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Income Tax Calculator
© 1997-2009, Nithyanand Yeswanth
Available for free download at: http://www.ynithya.com/taxcalc/email: firstname.lastname@example.org
1234 Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum5678910111213 Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt141516 Donations for certain scientific research and rural development are exempt. Please enter the actual amount exempt in cell N7217 Interest earned from all sources is to be included in cell N62. All interest income is fully taxable (except interest from Savings account)18 If you have a permanent physical disability (including blindness), you can take an exemption of Rs.50,000/- per year1920 Surcharge on Income tax is applied at 10% of the tax amount, if the taxable income is more than Rs.10,00,000/-21 Education cess is calculated at 3% on total tax payable2223 Residents of Sikkim are exempt from Income Tax for the current year
H O W T O G E T A N U P D A T E / C O N T A C T M E
1 This tax calculator constantly gets updated to fix errors found as well as to add new features2 This may also be changed when there are changes in tax rules that affect income tax computation3 The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/45678910HRA exemption = minimum of (40%(50% for metros)of Basic+DAorHRAorrent paid - 10% of Basic+DA)
Transport allowance is exempt upto Rs.800/- per month provided the person is in India during the month. For people having permanentphysical disability, the exemption is Rs.1,600/- per monthVehicle maintenance exemption can be claimed if you use a car for travel to the workplace. In such case, exemption can be claimed for thepetrol and vehicle maintenance amounts. The exemption is available to the tune of Rs.1,200/- per month if the engine capacity is less than1600cc and Rs.1,600/- per month if the engine capacity is more than 1600cc. In case the amount includes driver's salary, there is anadditional exemption of Rs.600/- per month. When this exemption is claimed, transport allowance exemption is not available.LTA is exempt to the tune of ecomony class airfare for the family to any destination in India, by the shortest route.LTA can be claimed twice in a block of 4 calendar years. The current block is from 2006 to 2009Gratuity, VRS and some such amounts are exempt upto certain limits. If you get any such payment, please find out the exact limit for youfrom a tax consultant and enter in cell N53Children's Education allowance is exempt upto Rs.100/- per child per month plus Rs.300/- per child per month for hostel expenses (max of 2children only) There is an exemption for interest on housing loan. If the loan was taken before Apr 1, 1999 exemption is limited to Rs.30,000/- per year. If the loan was taken after Apr 1, 1999 exemption is limited to Rs.1,50,000/- per year if the house is self-occupied; there is no limit if the houseis rented out This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you'vepaid it or not. If the loan is taken jointly by two individuals both can claim this exemptionIf you have rented out your house, enter the total income/loss from the house (after deducting property tax and standard maintenanceexpenses) in cell N60Medical Insurance (such as Mediclaim) premium is exempt upto Rs.15,000/- per year for self, spouse & dependent children. An additionalRs.15,000/- is exempt towards premium for parents (even if they are not dependent). If the parent(s) are above 65 years of age, an extraRs.5,000/- can be claimedDeduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less than 80% andRs.75,000/- per year if the disability is more than 80%Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed upto Rs.40,000/-per year. If the person being treated is a senior citizen, the exemption can go up to Rs.60,000/-Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%. Please enter the actualamount exempt, in cell N69If you do not get HRA, but have rented a house, an exemption is available. This will be calculated as minimum of (25% of total incomeorrentpaid - 10% of total incomeorRs.24,000/- per year)Investments up to 1 lac in PF, VFP, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, PostOffice Term Deposit, etc. are deductible from the taxable income under sec 80C. There is no limit on individual items, so all 1 lac can beinvested in NSC, for example. The only exception is PPF where the maximum investment is limited to Rs.70,000/-For the current year, Govt. prescribed rate of interest for PF is 8.5%. If the employer pays interest higher than this, the differential interestearned is treated as perquisitesPlease check back frequently (at least once every 2 months) to see that you have the latest version. You can compare the version number atthe top of this instructions page. However, if you have subscribed, you will automatically receive updates You can also send a blank e-mail to
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Since I am not a chartered accountant or a tax consultant, I am not in a position to answer specfic queries related to taxation. You will have to contact a tax consultant for your specific queries