online income tax calculator 2013

New:  Online Income Tax Calculator for FY 2014-15 (AY 2015-16)

online income tax calculator 2013 is applicable for the financial year 2013-14 (AY 2014-15).  Overall the budget of 2013 was a non event.  With increasing fiscal deficit there was less even finance minster could do.  Despite high expectations about tax slabs relaxed, no changes were made.Although no major changes were made in the budget 2013 some minor changes were announced which are included in the calculator.

No need to download income tax calculator 2013 to calculate your income tax liability for Assessment Year 2014-15 (Financial Year 2013-14).  This is a quick online income tax calculator 2013 with inbuilt House Rent Allowance Calculation. It is not a comprehensive online income tax calculator 2013 to include all the possible deductions.  It is suitable for most of the individuals. Use tab to exit the cell and enter data in next cell. All calculators are done automatically after existing the cell.

Most important changes announced in 2013 budget which effect individual tax payer are

Tax Credit for individuals with income below 5.00.000 :   A tax credit of 2000 rupees is allowed if the total income earned during the financial year less than 5 Lack rupees.  This is a small concession given by finance minster for people waiting for some tax relief.    online income tax calculator 2013-14

Extended exemption period for investments in Rajiv Gandhi Equity Savings Scheme :  RGESS was notified to attract retail investors to equity culture. But due to not so attractive incentives to invest such risky assets like equities it was not a good starter.  With much negative feedback about RGESS, Mr Chidambaram make the scheme little sweeter.  Earlier investments upto 50000 were allowed for exemption at the rate of 50%. The exemption was only for 1 year. With new proposal investors (new retail investors) can invest and claim exemption for 3 consecutive years.  Further, income limit of investors is raised to 12 lacks. Before this proposal the limit was 10 Lacks. Read more about Rajiv Gandhi Equity Savings Scheme

Tax surcharge for individuals with income above 1 Crore : Surcharge is 10% of tax if income is more than 1 Crore.  The logic behind is to highlight that less than 50000 people in India are coming in this category and truly so.

Interest benefit of 2.5 Lack for first time home buyers : Prior to this proposal maximum interest deduction that can be claimed was 1.5 lakh. This benefit is not available retrospectively, thus depriving people with existing loans of additional 1 lakh benefit on interest.  This benefit is available only to people who invest in house of self occupation and take loan from recognized banks/ financial institutions.  The benefit is applicable if the loan amount is less than 25 lakhs (Looks like Mr chidambaram wants all people to have house away from crowded areas and cities.  Can any one buy even a 2BHK with 25 Lakh in cities?)

This online income tax calculator 2013 in excel was provided by Mr  Sadique Neelgund CFP of NetworkFP. Small edits were done to make it more compact and convenient.