Income Tax Calculator Optimize

Nilesh Harde

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About this app

Calculate and Optimize you tax outgo by restructuring income, investments and expenses.

Feature
- Calculate Income Tax payable for Financial Year 2015-16, FY 2016-17, FY 2017-18
- Share or Email details with client/family members
- Calculation as per Category like Male, Female, Senior Citizen, Super Senior Citizen
- Help on different deductions - explanation text and maximum allowed limit
- Section 80C, 80D Health Insurance
- Deduction u/s 80CCD National Pension System (NPS)
- Deduction u/s 80DD Medical disability of dependents
- Deduction u/s 80DDB Medical Expenditure for specified diseases
- Deduction u/s 80U Self disability
- Deduction u/s 80E Interest on education loan


Example Income Tax Calculation,
Gross Total Income: ₹ 7,20,000
Deduction u/s 80C: ₹ 1,50,000
Deduction u/s 80D: ₹ 35,000

Total Deductions:₹ 1,85,000
Taxable Total Income:₹ 5,35,000
Tax Payable on Total Income:₹ 32,000
Rebate u/s 87A: ₹ 0
Surcharge: ₹ 0
Educational Cess:₹ 960
Total Tax, Surcharge and Educational Cess (Payable):₹ 32,960

Please send suggestions and issues to my E-mail address [e-mail] or visit http://www.financialcalculatorsapp.com/

What's new

Updated for FY 18-19
- Standard deduction for salaried individuals for transport and health at Rs 40,000
- Health and education cess increased to 4% from 3%
- Exemption for health insurance for seniors under section 80D maximum up to Rs 50,000 per year
- Medical expense deduction for seniors with critical illnesses under section 80DDB raised to Rs 1 lac