COMPUTATION OF INCOME TAX

for the financial year 2008-09

for

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1. Gross Annual Income/Salary(include all allowances) 2. Less: Allowances exempt u/s 10 (I) H.R.A. exemption (II) Conveyance allowances(Max Rs.800/-p.m) (iii) Any Other allowances (specify)---3. Income under the head salaries 4. Add: Any other income from other sources 1. Interest received from following Investments a. Bank ( Saving /FD /Rec ) b. N.S.C.(accrued/ Recd ) c. Post Ofice M.I.S (6 yrs.) d. Post Office Recring Deposit (5 yrs.) e. Term Deposit (1 to 5 yrs.) f. Saving Bonds (6yrs.) g. Kishan Vikas patra 2. Any Other Income (specify)--3. Any Other Income (specify)--5. Income from house property Less: Interest paid on housing loan(max150,000) 6. Gross Total Income 7. Less: Deduction under Sec 80C a. PF&VPF Contribution b. Life Insurance premiums c. PPF a/c Contribution d. N.S.C (Investment +accrued Int first five year) e. Housing. Loan (Principal Repayment ) f. Tuition fees for 2 children g. E.L.S.S(Mutual Fund) h. Tax Savings Bonds I. FD (5 Years and above) j. 80 ccc Pension Plan 8. Less: Deduction under chapter VI A b. 80 D Medical Insurance premiums c. 80 E Int Paid on Education Loan d. 80G Donation to approved fund e. Any other (Specify)--9. Total Income 10. Total Taxable Income (Round off to nearest 10 rupees) 11. Tax on Total Income 12. Surcharge on Total Taxable Income 13. Total Tax Payable 14. Add; Edn Cess @ 3% 15. Net Tax Payable 16. Tax Deduction at Source 17. Balance Tax Payable/Refundable

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Free- Auto Tax Calculator by B.P.Choudhary (Tax Consultant)

Version 1.0 for the Financial year 2006- 07 & Version 2.0 for the Financial year 2007- 08 Available free, Mail me at ( bpchoudhary@consultant.com) or( bpchoudhary@gmail.com) Hello-Dears- I am Bijender Pal Choudhary. I am not a Software Professional, but am a Tax Consultant. Prepared this Auto Tax Calculator with the information I have. This tax calculator may help to calculate the estimated tax payable by you. If you find any inconsistency,correction or amendments, please let me know, I will try to fix it at the earliest . Please send a detailed e-mail at bpchoudhary@consultant.com or bpchoudhary@gmail.com
This Calculator will be used to compute the Tax for salaried individuals only. Easy to understand & similar as form 16. You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing. Once you enter the amount in the yellow-colored cells. Other cells in Calculation & Computation Sheets will calculate data & Tax automatically. Follow the Tax Rules & Informations (where applicable). Following ready reaconer is for your refference. TAX RULES&OTHER USEFUL INFORMATION u/s 10 HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA) u/s 10 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 u/s 10 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. u/s 10 Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum u/s 10(5) LTA is exempt to the tune of ecomony class Train/ Air /Recognised public Transport fare 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 01.01.2006 to 31.12.2009. For claim, it is must to provide originals tickets etc. u/s 24 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 you have rented out your house, enter the total income/loss from the house (after deducting property tax and standard maintenance expenses). u/s 80D Medical Insurance (such as Mediclaim) premium is exempt upto (Rs 10,000/- for 2006-07) Rs.15,000/- for 2007-08 per year. If the premium includes that for a dependent who is above 65 years of age, an extra Rs.5000/- can be claimed u/s 80DD 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% u/s 80DDB 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/u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt u/s 80G Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%. u/s 80GG 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) Interest earned from all sources is to be included. All interest income is fully taxable u/s 80U If you have a permanent physical disability (including blindness), you can take an exemption (subject to maximum of Rs.75,000/- per year) u/s 80C Investments up to 1 lac in PF, VPF, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, etc. are deductible from the total income (there is no limit on individual items, for example 1 lac can be invested in Insurance, ) HOW TO GET AN UPDATE 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 You can send an e-mail with your Income details/Salary slip. You will automatically receive the current version of tax calculator with your own details within a day or two. Once you send a request for our calculator. In future we will send you an updated version autimatically.whenever I update, WE PROVIDE SERVICES FOR TAX ASSESSMENT IT RETURNS PAN CARD CUSTIMISED INURANCE SOLUTIONS (LIFE/ NON LIFE) MUTUAL FUNDS (TAX SAVINGS/INVESTMENTS) ADVISE Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not save up to last or face heavy burden in last months, so it is advisable to save from start on monthly basis through Bank ECS , Pls. get in touch with me for Tax saving schemes to mininimize your Tax liabilities. I am providing consultancy for Tax assessment and good Insurance, investment & Children Plan . C O N T A C T M E : B. P. C H O U D A R Y P h : 9 8 1 1 3 0 2 4 9 7 or M a i l