Professional Documents
Culture Documents
D I S C LAI M E R
This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used t
the actual taxes to be paid to the Government. The author is not responsible for any inaccuracies in the tax computed
calculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest.
E-mail-bennythadathil@gmail.com
PLEASEREADTHESEINSTRUCTIONSCAREFULLY
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
TAX R U LE S & OTH E R U S E F U LI N F O R MATI O N
1
2
3
4
7
8
10
Page 1
INSTRUCTIONS
11
12
13
14
15
Page 2
INSTRUCTIONS
D I S C LAI M E R
This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to comp
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.
E-mail-bennythadathil@gmail.com
PLEASEREADTHESEINSTRUCTIONSCAREFULLY
(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
N (no)) in Row 43
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 n
taxable components.
If you are availaing any non-monitory benefits (perquisites) from the company, the taxable amount needs to be updated in CellO31
TAX R U LE S & OTH E R U S E F U LI N F O R MATI O N
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, Mutua
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.citize
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 wome
employees), 5.0 lakh to 8.0 lakh 20% and 8.0 lakh and above 30%.
Page 3
INSTRUCTIONS
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.
Page 4
INCOME TAX CALCULATION
Please read the instuction carefully before you update the data.
INCOME TAX CALCULATOR 2011 -2012
Emp No XXDEF
Employee Name ABC
Gender M (Male/Female)
Date of Birth ###
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
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
4 TDS Deducted 0 0 0 0 0 0 0 0 0 0 0 0 0
5 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
Page 5 www.vijayvergia.com