income tax Calculator

INSTRUCTIONS
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D I S C L A I M E R
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.
P L E A S E R E A D T H E S E I N S T R U C T I O N S C A R E F U L L Y
T A X R U L E S & O T H E R U S E F U L I N F O R M A T I O N
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INSTRUCTIONS
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INSTRUCTIONS
(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 CellD9
Enter Your Date of Birth in CellD11
Enter your 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 row42as 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 inCell E78, Interest on loan incell E79and Municipal tax paid ( ( if paid) in cellE80.
Enter the number of remaining months in current financial year in CellP82, 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 CellO31
HRA exemption is minimum of (40%(50% for metros)of Basic+DA,orHRA received,orrent 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 Infrastructure Bonds are eligible for an additional 20000/- deduction under Sec 80C.
Medical Insurance (such as Mediclaim) 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 1.6 Lakh exempted, for Women employees exemption limit is 1.9 Lakh, 1.6 lakh to 5.0 lakh 10% (1.9 to
5.0 lakh for women employees), 5.0 lakh to 8.0 lakh 20% and 8.0 lakh and above 30%.
Education Cess @ 3% will be charged on Total Tax Payable
D I S C L A I M E R
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.
P L E A S E R E A D T H E S E I N S T R U C T I O N S C A R E F U L L Y
T A X R U L E S & O T H E R U S E F U L I N F O R M A T I O N
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INSTRUCTIONS
If you are using Company provided accodomation,Where 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 or Where employer owns the accommodation provided to the employee - 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.
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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INCOME TAX CALCULATION
INCOME TAX CALCULATOR 2011 -2012
Emp No XXDEF
Employee Name ABC
Gender M (Male/Female)
Date of Birth 15-Dec-73
Salary from April 2011 to March 2012.
Sr No Pay Compenents (Section 1) 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
Earnings
1 Basic 0 0 0 0 0 0 0 0 0 0 0 0 0
2 House Rent Allowance 0 0 0 0 0 0 0 0 0 0 0 0 0
3 Conveyance 0 0 0 0 0 0 0 0 0 0 0 0 0
4 Special Allowance 0 0 0 0 0 0 0 0 0 0 0 0 0
5 Medical Allowance 0 0 0 0 0 0 0 0 0 0 0 0 0
6 LTA 0 0 0 0 0 0 0 0 0 0 0 0 0
7 Other Allowance 0 0 0 0 0 0 0 0 0 0 0 0 0
8 Children Education 0 0 0 0 0 0 0 0 0 0 0 0 0
9 Exgratia 0 0 0 0 0 0 0 0 0 0 0 0 0
10 Leave Encashment 0 0 0 0 0 0 0 0 0 0 0 0 0
11 Incentive & other payments 0 0 0 0 0 0 0 0 0 0 0 0 0
12 Others - Pls Specify 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Total Perks 0 0
Total Earnings ( A ) 0 0 0 0 0 0 0 0 0 0 0 0 0
Deductions
1 Provident Fund 0 0 0 0 0 0 0 0 0 0 0 0 0
2 V P F 0 0 0 0 0 0 0 0 0 0 0 0 0
3 Profession Tax 0 0 0 0 0 0 0 0 0 0 0 0 0
4 TDS Deducted 0 0 0 0 0 0 0 0 0 0 0 0 0
5 others / 0 0 0 0 0 0 0 0 0 0 0 0 0
6 Rent Paid 0 0 0 0 0 0 0 0 0 0 0 0 0
Metro/Non-metro (M or N) N N N N N N N N N N N N
Medical Bills Submitted 0 Gross Salary 0.00
0 Exemptions U/s 10
0
0 Conveyance Allowance 0.00
House Rent Allowance 0.00
Leave Travel Allowance 0.00
0 Medical Allowance 0.00
0 Total 0.00
0
0 Gross Salary after Section 10 0.00
0
0 Deduction U/s 16
0 Professional Tax (Sec 16 iii) 0.00
0
0 Income chargeable under head 'Salaries' 0.00
0
0 Income (loss) on House property. 0.00
0
0 Income from other Sources 0.00
0 Gross Total Income 0.00
0
0 Deductions under chapter VI-A 0.00
0
0 Net taxable income 0.00
Tax on Income 0.00
Surcharge on Tax 0.00
Rent received during the year- (Annual Value) 0 Education Cess @3% 0.00
Interest paid during the year 0 Total Tax Due 0.00
Municipal Tax Paid 0 Less Tax Deducted Till Date 0.00
Less : Repairs and Maintenance (30% of annual value) 0 Balance 0.00
Net Annual value 0 Remaining Month in the Year 12
0.00 0.00
Income Tax Declarations- (Section 2) Income Tax Computations
Leave Travel Allowance (LTA)
Housing Loan Interest paid (Self occupied property)
Any Other Income interest received,etc)
Deduction Under Section 80C- Investments
Employees Provident Fund
Voluntary Provident Fund
Infrastructure Bonds - 80CCF
Public Provident Fund
National Saving Certificate (NSC)
Mutual Funds
Insurance premium
Savings in Pension Plans
Please read the instuction carefully before you update the data.
Tax Per Month
Deduction for permanent disability (80U)
Total Deduction
Income from Let out property - (Section 3)
Income (Loss) from house property
Total Investments
Medical Insurance Premium (sec 80D)
Medical for handicapped dependents (Sec 80DD)
Interest on Higher Education Loan(Sec 80E)
Fixed Deposit with Banks
Others (Post Office Saving,ULIP, etc.)
Children Education Expenses
Housing Loan Principal Repayment
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