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Income Tax Calculator

Version 11.0
© 1997-2009, Nithyanand Yeswanth
Available for free download at: http://www.ynithya.com/taxcalc/
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 This sheet can be used to compute the tax for salaried individuals only
2 Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells
3 Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0
4 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 AA71 are setup prior to using the calculator
5 Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF
6 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
7 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
8 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 it is done as a percentage, enter the percentage in cell AA56. This will apply the same percentage throughout the
year. 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 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

9 If the interest rate on PF is other than 8.5%, change the value in cell AA57
10 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 AA63
12 If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA64
13 If you have a permanent physical disability, change cell AA65
14 If you are above 65 years of age, change cell AA66. You will get additional exemption
15 If you are a woman, remember to change cell AA67. You will get additional exemption
16 If 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 lacs
population and 7.5% for other cities. If rent has been paid (cells D26 to O26), the same will be deducted from this perks amount
17 If you are claiming vehicle maintenance exemption update cells D44 to O44 to reflect the months in which you had the car
18 If you are claiming vehicle maintenance exemption and if you include driver's salary in the exemption, change cells D45 to O45
19 If you have been out of India during the year, update cells D46 to O46 so that conveyance exemption is computed correctly
20 If you have taken any company loans at interest rates lower than that prescribed by the Government, please enter the details in the sheet
"Perquisites"
21 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
22 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. As and when salary is received, update all the earnings and
deductions for that month
23 Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount
24 Enter any other earnings related to salary in cell S21
25 If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G77
26 Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G58

27 Enter the remaining months in current financial year in Cell G80, to figure out the tax per month
28 You can change the headings for the 11 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure
29 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
30 Enter expected investments/savings/expenses information in cells N53 to N82
31 Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered
32 Enter non-salary related other income (such as from interest) in cell N62
33 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. This interest is exempt under sec 80C
34 You can enter details of Stocks sold during the year in the "Capital Gains" sheet to calculate the tax applicable

TAX RULES & OTHER USEFUL INFORMATION

Page 1 of 8
Income Tax Calculator
Version 11.0
© 1997-2009, Nithyanand Yeswanth
Available for free download at: http://www.ynithya.com/taxcalc/
email: taxcalc@ynithya.com

1 HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
2 Transport allowance is exempt upto Rs.800/- per month provided the person is in India during the month. For people having permanent
physical disability, the exemption is Rs.1,600/- per month
3 Vehicle maintenance exemption can be claimed if you use a car for travel to the workplace. In such case, exemption can be claimed for the
petrol and vehicle maintenance amounts. The exemption is available to the tune of Rs.1,200/- per month if the engine capacity is less than
1600cc and Rs.1,600/- per month if the engine capacity is more than 1600cc. In case the amount includes driver's salary, there is an
additional exemption of Rs.600/- per month. When this exemption is claimed, transport allowance exemption is not available.

4 Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum
5 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 2009
6 Gratuity, VRS and some such amounts are exempt upto certain limits. If you get any such payment, please find out the exact limit for you
from a tax consultant and enter in cell N53
7 Children's Education allowance is exempt upto Rs.100/- per child per month plus Rs.300/- per child per month for hostel expenses (max of 2
children only)
8 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 house
is rented out
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've
paid it or not. If the loan is taken jointly by two individuals both can claim this exemption

9 If you have rented out your house, enter the total income/loss from the house (after deducting property tax and standard maintenance
expenses) in cell N60
10 Medical Insurance (such as Mediclaim) premium is exempt upto Rs.15,000/- per year for self, spouse & dependent children. An additional
Rs.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 extra
Rs.5,000/- can be claimed
11 Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less than 80% and
Rs.75,000/- per year if the disability is more than 80%
12 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/-
13 Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt
14 Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%. Please enter the actual
amount exempt, in cell N69
15 If you do not get HRA, but have rented a house, an exemption is available. This will be calculated as minimum of (25% of total income or rent
paid - 10% of total income or Rs.24,000/- per year)
16 Donations for certain scientific research and rural development are exempt. Please enter the actual amount exempt in cell N72
17 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 year
19 Investments up to 1 lac in PF, VFP, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post
Office Term Deposit, etc. are deductible from the taxable income under sec 80C. There is no limit on individual items, so all 1 lac can be
invested in NSC, for example. The only exception is PPF where the maximum investment is limited to Rs.70,000/-
20 Surcharge on Income tax is applied at 10% of the tax amount, if the taxable income is more than Rs.10,00,000/-
21 Education cess is calculated at 3% on total tax payable
22 For the current year, Govt. prescribed rate of interest for PF is 8.5%. If the employer pays interest higher than this, the differential interest
earned is treated as perquisites
23 Residents of Sikkim are exempt from Income Tax for the current year

HOW TO GET AN UPDATE / CONTACT ME

1 This tax calculator constantly gets updated to fix errors found as well as to add new features
2 This may also be changed when there are changes in tax rules that affect income tax computation
3 The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/
4 Please check back frequently (at least once every 2 months) to see that you have the latest version. You can compare the version number at
the top of this instructions page. However, if you have subscribed, you will automatically receive updates
5 You can also send a blank e-mail to taxcalc@ynithya.com with only the subject line as "SEND TAXCALC" and you will automatically receive
the current version of tax calculator within a day or two
6 If you want me to send you an updated version automatically, whenever I update, please send a blank e-mail to taxcalc@ynithya.com with
only the subject as "SUBSCRIBE"
7 If you find any inaccuracy in the calculation or want clarification on some aspect of the tax calculator, please send an e-mail to
taxcalc@ynithya.com with subject as "CLARIFICATION" and I will try to reply within a week
8 If you are already on my list and no longer want to get updates, send a blank e-mail to taxcalc@ynithya.com with only the subject as
"UNSUBSCRIBE"
9 While sending e-mail, please ensure that the subject line is exactly as given here (without the quotes), because the processing is done
automatically. Other mails will be deleted automatically
10 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

Page 2 of 8
11/29/2009 Income Tax Projections for Financial Year 2008-09 Page 3 of 8

PLEASE ENTER YOUR NAME HERE

Incl PF? Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total Perks Bonus Others Gross
Basic Y 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DA Y 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Convey N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
HRA N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Ch. Educ N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Medical N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
LTA N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Earnings

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 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
Prof tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
VPF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Life Insur. 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deductions

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tot Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
11/29/2009 Income Tax Projections for Financial Year 2008-09 Page 4 of 8

PLEASE ENTER YOUR NAME HERE

Tax Computation Exemptions under section 10 & 17 Produced Limited


Gross Salary 0 HRA Exemption (Sec 10 (13A)) 0 0
Profession Tax 0 Transport Exemption (Sec 10(14)) 0
Exemptions under section 10 & 17 0 Other exemptions under Sec 10 (10) (gratuity, etc.) 0 0
Gross Salary after Section 10 & 17 exemptions 0 Medical Bills Exemption (Sec 17(2)) 0 0
Accommodation Perquisites 0 Children's Education Allowance Exemption (sec 10 (14)) 0 0
Income chargeable under head 'Salaries' 0 LTA exemption (Sec 10(5)) 0 0
Income chargeable under head 'House/Property' 0 Vehicle Maintenance (petrol/maint. Bills) (Sec 10 (14)) 0 0
Income chargeable under head 'Capital Gains' at nominal rate 0 Total Exempted Allowances 0
Income chargeable under head 'Other Sources' 0 Other income Produced Limited
Gross Total Income 0 House/property income or loss (enter loss as negative) 0 0
Deductions under chapter VI-A 0 Interest on housing loan (for tax exemption) 0 0
Deductions under sec 80C 0 Other income (interest, etc.) 0 0
Net taxable income 0 Deductions under Chapter VI-A Produced Limited
Medical Insurance Premium (sec 80D) 0 0
Tax Slabs Tax rate Appl Amt Balance Tax Medical Insurance Premium for parents (sec 80D) 0 0
00000 - 150000 0% 0 0 0 Medical for handicapped dependents (Sec 80DD) 0 0
150001 - 300000 10% 0 0 0 Medical for specified diseases (Sec 80DDB) 0 0
300001 - 500000 20% 0 0 0 Higher Education Loan Interest Repayment (Sec 80E) 0 0
> 500000 30% 0 0 Donation to approved fund and charities (sec 80G) 0 0
Tax on Income 0 Rent deduction (sec 80GG) only if HRA not received 0 0
Capital Gains Tax (from Stocks) 0 Deduction for permanent disability (80U) 0
Surcharge on Tax 0 Any other deductions 0 0
Education Cess 0 Total Deductibles 0
Total Tax Liability 0 Deductions under Chapter VI (sec 80C) Produced Limited
Pension scheme (sec 80C) 0 0
Total Income tax paid from salary 0 NSC (sec 80C) 0 0
Tax paid outside of salary 0 Public Provident Fund (sec 80C) 0 0
Income tax due 0 Employees Provident Fund & Voluntary PF (sec 80C) 0 0
Children's Education (sec 80C) 0 0
Remaining months in year 12 Housing loan principal repayment (sec 80C) 0 0
Insurance premium (sec 80C) 0 0
Infrastructure Bonds & others (MF, ULIP, FD, etc.) (sec 80C) 0 0
Balance Tax payable 0 Total Investments 0

Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
11/29/2009 Perquisites Valuation for Income Tax Projections

PLEASE ENTER YOUR NAME HERE

Perquisites Value of Loans Taken from the Company

Housing Vehicle PC Soft Salary Education Marriage Other Other


Phone Loan
Loan Loan Loan Loan Loan Loan Loan Loan Loan
Original Loan Amount 0 0 0 0 0 0 0 0 0 0
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments 100 50 36 36 10 36 15 36 50 36
Co. interest rate 0.00% 4.00% 0.00% 4.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.00%
EMI 0 0 0 0 0 0 0 0 0 0
Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below
Original Loan Amount 0 0 0 0 0 0 0 0 0 0
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments 100 50 36 36 10 36 15 36 50 36
Co. interest rate 0.00% 4.00% 0.00% 4.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.00%
EMI 0 0 0 0 0 0 0 0 0 0

Prescribed interest rate 10.00% 10.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%

Total value of Perquisites for the year 0

Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
11/29/2009 Perquisites Valuation for Income Tax Projections

LEASE ENTER YOUR NAME HERE

lue of Loans Taken from the Company

Other
Loan
0

50
0.00%
0

50
0.00%
0

12.00%

Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
11/29/2009 Accrued Interest for NSC

PLEASE ENTER YOUR NAME HERE

NSC Accrued Interest Calculation

Certificate No. Date of Purchase Amount invested Accrued Interest


0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00

Total Accrued Interest 0.00

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1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
11/29/2009 Capital Gains Tax Calculation

PLEASE ENTER YOUR NAME HERE

Capital Gains Tax Calculation


(Only for Stocks bought/sold through a Stock Exchange and where STT is paid)

Purchase Selling LT/ Tax


Scrip Name Nos Gains Tax
Price Date Price Date ST Rate
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 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
0 0
0 0
0 0
0 0

Total Accrued Interest 0

Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)