign Company)5% of Income Tax

Marginal Relief in Surcharge

When an assessee's taxable income exceeds ₹ 1 crore / 10 crores, he is liable to pay Surcharge at prescribed rates mentioned above on Income Tax payable by him. However, the amount of Income Tax and Surcharge shall not increase the amount of income tax payable on a taxable income of ₹ 1 crore / 10 crores by more than the amount of increase in taxable income respectively.

Example

In case of a firm having taxable income of ₹ 1,00,01,000/-

1.Income Tax₹ 30,00,300
2.Surcharge @12% of Income Tax₹ 3,60,036
3.Income Tax on income of ₹ 1 crore₹ 30,00,000
4.Maximum Surcharge payable
(Income over ₹ 1 crore less income tax on income over ₹ 1 crore)
₹ 700/- [1000 - 300 (income tax on income over ₹ 1 crore)]
5.Income Tax + Surcharge payable₹ 30,01,000
6.Marginal Relief in Surcharge₹ 3,59,936 (3,60,036 - 700)