On last Friday (16-March-2012), our Finance Minister Mr. Pranab Mukherjee has announced an union budget of India for FY 2012 – 2013. Though the budget was not so impressive for a common man, we should be aware of how much tax we would pay on the current slab.
As per the budget, the new tax slab is:
Income tax upto Rs. 2,00,000 – 0%
Income tax from Rs. 2,00,001 to Rs. 5,00,000 – 10%
Income tax from Rs. 5,00,001 to Rs. 10,00,000 - 20%
Income tax above Rs. 10,00,001 – 30%
So with the above conditions, I’ve developed a basic version of Income Tax calculator in Excel. You can download it from this post for free and use it.
Note that this version is very basic one and will be enhanced as per the comments / ideas from users below.
Download Link: Income Tax Calculator FY 2012 – 2013
This calculator can be used by individuals (Male / Female), but not Senior Citizens. I’ll try to include the same for Senior Citizen soon.