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Income Tax Online Calculator for Salaried (Government) Employees

October 22, 2023 admin 6 Comments

Income Tax AY 2020-21 Calculator for Salaried (Central and State Government) Employees

100% of the Government employees are paying income tax for their monthly salary, arrears, bonus, and every rupee

INCOME TAX FORM 16 CALCULATOR FOR GOVERNMENT EMPLOYEES
(Certificate u/s 203 of the Income Tax Act 1961 for Tax Deducted at Source on Salary)
Details of Salary Paid & Other Income and Tax Deducted Amount (in Rs.)
1 Gross Salary
2 Less:Allowance to the extent exempt u/s 10
3 Balance (1-2)
4 Deduction:
(a)Entertainment Allowance
(b)Tax on Employment
5 Aggregate of 4 (a) & (b)
6 Income chargeable under the Head Salaries (3-5)
7 Add:Other Income reported by the Employee
(a) Income/Loss from House Property
(b)Income from other sources
8 Gross Total Income (6+7)
9 Deductions Under Chapter VI-A(80C, 80CCC & 80CCD) (Max.1,50,000)
GPF
CGEGIS
LIC
Tuition Fees
PLI
NSC
HBA Principal
PPF
ULIP
Pension Fund
IDBI/ICICI/Other Savings
Contribution to DCPS
Medical Insurance
Physically Handicapped Relif
CONTRIBUTION TO PM/CM R.FUND
PHYSICALLY HANDICAPPED SELF
10 Aggregate of Deductable Amount Chapter VI-A
11 Total Taxable Income (8-10)
10% ()
20% ()
30% ()
12 Tax on Total Income
13 Rebate U/C 87A
14 Net Taxable Income
15 Surcharge
16 Educational Cess 3%
17 Tax Payable
Income Tax Calculator 2023
Age Category
Gross Income
Tax Calculation AY 2022-23
Total Income Rs.
Taxable Income (Standard deduction Rs. 50000) Rs.
Income Tax Payable Rs.
[Note: The above calculation for general information purpose only]

The Central Govt announced recently in the Union Budget 2020-21 a new optional Income Tax slab rate system for individual taxpayers.

As per the new tax law, individual taxpayers will pay tax at a reduced rate of 10% for income between 5 lakhs and 7.5 lakhs and 15% for income between 7.5 lakhs to 10 lakhs.

And also for individual taxpayers the rates of income tax at a reduced rate of 20% for income between 10 lakhs and 12.5 lakhs and 25% for income between 12.5 lakhs to 15 lakhs.

There will be no tax for annual income up to Rs. 5 lakh and above 15 lakh will continue to be taxed at 30%.

New Tax Slab Rates Table 2020-21

  • Up to Rs. 2,50,000 – No Tax
  • Rs. 2,50,001 to Rs. 5,00,000 – 5 percent
  • Rs. 5,00,001 to Rs. 7,50,000 – 10 percent
  • Rs. 7,50,001 to Rs. 10,00,000 – 15 percent
  • Rs. 10,00,001 to Rs. 12,50,000 – 20 percent
  • Rs. 12,50,001 to Rs. 15,00,000 – 25 percent
  • Above Rs. 15,00,001 – 30 percent

Major changes in the Income Tax Rate System

Rs. 5,00,001 to Rs. 10,00,000 – 20 percent

  • Rs. 5,00,001 to Rs. 7,50,000 – 10 percent
  • Rs. 7,50,001 to Rs. 10,00,000 – 15 percent

Rs. 10,00,001 to Rs. 15,00,000 – 30 percent

Stay connected with us on our Whatsapp Channel, to receive the most up-to-date news and updates.
  • Rs. 7,50,001 to Rs. 10,00,000 – 20 percent
  • Rs. 10,00,001 to Rs. 12,50,000 – 25 percent

Income Tax Calculator for Salaried Government Employees AY 2020-21 (not in the excel format) with simple online free tool.

A simple online income tax calculation tool created to find the basic tax for salaried (Government) employees. The tool shows the tax amount based on your inputs only and will not be accurate. Enter your total income in the required place and the tool will show the amount to pay the tax.

Income from monthly salary, allowances, incentives, bonus and arrears from 1st April 2019 to 31st March 2020 in the financial year 2019-2020 (Assessment Year 2020-2021).

Also check: Income Tax Slabs and Tax Rate in India for FY 2020-21

TDS certificate form 16

Form 16 is the certificate of deduction of tax at source and issued on deduction of tax by the employer on behalf of the employees.

These certificates provide details of TDS / TCS for various transactions between employer and employee. It is mandatory to issue these certificates to Tax Payers.

Also check: Income Tax Slab for AY 2020-21 PDF Download

INCOME TAX CALCULATOR – PRE & POST BUDGET 2017

Related updates:

    HRA Income Tax Exemption Calculator for Central Govt Employees
    Standard Deduction for Salaried Employees
    Old Regime Vs New Regime Tax Calculator 2023-24 from Income Tax Department
    New Income Tax Slab Budget 2023 for Government Employees
    Income Tax on GPF Accumulation Beyond Threshold Limit – CGDA
    Retirement Date Calculator for Central Government Employees
    Eligible Age for KV School Online Admission 2023
    Clarification on NPS Under Income Tax Act 1961
    Income Tax Rules 2023: Life Insurance Policy Tax Computation

Filed Under: INCOME TAX

Comments

  1. BHOORA ALI says

    December 11, 2017 at 8:25 pm

    INCOME TAX FORM 16 CALCULATOR FOR GOVERNMENT EMPLOYEES AY 2018-19……TDS certificate form 16.Please Making New form 16 calculator …

    Reply
  2. Mehaboob Ali says

    August 11, 2017 at 6:52 pm

    7 cpc recommended RISK & hardship allowance for fire fighting staff of central government & u’t
    But not released of letter for risk & hardship allowance from ministry of finance.

    Reply
  3. rakesh biswas says

    April 26, 2017 at 5:06 pm

    I have a central government employee , i confused the DCPS Constribution wich section claimed . Ples so tell me

    Reply
  4. Santosh Sharma says

    March 3, 2017 at 9:32 pm

    In 6th pay commission m. p. Govt. Add pay grade 3200.how can we calculate mp govt employees fixassion in 7pay commission. Please guide us. Thanks.
    Santosh Sharma

    Reply
  5. m k singh says

    February 20, 2017 at 6:56 pm

    pl correct the INCOME TAX FORM 16 CALCULATOR FOR GOVERNMENT EMPLOYEES AY 2017-18: TDS certificate form 16.

    Reply
    • admin says

      February 21, 2017 at 7:22 am

      Mr.Singh, Pl. write the correction with example.

      Reply

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