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Income Tax Calculator for Financial Year 2008-09 Complete Version

Income Tax Calculator for Financial Year 2008-09 Complete Version

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Published by N Rakesh
Rakesh's IT Calculator. A complete income tax calculator for citizens of India - for both male and female below 65 yrs of age and senior citizens. It is designed to be as comprehensive as possible but primarily aimed at salaried professionals. Almost all the possible exemptions and deductions have been taken care of and tax computation is possible. Hope you like the work.
Rakesh's IT Calculator. A complete income tax calculator for citizens of India - for both male and female below 65 yrs of age and senior citizens. It is designed to be as comprehensive as possible but primarily aimed at salaried professionals. Almost all the possible exemptions and deductions have been taken care of and tax computation is possible. Hope you like the work.

More info:

Published by: N Rakesh on Mar 02, 2009
Copyright:Attribution Non-commercial

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05/10/2014

original

INCOME TAX CALCULATOR FOR FY
2 0 0 8 -0 9
<--------------------------------------------------------Gross-------------------------------------------------------
- - - - - ->
Months
Basic
DA
Convey
CCA
HRA
Bonus
Medical
LTA
April
20,000
8,000
300
2,000
May
20,000
8,000
300
2,000
June
20,000
8,000
300
2,000
July
20,000
8,000
300
2,000
August
20,000
8,000
300
2,000
September
20,000
8,000
300
2,000
October
20,000
8,000
300
2,000
November
20,000
8,000
300
2,000
December
20,000
8,000
300
2,000
January
20,000
8,000
300
2,000
February
20,000
8,000
300
2,000
March
20,000
8,000
300
2,000
Total
240,000
96,000
3,600
24,000
Sect
Savings/Investment for Tax Benefits
Personal Details
24 Interest paid on Housing Loan
Name
Enter Your Name Here
80G Donations - 50% exemption
Age
45 Sex
80G Donations - 100% exemption
PAN No
Your PAN Number here
80D Health Insurance Premium for Self,Spouse,Children

City of Residence
80D Health Insurance Premium for Parents
80E Interest paid on Education Loans

Income from House Property
80U Permanent Disability
Income from House Property
80DD Maintenance of Handicapped Dependant
Income from Other Sources
80DDB Medical Treatment for Specified diseases
Bank
80C Employees Provident Fund
50,544
NSC
80C LIC / Other Private Life Insurance Cos
20,000
Post Office
80C Unit Linked Policies/Pension Funds
Kisan Vikas Patra
80C Equity Linked Savings Schemes
Tax Saving Bonds
80C Repayment of Principal on Housing Loan
Other Investments
80C Education of Children / Tuition Fees for 2 children
Any other Income
80C National Savings Certificate
Receipts to be submitted
80C Public Provident Fund
Rent Receipts Submitted
80C Infrastructure/Tax Saving Bonds
Medical Bills Submitted
80C Bank Fixed Deposit (Tenure of 5 yrs and above)
LTA Submitted
ATOR FOR FY
2008-09
- - - - - - - - - - - - - - - - - - - -
------>
<--------------------Deductions------------------->
Net Salary
Total
PF
Prof Tax
TDS
Lossof Pay
30,300
4,212
26,088
30,300
4,212
26,088
30,300
4,212
26,088
30,300
4,212
810
25,278
30,300
4,212
3,000
23,088
30,300
4,212
3,000
23,088
30,300
4,212
3,000
23,088
30,300
4,212
3,000
23,088
30,300
4,212
3,000
23,088
30,300
4,212
3,000
23,088
30,300
4,212
810
3,000
22,278
30,300
4,212
26,088
363,600
50,544
1,620
21,000
290,436
Note:Enter values in cells colored
u r N a m e H e re
Male
N u m b e r h e re
Spreadsheet created by N. Rakesh, Viji, Sanju, Naren
Non Metro
Free for Personal Use
Email:nrakesh@in.com
100,000
View the Impact on Tax Payable Immediately
10,000
Net Tax Payable
36,346
TDS from Salary
21,000
TDS apart from salary
Balance Tax Payable
15,346
For Overall view,
Take a look at the Tax Calculation Sheet
Annual
Available in 2 flavors
Tax for the Financial Year 2008-2009
Name: Enter Your Name Here
PAN Number: Your PAN Number here
Gross Salary (after Loss of Pay)
363,600
Less Exempted Allowances
House Rent Allowance for:
Non Metro
Actual HRA

24,000
Excess of Rent paid over 10% of Salary
40% of salary

134,400

Least of these [Section 10(13A)]
Conveyance Allowance [Section 10(14)]
Medical Reimbursement [Section 17(2)]
Professional Tax

1,620
Leave Travel Allowance [Section 10(5)]
1,620
Income under the Head Salaries
361,980
Income from Other Sources
10,000
Income from House Property
100,000
Less Housing Loan Interest [Section 24]
100,000
Gross Total Income
471,980
Less: 80C deductions (Exemption available up to Rs 100,000)
Employees Provident Fund
50,544
LIC / Other Private Life Insurance Cos

20,000
Unit Linked Policies/Pension Funds
Equity Linked Savings Schemes
Repayment of Principal on Housing Loan
Education of Children / Tuition Fees for 2 children
National Savings Certificate
Public Provident Fund
Infrastructure/Tax Saving Bonds
Bank Fixed Deposit (Tenure of 5 yrs and above)

70,544
Income after deduction of 80C
401,436
Less - Deductions under Chapter VI A
Actuals

Allowed
Donations - 50% exemption [Section 80G]
Donations - 100% exemption [80G]
Health Insurance Premium for Self,Spouse,Children [80D]
Health Insurance Premium for Parents [80D]
Interest paid on Education Loans [80E]
Rent deduction (available when HRA is not received) [80GG]
Permanent Disability [80U]
Maintenance of Handicapped Dependant [80DD]
Medical Treatment for Specified diseases [80DDB]

Available Exemptions
Total Taxable Income
401,436401,436
Tax Slab For Men below 65 years of age
150000
Up to Rs 150,000
Nil
TRUE
Rs 1.5 - 3 lakhs
10%
15,000
TRUE
Rs 3 - 5 lakhs
20%
20,287
FALSE
Rs 5 - 10 lakhs
30%
FALSE
Above 10 lakhs
30% + 10% surcharge
Total Tax Payable
35,287
Add:Educational Cess 3%
1,059
Net Tax Payable
36,346

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