Income Tax Calculation for FY 2016-17 in India

Have you already filed your Income Tax Return (ITR) ? If NOT, than what are you waiting for ? Do it right now.


Filing an ITR is a process of providing required Information about your Income and Taxes for a Financial Year. This is done in order to settle the amount that you have already paid in excess as your taxes or you are supposed to pay if any. Returns in case of extra Tax paid will be done only when you file your ITR. So don't wait till the last date and File your ITR right now!!


You can also Calculate your Income Tax for FY 2016-17, with the help of this Video that contains Examples for Illustration purpose :

In English :

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In Hindi :

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To Calculate Income Tax :

• Add all your Income from Income sources
• Add Interest earned from Savings Accounts, FD, RD, Capital Gains, etc.
• Maximum of Rs. 10,000 will be exempted from Tax for Savings Account Interest under 80TTA.
• Remove all the Deductions (Investments that you had made for which you can claim Deductions) from Taxable Income.
• Maximum Tax Rebate of Rs. 5000 is applicable if your Taxable Income is less than or equal to Rs. 5,00,000

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