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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.

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

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05/10/2014

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Months April May June July August September October November December January February March Total Sect

INCOME TAX CALCULATOR FOR FY 2008-09 <--------------------------------------------------------Gross-------------------------------------------------------------> Basic DA Convey CCA HRA Bonus Medical LTA 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 20,000 8,000 300 2,000 240,000 96,000 3,600 24,000 Personal Details Name Enter Your Name Here Age 45 Sex PAN No Your PAN Number here City of Residence Income from House Property Income from House Property Income from Other Sources Bank NSC Post Office Kisan Vikas Patra Tax Saving Bonds Other Investments Any other Income Receipts to be submitted Rent Receipts Submitted Medical Bills Submitted LTA Submitted

Savings/Investment for Tax Benefits 24 Interest paid on Housing Loan 80G Donations - 50% exemption 80G Donations - 100% exemption 80D Health Insurance Premium for Self,Spouse,Children 80D Health Insurance Premium for Parents 80E Interest paid on Education Loans 80U Permanent Disability 80DD Maintenance of Handicapped Dependant 80DDB Medical Treatment for Specified diseases 80C Employees Provident Fund 80C LIC / Other Private Life Insurance Cos 80C Unit Linked Policies/Pension Funds 80C Equity Linked Savings Schemes 80C Repayment of Principal on Housing Loan 80C Education of Children / Tuition Fees for 2 children 80C National Savings Certificate 80C Public Provident Fund 80C Infrastructure/Tax Saving Bonds 80C Bank Fixed Deposit (Tenure of 5 yrs and above)

50,544 20,000

LATOR FOR FY 2008-09 ---------------------------> Total 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 30,300 363,600

<--------------------Deductions-------------------> PF Prof Tax TDS Lossof Pay 4,212 4,212 4,212 4,212 810 4,212 3,000 4,212 3,000 4,212 3,000 4,212 3,000 4,212 3,000 4,212 3,000 4,212 810 3,000 4,212 50,544 1,620 21,000 Note:Enter values in cells colored

Net Salary 26,088 26,088 26,088 25,278 23,088 23,088 23,088 23,088 23,088 23,088 22,278 26,088 290,436

ur Name Here Male Non Metro Spreadsheet created by N. Rakesh, Viji, Sanju, Naren Free for Personal Use Email:nrakesh@in.com

N Number here

100,000 10,000

View the Impact on Tax Payable Immediately
Net Tax Payable TDS from Salary TDS apart from salary Balance Tax Payable

36,346 21,000 15,346

Annual

For Overall view, Take a look at the Tax Calculation Sheet 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 401,436 Tax Slab For Men below 65 years of age 150000 Up to Rs 150,000 Nil TRUE Rs 1.5 - 3 lakhs 15,000 10% TRUE Rs 3 - 5 lakhs 20,287 20% 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

401,436

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 401,436 Tax Slab For Men below 65 years of age 150000 Up to Rs 150,000 Nil TRUE Rs 1.5 - 3 lakhs 15,000 10% TRUE Rs 3 - 5 lakhs 20,287 20% 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

401,436

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