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Income Tax Calculator

Income Tax Calculator

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Published by bibhaskabi

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Published by: bibhaskabi on Feb 11, 2010
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Page 1 of 11
Income Tax Calculator
Version 12.0corrected by :simpletaxindia.org
© 1997-2009, Nithyanand Yeswanth
Available for free download at: http://www.ynithya.com/taxcalc/email: taxcalc@ynithya.com
1 This sheet can be used to compute the tax for salaried individuals only2 Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells3 Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 045 Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF6789 If the interest rate on PF is other than 8.5%, change the value in cell AA5710 If you are claiming exemption on housing loan interest, remember to update cells AA60 and AA61 (see below for the rules)11 If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA6312 If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA6413 If you have a permanent physical disability, change cell AA6514 If you are above 65 years of age, change cell AA66. You will get additional exemption15 If you are a woman, remember to change cell AA67. You will get additional exemption1617 If you are claiming vehicle maintenance exemption update cells D44 to O44 to reflect the months in which you had the car18 If you are claiming vehicle maintenance exemption and if you include driver's salary in the exemption, change cells D45 to O4519 If you have been out of India during the year, update cells D46 to O46 so that conveyance exemption is computed correctly20212223 Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount24 Enter any other earnings related to salary in cell S2125 If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G7726 Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G5827 Enter the remaining months in current financial year in Cell G80, to figure out the tax per month28 You can change the headings for the 11 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure2930 Enter expected investments/savings/expenses information in cells N53 to N82
 This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT beused to compute the actual taxes to be paid to the Government. The author is not resposible for any inaccuracies in thetax computed by this calculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest
 The darker yellow colored cells (with green text) constitute the setup parameters, which you may have to set only once. Ensure that all setupparameters in cells C4 to C20 and AA51 to AA71 are setup prior to using the calculatorIf you are in Delhi, Mumbai, Kolkata or Chennai, change the location to Metro in Cell AA51. If you have moved from a metro to non-metro orvice-versa during the year, change the cells D47 to O47Enter the PF deduction percentage in cell AA54 depending on your company policy. In addition, if your company limits the PF to a certainamount, enter that amount in cell AA55. If there is no PF deduction, enter 0% in cell AA54. If the PF percentage changes during the year (dueto change in employer or otherwise), change cells D48 to O48If you have opted for VPF (Voluntary Provident Fund), change cell AA58 depending on whether the deduction is done as a percentage of salaryor as a fixed amount. If it is done as a percentage, enter the percentage in cell AA56. This will apply the same percentage throughout theyear. If the percentage changes month to month, enter the percentage for each month in cells D43 to O43 (If you leave any of these cells at0, the default percentage from cell AA56 will be taken for that month). If the deduction is a fixed amount, enter the amount for each month incells D43 to O43If you live in company-provided house, change cell AA68 and AA69; 20% of salary will be added as perks for cities with more than 4 lacspopulation and 7.5% for other cities. If rent has been paid (cells D26 to O26), the same will be deducted from this perks amountIf you have taken any company loans at interest rates lower than that prescribed by the Government, please enter the details in the sheet"Perquisites" You can enter the opening balance in your PF account as at the beginning of the year in cell D40 and PF loans/withdrawals in cells D39 to O39to calculate the closing balance (including employer's contribution) in your account at the end of the yearUpdate the earnings (cells D3 to O20) with expected earnings during the year. On the deductions side, enter the expected rent payment,Profession Tax and Life Insurance Salary deduction details for all months. As and when salary is received, update all the earnings anddeductions for that monthRent can be entered in cells D26 to O26, if deducted through salary; Otherwise enter annual figure in Q26 to S26. If you enter rent amount inany cell between D26 to O26, do not enter any amount in cells Q26 to S26 and vice-versa
Page 2 of 11
Income Tax Calculator
Version 12.0corrected by :simpletaxindia.org
© 1997-2009, Nithyanand Yeswanth
Available for free download at: http://www.ynithya.com/taxcalc/email: taxcalc@ynithya.com
31 Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered32 Enter non-salary related other income (such as from interest) in cell N623334 You can enter details of Stocks sold during the year in the "Capital Gains" sheet to calculate the tax applicable
T A X R U L E S & O T H E R U S E F U L I N F O R M A T I O N
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 is not applicable now
21 Education cess is calculated at 3% on total tax payable2223 Residents of Sikkim are exempt from Income Tax for the current year You can enter the details of NSC's purchased during the last 5 years in the "NSC Accrued Interest" sheet to calculate the accrued interestautomatically. This interest is exempt under sec 80CHRA 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.75,000/- per year if the disability is less than 80% andRs.100,000/- 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 perquisites
Page 3 of 11
Income Tax Calculator
Version 12.0corrected by :simpletaxindia.org
© 1997-2009, Nithyanand Yeswanth
Available for free download at: http://www.ynithya.com/taxcalc/email: taxcalc@ynithya.com
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/45678910Please 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
with only the subject line as "
" and you will automatically receivethe current version of tax calculator within a day or twoIf you want me to send you an updated version automatically, whenever I update, please send a blank e-mail to
withonly the subject as "
"If you find any inaccuracy in the calculation or want clarification on some aspect of the tax calculator, please send an e-mail to
with subject as "
" and I will try to reply within a weekIf you are already on my list and no longer want to get updates, send a blank e-mail to
with only the subject as"
"While sending e-mail, please ensure that the subject line is exactly as given here (without the quotes), because the processing is doneautomatically. Other mails will be deleted automatically
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

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