Income Tax Calculator FY 2013-14

Particulars Gross Income (CTC) HRA Exemptions u/s 10 A Other Exemptions u/s 10 A Professional Tax Net Income under Salaries Deductions u/s 80 C Deductions u/s 80 CCG Deductions u/s 80 D Total Deductions Tax Benefit u/s 24 Taxable Income Tax Slab Income Tax Payee Type 200,000 500,000 1,000,000 10,00,000+ Tax on Total Income Surcharge Tax with Surcharge Education Cess Tax with Cess Tax Credit Tax Liability Upto Rs. 2000 if Taxable Income < Rs. 5 lakhs 10% on Tax if Income > Rs 1 Crore Interest Paid On Home Loan (Max 1.5 L / 2.5 L) Tax payable on this income Slab Income Male, Female, Sr. Citizen>60, Very Sr. Citizen>80 200,000 300,000 251,400 Details Salary, Bonus, Allowances, Other income etc HRA Calculation below Medical, Convenyance etc Professional Tax Gross Income - Exemptions Investments in PF, PPF, Life Ins., ELSS, NPS etc Rajiv Gandhi Equity Savings Scheme Medical Insurance Premium (Self, Parents) Type Input Input Input Input Output Input Input Input Output Input Output Tax Rate Input 0% 10% 20% 30% Output 10% Output 3% Output Output Output Amount in Rs. 1,200,000 99,000 24,600 2,500 1,073,900 100,000 50,000 20,000 170,000 150,000 751,400 Tax Amount Male 30,000 50,280 80,280 80,280 2,408 82,688 82,688

Income Tax Ratio

Monthly Income Monthly Tax (Appx TDS) Income Tax Ratio Gross Income/12 Tax Liability/12 Gross Income/Tax Liability Output Output Output 100,000 6,891 6.89%

HRA Exemption Calculator

City living in Basic Salary + DA Input Input Metro 450,000

HRA Received Actual Rent Paid Least of the following will be HRA Exemption 1 2 3 HRA Receieved % of Salary+DA (50%-Metro & 40%-Non-metro) Rent paid in excess of 10 % of salary

Input Input Output Output Output

144,000 144,000 99,000 144,000 225,000 99,000

Copyright - Network FP l Created by - Sadique Neelgund, CFPCM, Founder, Network FP l Applicable for FY 2013-14

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