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Income Tax Calculator

Income Tax Calculator

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Published by devanbongiri

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Published by: devanbongiri on Jul 29, 2010
Copyright:Attribution Non-commercial

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07/29/2010

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benny.thadathil@hewitt.com
 
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This tath
 
benny.thadathil@hewitt.com
131415
 
benny.thadathil@hewitt.com
D I S C L A I M E R P L E A S E R E A D T H E S E I N S T R U C T I O N S C A R E F U L L Y
(Section 1-Salary details, Section 2-Investment Declaration, Section 3-Income from let-out property)Enter the numbers in the yellow-colored cells.Enter your VPF Contribution in Row 37 against each month (if any)Please enter the professional tax deducted in row 38 against each month.Please enter the tax deducted in row 39 against each month.Please enter the Rent payment in row 41 against each month. Please note the HRA exemption is calculated on a monthly basis.Enter the amount of Medical Bills submitted in the Cell E49Enter the amount of LTA Bills submitted in the Cell E50
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
Transport allowance is exempt upto Rs.800/- per month.Medical expenditure is exempted to the extend of bills submitted and maximum upto Rs.15000/- pa.Investment in Infrastructure Bonds are eligible for an additional 20000/- deduction under Sec 80C.Repayment of interest on Education loan (taken for higher education from a university for self, Spouse and Children) is deductible U/s 80E.Education Cess @ 3% will be charged on Total Tax Payable
x calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to cactual taxes to be paid to the Government. The author is not responsible for any inaccuracies in the tax computed bycalculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest.E-mail-bennythadathil@gmail.com
Enter Your Gender in Cell
 D9
Enter Your Date of Birth in Cell
 D11
If you are staying in a Metro City Please update row
42
as M (Metro) else N (Non Metro)If you are using company-provided/Leased car for office and personal use or availing Vehicle maintenance or petrol reimbursements please update (N (no)) in Row 43Enter the housing loan interest paid amount in Cell E51, if the house is self occupied. If the house is let-out, please enter the annual rent received in
 E78
, Interest on loan in
cell E79
and Municipal tax paid ( ( if paid) in cell
E80.
Enter the number of remaining months in current financial year in Cell
P82
, to find out the tax per monthPlease don't update the amount allocated towards towards reimbursements, like medical, LTA, Vehicle reimbursement etc. in this calculator, as thetaxable components.If you are availaing any non-monitory benefits (perquisites) from the company, the taxable amount needs to be updated in Cell
O31
HRA exemption is minimum of (40%(50% for metros)of Basic+DA,orHRA received,orrent paid - 10% of Basic+DA) LTA is exempt to the tune of economy 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 2010 to 2013Loss on house property- ( Interest on Housing Loan). If the house is self-occupied and if the loan was taken before Apr 1, 1999 deduction is limited toRs.30,000/- per year. If the loan is taken after 01-Apr-1999, maximum allowed is Rs.1.5 lakh.Deduction form total income will be available for Investments made in LIC, Pension Plans, FD with Scheduled Bank with term of 5 yrs, PPF, PF, VPF,Funds, NSC, Repayment of Housing Loan Principal, Children Education Exp.,etc upto rs.1 lakh. Sec 80CMedical Insurance (such as Mediclaim) premium is allowed as deduction upto Rs.15,000/- per year. An additional deduction upto Rs.20,000/- ( for Sr.else Rs.15,000/- will be allowed for the medical insurance taken on dependant parents.Tax rates- Taxable Income up to 1.6 Lakh exempted, for Women employees exemption limit is 1.9 Lakh, 1.6 lakh to 5.0 lakh 10% (1.9 to 5.0 lakh foremployees), 5.0 lakh to 8.0 lakh 20% and 8.0 lakh and above 30%.If you are using Company provided accodomation,Where accommodation provided is taken on lease/ rent by the employer 15% of your total income (income reduced by Sec 10 exemptions and other perquisite values) or rent paid by the company should be considered as perquisite or Where employthe accommodation provided to the employee - 10% of 'salary' in cities having population exceeding twenty five lakh as per the 2001 census. For othethe perquisite value is 7.5% of salary.

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