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56 Incom Tax Calculator

This document provides instructions for using an income tax calculator to estimate taxes for salaried individuals. It disclaims that the calculator should not be used to compute actual taxes owed and is not responsible for inaccuracies. It provides directions to enter salary, deduction, investment and property details monthly to calculate estimated tax liability. It also provides explanations of common tax rules around exemptions, deductions, rates and other concepts to help users understand the calculations.

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specky123
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
144 views

56 Incom Tax Calculator

This document provides instructions for using an income tax calculator to estimate taxes for salaried individuals. It disclaims that the calculator should not be used to compute actual taxes owed and is not responsible for inaccuracies. It provides directions to enter salary, deduction, investment and property details monthly to calculate estimated tax liability. It also provides explanations of common tax rules around exemptions, deductions, rates and other concepts to help users understand the calculations.

Uploaded by

specky123
Copyright
© Attribution Non-Commercial (BY-NC)
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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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 responsible 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 8 9 10 11 12 13 14 15

TAX RULES & OTHER USEFUL INFORMATION


1 2 3 4 5

7 8 9 10

11 12

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13 14 15

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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 responsible 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
(Section 1-Salary details, Section 2-Investment Declaration, Section 3-Income from let-out property) Enter the numbers in the yellow-colored cells. Enter your gender in cell D9 Enter your date of birth in cell D11 Enter the VPF contribution in row 37 against each month (if any) Please enter the professional tax deducted in row 38 against each month. Please enter the tax deducted in row 39 against each month. Please enter the Rent payment in row 41 against each month. Please note the HRA exemption is calculated on a monthly basis. If you are staying in a Metro City Please update row 42 as M (Metro) else N (Non Metro) If you are using company-provided/Leased car for office and personal use or availing Vehicle maintenance or petrol reimbursements please update (Y (Yes) or N (no)) in Row 43 Enter the amount of medical bills submitted in the cell E49 Enter the amount of LTA bills submitted in the cell E50 Enter the housing loan interest paid amount in Cell E51, if the house is self occupied. If the house is let-out, please enter the annual rent received in Cell E78, Interest on loan in cell E79 and Municipal tax paid ( ( if paid) in cell E80. Enter the number of remaining months in current financial year in Cell P82, to find out the tax per month Please don't update the amount allocated towards towards reimbursements, like medical, LTA, Vehicle reimbursement etc. in this calculator, as they are non taxable components. If you are availaing any non-monitory benefits (perquisites) from the company, the taxable amount needs to be updated in Cell O31

TAX RULES & OTHER USEFUL INFORMATION


HRA exemption is minimum of (40% (50% for metros) of Basic+DA, or HRA received, or rent paid - 10% of Basic+DA) Transport allowance is exempt upto Rs.800/- per month. Medical expenditure is exempted to the extend of bills submitted and maximum upto Rs.15000/- pa. LTA is exempt to the tune of economy 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 2010 to 2013 Loss on house property- ( Interest on Housing Loan). If the house is self-occupied and if the loan was taken before Apr 1, 1999 deduction is limited to Rs.30,000/- per year. If the loan is taken after 01-Apr-1999, maximum allowed is Rs.1.5 lakh. Deduction form total income will be available for Investments made in LIC, Pension Plans, FD with Scheduled Bank with term of 5 yrs, PPF, PF, VPF, Mutual Funds, NSC, Repayment of Housing Loan Principal, Children Education Exp.,etc upto rs.1 lakh. Sec 80C Investment in long term Infrastructure Bonds are eligible for an additional 20000/- deduction under Sec 80CCF, over and above Rs.1 Lakh. Medical Insurance premium is allowed as deduction upto Rs.15,000/- per year. An additional deduction upto Rs.20,000/- ( for Sr.citizen) else Rs.15,000/- will be allowed for the medical insurance taken on dependant parents. Repayment of interest on Education loan (taken for higher education from a university for self, Spouse and Children) is deductible U/s 80E. Tax rates- Taxable Income up to 1.8 Lakh exempted for men, and for women exemption limit is 1.9 Lakh. From 1.8 lakh to 5.0 lakh 10% (1.9 to 5.0 lakh for women), 5.0 lakh to 8.0 lakh 20% and 8.0 lakh and above 30%. Senior citizen (60 Years and above) the base exemmption limit is Rs.2.5 lakh and for Super Senior Citizens (80 Years and above) the base limit is Rs.5.0lakh Education Cess @ 3% will be charged on Total Tax Payable CLA Perquisite- If the accommodation provided is taken on lease/ rent by the employer , 15% of your total income (Total income reduced by Sec 10 exemptions and other perquisite values) or rent paid by the company should be considered as perquisite. If the accommodation provided is owned by the employer - 10% of 'salary' in cities having population exceeding twenty five lakh as per the 2001 census. For other places, the perquisite value is 7.5% of salary.

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If the company is provided any hard-furnishing facilities 10% of the actual cost should be considered as Hard Furnishing Perquisite. If you are availing company provided/Leased car, and if the car cc is less than 1.6, Rs.1800/-pm and if the car cc is greater than 1.6 Rs.2400/pm to be considered as taxable perquisite. Driver salary need to be taken Rs.900/- pm If the car is owned by you, and if you are availing any reimbursment of the running and maintenance of the car, the total amount reimbursed reduced by Rs.1800/- pm (if car is less than 1.6cc) or Rs.2400/-pm (if the car is greater than 1.6cc) need to be taken as perquisite. If driver salary also reimbursed, total driver salary reduced by Rs.900/- pm to be added to the car perquisite.

PLEASE GO TO INCOME TAX COMPUTATION

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Please read the instuction carefully before you update the details.

INCOME TAX CALCULATOR 2011 -2012


Emp No Employee Name Gender Date of Birth 1150 BACHCHA JHA M 1-Mar-83 (Male/Female)

Salary from April 2011 to March 2012.


Sr No Pay Compenents (Section 1) Earnings 1 2 3 4 5 6 7 8 9 10 11 12 13 Basic House Rent Allowance Conveyance Special Allowance Medical Allowance Leave Travel Allowance (LTA) Other Allowance Children Education Other Earnings - 1 Other Earnings - 2 Other Earnings - 3 Other Earnings - 4 Total Perks Total Earnings ( A ) Deductions 1 2 3 4 Provident Fund VPF Profession Tax TDS Deducted 0 0 200 0 4,000 Y N Y N 0 0 200 0 4,000 Y N 0 0 200 0 4,000 Y N 0 0 200 0 4,000 Y N 0 0 200 0 4,000 Y N 0 0 200 0 4,000 Y N 1,270 0 200 0 4,000 Y N 1,968 0 200 0 4,000 Y N 1,968 0 200 0 4,000 Y N 1,968 0 200 1,486 4,000 Y N 1,968 0 300 0 4,000 Y N 1,968 0 200 0 4,000 11110 0 2500 1486 48000 19000 3000 800 0 1250 0 950 0 0 0 0 0 25000 19000 3000 800 0 1250 0 950 0 0 0 0 0 25000 19000 3000 800 0 1250 0 950 0 0 0 0 0 25000 19000 3000 800 0 1250 0 950 0 0 0 0 0 25000 19000 3000 800 0 1250 0 950 0 0 0 0 0 25000 19000 3000 800 0 1250 0 950 0 0 0 0 0 25000 10581 4232 516 7659 806 0 742 0 0 0 0 0 24536 16400 6560 800 11872 1250 0 1150 0 0 0 0 0 38032 16400 6560 800 11872 1250 0 1150 0 0 0 0 0 38032 16400 6560 800 11872 1250 0 1150 0 0 0 0 0 38032 16400 6560 800 11872 1250 0 1150 0 0 0 0 0 38032 16400 6560 800 11872 1250 0 1150 0 0 0 0 0 0 38032 206581 55032 9316 67019 14556 0 12192 0 0 0 0 0 0 364696 Apr-2011 May-2011 Jun-2011 Jul-2011 Aug-2011 Sep-2011 Oct-2011 Nov-2011 Dec-2011 Jan-2012 Feb-2012 Mar-2012 Total

5 Rent Paid Metro/Non-metro (M or N) Company Car Provided ( Y or N)

Income Tax Declarations- (Section 2)


Medical Bills Submitted Leave Travel Allowance (LTA) Housing Loan Interest paid (Self occupied property) Any Other Income interest received,etc) Deduction Under Section 80CEmployees Provident Fund 15000 0 0 0

Income Tax Computations


Gross Salary Exemptions U/s 10 Conveyance Allowance House Rent Allowance Leave Travel Allowance Medical Allowance 364696.00

Investments
11110

9316.00 27342.00 0.00 14556.00

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Voluntary Provident Fund Public Provident Fund National Saving Certificate (NSC) Mutual Funds Insurance premium Savings in Pension Plans Fixed Deposit with Banks Others (Post Office Saving,ULIP, etc.) Children Education Expenses Housing Loan Principal Repayment Infrastructure Bonds Total Investments Medical Insurance Premium (sec 80D) Medical for handicapped dependents (Sec 80DD) Interest on Higher Education Loan(Sec 80E) Deduction for permanent disability (80U) Total Deduction

0 0 0 0 73000 0 0 0 0 0 0 84110 0 0 0 0 0

Total Gross Salary after Section 10 Deduction U/s 16 Professional Tax (Sec 16 iii) Income chargeable under head 'Salaries' Income (loss) on House property. Income from other Sources Gross Total Income Deductions under chapter VI-A Net taxable income Tax on Income

51214.00 313482.00

2500.00 310982.00 0.00 0.00 310982.00 84110.00 226870.00 4687.00 0.00 141.00 4828.00 1486.00 3342.00 2 1671.00

Income from Let out property - (Section 3)


Rent received during the year- (Annual Value) Interest paid during the year Municipal Tax Paid Less : Repairs and Maintenance (30% of annual value) Net Annual value Income (Loss) from house property 0 0 0 0 0 0.00

Surcharge on Tax Education Cess @3% Total Tax Due Less Tax Deducted Till Date Balance Remaining Month in the Year Tax Per Month

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