Income Tax Calculator

Version 14.0 © 1997-2012, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/ email: taxcalc@ynithya.com
PLEASE ENTER YOUR NAME HERE

DISCLAIMER This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the Government. The author is not resposible for any inaccuracies in the tax computed by this calculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest PLEASE READ THESE INSTRUCTIONS CAREFULLY
1 2 3 4 5 6 7 This sheet can be used to compute the tax for salaried individuals only Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0 The darker yellow colored cells (with green text) constitute the setup parameters, which you may have to set only once. Ensure that all setup parameters in cells C4 to C20 and AA51 to AA74 are setup prior to using the calculator Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF If 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 or vice-versa during the year, change the cells D47 to O47 Enter the PF deduction percentage in cell AA54 depending on your company policy. In addition, if your company limits the PF to a certain amount, 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 (due to change in employer or otherwise), change cells D48 to O48 If you have opted for VPF (Voluntary Provident Fund), change cell AA58 depending on whether the deduction is done as a percentage of salary or as a fixed amount. If percentage, enter percentage in cell AA56. This will apply same percentage throughout the year. If percentage changes month to month, enter the percentage for each month in cells D43 to O43 (If you leave any of these cells at 0, 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 in cells D43 to O43 If the interest rate on PF is other than 8.5%, change the value in cell AA57 If you are claiming exemption on housing loan interest, remember to update cells AA60 and AA61 (see below for the rules) If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA63 If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA64 If any of your dependents have severe (>80%) permanent physical disability, change cell AA65 If you have a permanent physical disability, change cell AA66 and AA67 If you are above 60 years of age, change cell AA68. If you are above 80 years, change cell AA69 and the exemption limit is higher If you are a woman, remember to change cell AA70. You will get additional exemption If you live in company-provided house, change cell AA71 and AA72; 15% of salary will be added as perks for cities with more than 25 lacs population (as per 2001 census), 10% for cities with population of 15 lacs to 25 lacs, and 7.5% for other cities. If rent has been paid (cells D26 to O26), the same will be deducted from this perks amount If you are using company provided car for both official and personal use, update cells D44 to O44. If the company also provides driver, update cells D45 to O45. If company bears the running and maintenance expenses for the car, update cell AA73. Also update the size of the car in cell AA74 (in terms of engine cubic capacity) If you have been out of India during the year, update cells D46 to O46 so that conveyance exemption is computed correctly If you have taken company loans at discounted interest rates, 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 O39 to calculate the closing balance (including employer's contribution) in your account at the end of the year Update 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. Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount Enter any other earnings related to salary in cell S21 If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G76 Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G58 Enter the remaining months in current financial year in Cell G79, to figure out the tax per month You can change the headings for the 10 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure Rent 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 in any cell between D26 to O26, do not enter any amount in cells Q26 to S26 and vice-versa Enter expected investments/savings/expenses information in cells N53 to N82 Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered Page 1 of 10

8

9 10 11 12 13 14 15 16 17

18

19 20 21 22 23 24 25 26 27 28 29 30 31

This will calculate the exemption on the total basis instead of monthly basis 34 35 Page 2 of 10 . which may not always be correct if your HRA.Income Tax Calculator Version 14.ynithya. Nithyanand Yeswanth Available for free download at: http://taxcalc.com/ email: taxcalc@ynithya. This interest is exempt under sec 80C. Rent or Basic+DA change month on month.com 32 33 Enter non-salary related other income (such as from interest) in cell N62 You can enter the details of NSC's purchased during the last 5 years in the "NSC Accrued Interest" sheet to calculate the accrued interest automatically. and if you have not moved from a metro to non-metro or vice-versa in the middle of the year.0 © 1997-2012. This interest is also taxable either on accrual basis every year or when received You can enter details of Stocks sold during the year in the "Capital Gains" sheet to calculate the tax applicable HRA exemption is calculated on monthly basis and added up. enter the rent details only in cells Q26 to S26 and NOT in cells D26 to O26. In such cases.

Please enter the actual amount exempt. This tax calculator calculates the tax incidence for accommodation and car. you can claim exemption. If you get any such payment. whereas others are 100%. PPF. an exemption is available. but have rented a house. VFP.is exempt towards premium for parents (even if they are not dependent).per year if the disability is less than 80% and Rs. If the loan is taken jointly by two individuals both can claim this exemption If you have rented out your house. you can take an exemption of up to Rs.com TAX RULES & OTHER USEFUL INFORMATION 1 2 3 4 5 6 7 8 HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid . An additional Rs. free club membership.15. the exemption can go up to Rs. spouse & dependent children.1. company provided credit card.1. For people having permanent physical disability.per year.50.per year Investments up to 1 lac in PF. 1999 exemption is limited to Rs. If the loan was taken before Apr 1. This exemption is available on accrual basis. are deductible from the taxable income under sec 80C. This will be calculated as minimum of (25% of total income or rent paid .can be claimed Deduction in respect of medical treatment of handicapped dependents is limited to Rs.per year for self.000/. ELSS. meal coupons.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.100/. free or concessional education facilities. 1999 exemption is limited to Rs. long term bank Fixed Deposit.per child per month plus Rs.600/.000/.0 © 1997-2012. If you receive any other perquisite.1.can be invested in long-term infrastructure bonds. Housing loan principal repayment.15.000/.20.40.000/-. so all 1 lac can be invested in NSC.5.000/.5%. If the parent(s) are above 65 years of age. irrespective of whether you've paid it or not.000/.per month provided the person is in India during the month. Please enter the actual amount exempt in cell N72 Interest earned from all sources is to be included in cell N62. The only exception is PPF where the maximum investment is limited to Rs. If the loan was taken after Apr 1.per child per month for hostel expenses (max of 2 children only) There is an exemption for interest on housing loan. Nithyanand Yeswanth Available for free download at: http://taxcalc.10% of total income or Rs. Some are exempt to the tune of 50%.30.per year) Donations for certain scientific research and rural development are exempt. employee stock option plan. NSC.50. which means if interest has accrued.60. please find out the exact limit for you from a tax consultant and enter in cell N53 Children's Education allowance is exempt upto Rs. please include the value of such perquisite in cell S21 For the current year.per month Medical bills are exempt for self and dependent family. by the shortest route.000/.000/per year. upto Rs.000/. Govt.000/. prescribed rate of interest for PF is 8.00. in cell N69 If you do not get HRA. enter the total rent income/loss from the house (after deducting property tax and 30% of rent as standard maintenance expenses) in cell N60 Medical Insurance (such as Mediclaim) premium is exempt upto Rs. hotel stay beyond 15 days.000/. Insurance Premium.000/.ynithya.300/.per annum LTA is exempt to the tune of ecomony class airfare for the family to any destination in India. etc. There is no limit on individual items.Income Tax Calculator Version 14. LTA can be claimed twice in a block of 4 calendar years. spouse & children) is tax exempt from the 1st year of repayment up to a maximum of 8 years. for example. If the person being treated is a senior citizen. gift vouchers.10% of Basic+DA) Transport allowance is exempt upto Rs. If the employer pays interest higher than this.15. all perquisites such as rent-free accommodation. All interest income (including Savings bank intererst) is fully taxable If you have a permanent physical disability (including blindness). an extra Rs.000/Interest repayment on education loan (taken for higher education from a university for self.800/. company provided car. there is no limit if the house is rented out. taking total investment exemption to 1. are fully taxable.com/ email: taxcalc@ynithya.75. The current block is from Jan 2010 to Dec 2013 Uniform allowance is exempt to the extent of bills produced for purchase of uniforms Gratuity. the differential interest earned is treated as perquisites Residents of Sikkim are exempt from Income Tax 9 10 11 12 13 14 15 16 17 18 19 20 21 22 Page 3 of 10 .per year if the house is self-occupied. VRS and some such amounts are exempt upto certain limits.2 lacs As per clarification from IT department.70. There is no exemption for Principal payment Donations given for certain charities are tax exempt.000/.24. the exemption is Rs. An additional Rs. Post Office Term Deposit.

Other mails will be deleted automatically Since I am not a chartered accountant or a tax consultant. please ensure that the subject line is exactly as given here (without the quotes). However.com with only the subject as "UNSUBSCRIBE" While sending e-mail.com with only the subject line as "SEND TAXCALC" and the latest version of tax calculator will be e-mailed to you within a day or two If you want me to send you a new version whenever I update. There are no charges for subscription If you find any inaccuracy in the calculation or want clarification on some aspect of the tax calculator.com with only the subject as "SUBSCRIBE". Nithyanand Yeswanth Available for free download at: http://taxcalc. you will automatically receive updates You can also send a blank e-mail to taxcalc@ynithya. because the processing is done automatically. You will have to contact a tax consultant for your specific queries Page 4 of 10 . if you have subscribed.Income Tax Calculator Version 14. please send a blank e-mail to taxcalc@ynithya.com/ Please check back frequently (at least once every 2 months) to see that you have the latest version. I am not in a position to answer specfic queries related to taxation. please send an e-mail to taxcalc@ynithya.0 © 1997-2012.com HOW TO GET AN UPDATE / CONTACT ME 1 2 3 4 5 6 7 8 9 10 This tax calculator constantly gets updated to fix errors found as well as to add new features This may also be changed when there are changes in tax rules that affect income tax computation The latest version of this tool is available for free download from the Internet at http://taxcalc.com/ email: taxcalc@ynithya.ynithya. send a blank e-mail to taxcalc@ynithya.com with subject as "CLARIFICATION" and I will try to reply within a week If you are already on my list and no longer want to get updates.ynithya. You can compare the version number at the top of this instructions page.

Nithyanand Yeswanth (taxcalc@ynithya.ynithya.6/19/2013 Income Tax Projections for Financial Year 2011-12 PLEASE ENTER YOUR NAME HERE Incl PF? Y Y N N N N N N N N N N N N N N N N Apr 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 May 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Jun 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Jul 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Aug 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Sep 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oct 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Nov 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Dec 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Jan 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Feb 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Mar 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Perks Bonus Page 5 of 10 Others Basic DA Convey HRA Ch.0) © 1997-2012. Educ Medical LTA Uniform All. Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Tot Ded Net 0 0 0 0 0 0 0 0 0 0 0 Gross 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Deductions Earnings Free Download from http://taxcalc.com/ (Version 14.com) . Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Total Prof tax PF VPF IT Rent Life Insur.

800000 > 800000 Tax on Income Capital Gains Tax (from Stocks) Education Cess Total Tax Liability Total Income tax paid from salary Tax paid outside of salary Income tax due Remaining months in year Tax rate 0% 10% 20% 30% Appl Amt 0 0 0 0 Balance 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tax 0 0 0 0 0 0 0 0 0 0 0 12 Balance Tax payable © 1997-2012.0) © 1997-2012.ynithya. FD.6/19/2013 Income Tax Projections for Financial Year 2011-12 PLEASE ENTER YOUR NAME HERE Page 6 of 10 Tax Computation Gross Salary Profession Tax Exemptions under section 10 & 17 Gross Salary after Section 10 & 17 exemptions Accommodation & Car Perquisites Income chargeable under head 'Salaries' Income chargeable under head 'House/Property' Income chargeable under head 'Capital Gains' at nominal rate Income chargeable under head 'Other Sources' Gross Total Income Deductions under chapter VI-A Deductions under sec 80C Net taxable income Tax Slabs 00000 . ULIP.) Medical Bills Exemption (Sec 17(2)) Children's Education Allowance Exemption (sec 10 (14)) LTA exemption (Sec 10(5)) Uniform expenses (Sec 10(14)) Total Exempted Allowances Other income House/property income or loss (enter loss as negative) Interest on housing loan (for tax exemption) Other income (interest. etc. Nithyanand Yeswanth (taxcalc@ynithya.180000 180001 .500000 500001 .com) .) Deductions under Chapter VI-A Medical Insurance Premium (sec 80D) Medical Insurance Premium for parents (sec 80D) Medical for handicapped dependents (Sec 80DD) Medical for specified diseases (Sec 80DDB) Higher Education Loan Interest Repayment (Sec 80E) Donation to approved fund and charities (sec 80G) Rent deduction (sec 80GG) only if HRA not received Deduction for permanent disability (80U) Any other deductions Total Deductibles Deductions under Chapter VI (sec 80C) Pension scheme (sec 80C) NSC (sec 80C) Public Provident Fund (sec 80C) Employees Provident Fund & Voluntary PF (sec 80C) Children's Education Tuition Fees (sec 80C) Housing loan principal repayment (sec 80C) Insurance premium & others (MF. etc.) (sec 80C) Long-term Infrastructure Bonds (sec 80CCF) Total Investments Produced 0 0 0 0 0 0 Produced 0 0 0 Produced 0 0 0 0 0 0 0 0 Produced 0 0 0 0 0 0 0 0 Limited 0 0 0 0 0 0 0 0 Limited 0 0 0 Limited 0 0 0 0 0 0 0 0 0 0 Limited 0 0 0 0 0 0 0 0 0 Free Download from http://taxcalc.com) 0 Exemptions under section 10 & 17 HRA Exemption (Sec 10 (13A)) Transport Exemption (Sec 10(14)) Other exemptions under Sec 10 (10) (gratuity. etc. Nithyanand Yeswanth (taxcalc@ynithya.com/ (Version 14.

00% 0 0 50 0.00% 0 12.00% 50 0.00% 0 0 15 0.00% 0 0 10 0.00% 0 12.00% 0 0 36 4.00% 0 0 36 0. of instalments Co.00% 0 0 36 0.com) .see Instructions below 100 0.00% 0 12.00% 0 10.00% 36 0.00% 0 12.00% Total value of Perquisites for the year 0 Free Download from http://taxcalc.00% 0 12.00% 0 10.com/ (Version 14.00% 10 0. interest rate EMI Prescribed interest rate 100 0.00% 0 0 36 0.00% 36 0.00% 50 4.00% 0 0 Second Loan Details (if loan of same type is taken again during the year) -. Nithyanand Yeswanth (taxcalc@ynithya.00% 36 4.6/19/2013 Perquisites Valuation for Income Tax Projections Page 7 of 10 PLEASE ENTER YOUR NAME HERE Perquisites Value of Loans Taken from the Company Housing Loan 0 Vehicle Loan 0 PC Loan 0 Soft Loan 0 Salary Loan 0 Education Phone Loan Loan 0 0 Marriage Loan 0 Other Loan 0 Other Loan 0 Other Loan 0 Original Loan Amount Loan Taken In Month/Year Loan Closed Month/Year No.ynithya.00% 0 0 50 0.00% 36 4.00% 0 0 36 4.00% 0 12.00% 36 0.00% 0 12.0) © 1997-2012.00% 0 12.00% 15 0.00% 50 0.00% 0 12. interest rate EMI Original Loan Amount Loan Taken In Month/Year Loan Closed Month/Year No.00% 0 0 50 4. of instalments Co.

00 0. Nithyanand Yeswanth .00 0.00 0.00 0.00 Total Accrued Interest 0.00 0.00 0.00 0.com/ (Version 14.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.6/19/2013 Accrued Interest for NSC Page 8 of 10 PLEASE ENTER YOUR NAME HERE NSC Accrued Interest Calculation Certificate No.0) © 1997-2012.00 0.00 Free Download from http://taxcalc.00 0.00 0.00 0.00 0.00 0.00 0.ynithya.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0. Date of Purchase Amount invested 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Accrued Interest 0.

6/19/2013 Capital Gains Tax Calculation Page 9 of 10 PLEASE ENTER YOUR NAME HERE Capital Gains Tax Calculation (Only for Stocks bought/sold through a Stock Exchange and where STT is paid) Scrip Name Nos Purchase Price Selling Price Gains 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Free Download from http://taxcalc.ynithya.com/ (Version 14.0) © 1997-2012. Nithyanand Yeswanth LT/ ST Date Date .

com/ (Version 14.0) © 1997-2012.6/19/2013 Capital Gains Tax Calculation Page 10 of 10 PLEASE ENTER YOUR NAME HERE Capital Gains Tax Calculation (Only for Stocks bought/sold through a Stock Exchange and where STT is paid) Scrip Name Nos Purchase Price Selling Price Gains 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total Short Term Gains Total Long Term Gains Total Capital Gains 0 0 0 LT/ ST Date Date Total Capital Gains Tax 0 Free Download from http://taxcalc.ynithya. Nithyanand Yeswanth .

Sign up to vote on this title
UsefulNot useful

Master Your Semester with Scribd & The New York Times

Special offer for students: Only $4.99/month.

Master Your Semester with a Special Offer from Scribd & The New York Times

Cancel anytime.