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Calculation of your Income Tax Simplified

select the correct assessment year to calculate your taxes.

financial year (fy) 2017-18 (from 01/04/2017 to 31/03/2018).this means the assessment year is 2018-19

select you assessment year

latest budget 2018-19 2017-18 2016-17

choose your age

0 to 60 60 to 80 80 & above

select your Resident status

Resident Non-Resident

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Applicable only on Self Occupied House Property Provided:(Loan taken on or after 01/04/99)

Applicable only on Rental House Property
Section 80C
Section 80TTA

Section 80G
Section 80D

Section 80E

File your tax returns for AY 2017-2018 (FY 16-17)

31st July is the deadline to file your

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Gross Tax Rs. {{incomeTaxCalculator.taxbaleamount | number }}
Tax Paid Rs. {{incomeTaxCalculator.totaltaxpaid | number }}
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How much Tax, do I need to pay on my Income?

Your Tax Liability or the amount of income tax, you need to pay depends on the Income Tax Slab or the income tax bracket, you belong to.

Here are the following Income Tax slabs, for the financial year 2017-18: -

Income Tax Slab for the individuals under 60 years of age
Income Slab Tax Rate
Up to Rs.2,50,000 No Tax
Income between Rs.2,50,000 - Rs.5,00,000 5%
Income within Rs.5,00,000 - Rs.10,00,000 20%
Income of Rs.10,00,000 and above 30%
Income Tax Slab for the taxpayers who are resident senior citizens (Individuals above 60 years, but less than 80 years)
Income Slab Tax Rate
Income up to Rs. 3,00,000 No Tax
Income between Rs. 3,00,001 - Rs. 5,00,000 10% of income exceeding Rs. 3,00,000
Income between Rs. 5,00,001 - Rs. 10,00,000 Rs. 20,000 plus 20% of income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 Rs. 1,20,000 plus 30% of income exceeding Rs. 10,00,000
Income Tax Slab for individuals who are resident Super Senior Citizens (Individuals who are 80 years or above)
Income Slab Tax Rate
Income up to Rs. 5,00,000 No Tax
Income between Rs. 5,00,001 - Rs. 10,00,000 20% of income exceeding Rs. 5,00,000
Income above Rs. 10,00,000 Rs. 1,00,000 plus 30% of income exceeding Rs. 10,00,000
Income above Rs. 10,00,000 Rs. 1,20,000 plus 30% of income exceeding Rs. 10,00,000

How To calculate Income Tax in India?

Your income from salary is a sum of your basic salary, House Rent Allowance, Transport Allowance along with other allowances. There are a few sections of your salary, that are exempted from your income tax, they are medical reimbursement, phone bill reimbursement etc. If you get HRA and you stay in a rented house, then you can claim for the exemption of HRA. You can calculate HRA using this HRA calculator

Transport allowances are provided to the employees as a part of their salary, using which employees meet their traveling needs. For calculating Income tax in India you need to add income from various sources, these sources are Income from Salary, Income from House Property, Income from Capital gains, Income from Business/ Profession as well as income from various other sources.

When we calculate Income tax, we must also know about how Tax Deducted at Source or TDS is calculated.

How to Calculate TDS?

When you are calculating TDS, you must calculate your annual salary and you need to deduct various exemptions and deductions, that will lower your taxable income. Other than this you must also calculate the amount spent on travel and house rent. Here, the rent amount can be calculated according to the rent agreement. Other expenses like medical expenses, travel expenses can be calculated on the basis of the past year’s expenses. You just need to give the above-mentioned details to the accounts department, so that they can calculate your tax liability.

How to Calculate Income Tax to be deducted from Salary?


Mr.Mohan has submitted his income and investment details for the Financial Year 2017-18, as mentioned below: -

Particulars Amount (in Rs.)
Basic Salary 8,40,000
House Rent Allowance 4,20,000
Transport Allowance 24,000
Employer’s contribution towards PF @12% of basic pay 1,00,800
Pay -
Leave Travel Allowance 75,000
Deposit in Public Provident Fund Account (PPF) 1,50,000
Mediclaim Premium paid (for self) 24,000

Mr. Mohan pays rent of Rs. 20,000 per month in Mumbai. He travelled to Pune with his family on a holiday trip and he had to pay Rs. 40,000 for the tickets and here’s how Mr. Mohan can calculate his Taxable income.

How to Calculate your Taxable Income?

Particulars Amount (in Rs.) Amount (in Rs.)
Basic pay - 8,40,000
+ Transport Allowance

(-) Exemption

+ House Rent Allowance

(-) Amount of HRA exempted

(Lower of below 3 figures)

  1. Actual HRA received – Rs. 1,80,000 3,36,000
  2. Rent paid in excess of 10% of Basic (Rs. 2,40,000 – Rs. 84,000) 1,56,000
  3. 40% of Basic3,36,000
3,36,000 -
+ Leave Travel Allowance

(-) Amount exempted on Leave Travel Allowance



Gross Salary - 10,59,800
Less: Deductions under chapter VI-A

Under section 80C (capped at Rs. 1,50,000)

  1. PF contribution
  2. Deposit in PPF account
1,00,800, 1,50,000 (1,50,000)
Mediclaim premium paid (Under section 80D) - (24,000)
Taxable income under salaries - 8,85,800
Tax on salary (for the year) - 1,05,220
TDS amount per month = (Tax for the year/12) 8,768

According to the above-mentioned table the tax liability of Mr. Mohan is 8,85, 800 and the tax he is required to pay on his income can be calculated as follows: -

Up to Rs. 2,50,000 Exempt from tax Amount(in Rs.)
Up to Rs. 2,50,000 Exempt from tax 0
Rs. 2,50,000 - Rs. 5,00,000 10% (10% of Rs. 5,00,000 (-) Rs. 2,50,000) 25,000
Rs. 5,00,000 - Rs. 10,00,000 20% (20% of Rs. 8,85,800 less Rs. 5,00,000) 77,160
More than Rs. 10,00,000 30% 0
Education Cess 3% of total tax (3% of Rs. 25,000 + Rs. 77,160) 3,065
Total Income Tax Rs. 25,000 + Rs. 77,160 + Rs. 3,065 (Rounded off to nearest 10 rupees multiple) 1,05,220

Hence, the total income liability for Mr. Mohan would be 1,05,220 for the financial year 2017-18.

What is assessment year?

An assessment year is the year in which you file your income tax returns, it is the year in which your income which you have earned in Financial year, which just got over will be calculated. If you have earned between 1st April 2017 to March 31st, 2018 then your assessment year will be 2018-19.

What is Financial Year?

Financial year is also called as the previous year or the income year, it is the preceding year of the Assessment year. For example: - For assessment year 2017-18, the financial year will end on March 31st, 2018.

Why I must pay Income Tax?

When your annual income exceeds the income tax bracket set by the Income Tax Department, you are liable to pay taxes. You are supposed to pay tax on the excess income you earn. Income Tax is calculated for a period from April 1st to March 31st. This period is called as financial year. The revenue generated from tax is used for the development of the Country.

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