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Income Tax Calculator: Disclaimer
Income Tax Calculator: Disclaimer
Income Tax Calculator: Disclaimer
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 2 3 4 5 6 7 This sheet can be used to compute the tax for salaried individuals only Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0 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 AA74 are setup prior to using the calculator Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF 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 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 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 percentage, enter percentage in cell AA56. This will apply same percentage throughout the year. If 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 If the interest rate on PF is other than 8.5%, change the value in cell AA57 If you are claiming exemption on housing loan interest, remember to update cells AA60 and AA61 (see below for the rules) If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA63 If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA64 If any of your dependents have severe (>80%) permanent physical disability, change cell AA65 If you have a permanent physical disability, change cell AA66 and AA67 If you are above 60 years of age, change cell AA68. If you are above 80 years, change cell AA69 and the exemption limit is higher If you are a woman, remember to change cell AA70. You will get additional exemption If you live in company-provided house, change cell AA71 and AA72; 15% of salary will be added as perks for cities with more than 25 lacs population (as per 2001 census), 10% for cities with population of 15 lacs to 25 lacs, and 7.5% for other cities. If rent has been paid (cells D26 to O26), the same will be deducted from this perks amount If you are using company provided car for both official and personal use, update cells D44 to O44. If the company also provides driver, update cells D45 to O45. If company bears the running and maintenance expenses for the car, update cell AA73. Also update the size of the car in cell AA74 (in terms of engine cubic capacity) If you have been out of India during the year, update cells D46 to O46 so that conveyance exemption is computed correctly If you have taken company loans at discounted interest rates, please enter the details in the sheet "Perquisites" 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 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. Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount Enter any other earnings related to salary in cell S21 If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G76 Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G58 Enter the remaining months in current financial year in Cell G79, to figure out the tax per month You can change the headings for the 10 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure 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 Enter expected investments/savings/expenses information in cells N53 to N82 Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered Page 1 of 10
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Available for free download at: http://taxcalc.ynithya.com/ email: taxcalc@ynithya.com HOW TO GET AN UPDATE / CONTACT ME
1 2 3 4 5 6 7 8 9 10 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 The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/ 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 You can also send a blank e-mail to taxcalc@ynithya.com with only the subject line as "SEND TAXCALC" and the latest version of tax calculator will be e-mailed to you within a day or two If you want me to send you a new version whenever I update, please send a blank e-mail to taxcalc@ynithya.com with only the subject as "SUBSCRIBE". There are no charges for subscription 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 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" 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 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
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7/25/2012
Income Tax Projections for Financial Year 2011-12 PLEASE ENTER YOUR NAME HERE
Incl PF? Y Y N N N N N N N N N N N N N N N N Apr 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 May 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 Jun 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 Jul 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 Aug 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 Sep 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 Oct 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 Nov 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 Dec 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 Jan 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 Feb 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 Mar 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 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 Perks Bonus
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Others
Basic DA Convey HRA Ch. Educ Medical LTA Uniform All. Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Total Prof tax PF VPF IT Rent Life Insur. Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Tot Ded Net
0 0 0 0 0
0 0
0 0
Gross 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
Deductions
Earnings
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7/25/2012
Income Tax Projections for Financial Year 2011-12 PLEASE ENTER YOUR NAME HERE
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Tax Computation Gross Salary Profession Tax Exemptions under section 10 & 17 Gross Salary after Section 10 & 17 exemptions Accommodation & Car Perquisites Income chargeable under head 'Salaries' Income chargeable under head 'House/Property' Income chargeable under head 'Capital Gains' at nominal rate Income chargeable under head 'Other Sources' Gross Total Income Deductions under chapter VI-A Deductions under sec 80C Net taxable income Tax Slabs 00000 - 180000 180001 - 500000 500001 - 800000 > 800000 Tax on Income Capital Gains Tax (from Stocks) Education Cess Total Tax Liability Total Income tax paid from salary Tax paid outside of salary Income tax due Remaining months in year Tax rate 0% 10% 20% 30% Appl Amt 0 0 0 0 Balance 0 0 0
0 0 0 0 0 0 0 0 0 0 0 0 0 Tax 0 0 0 0 0 0 0 0 0 0 0 12
Exemptions under section 10 & 17 HRA Exemption (Sec 10 (13A)) Transport Exemption (Sec 10(14)) Other exemptions under Sec 10 (10) (gratuity, etc.) Medical Bills Exemption (Sec 17(2)) Children's Education Allowance Exemption (sec 10 (14)) LTA exemption (Sec 10(5)) Uniform expenses (Sec 10(14)) Total Exempted Allowances Other income House/property income or loss (enter loss as negative) Interest on housing loan (for tax exemption) Other income (interest, etc.) Deductions under Chapter VI-A Medical Insurance Premium (sec 80D) Medical Insurance Premium for parents (sec 80D) Medical for handicapped dependents (Sec 80DD) Medical for specified diseases (Sec 80DDB) Higher Education Loan Interest Repayment (Sec 80E) Donation to approved fund and charities (sec 80G) Rent deduction (sec 80GG) only if HRA not received Deduction for permanent disability (80U) Any other deductions Total Deductibles Deductions under Chapter VI (sec 80C) Pension scheme (sec 80C) NSC (sec 80C) Public Provident Fund (sec 80C) Employees Provident Fund & Voluntary PF (sec 80C) Children's Education Tuition Fees (sec 80C) Housing loan principal repayment (sec 80C) Insurance premium & others (MF, ULIP, FD, etc.) (sec 80C) Long-term Infrastructure Bonds (sec 80CCF) Total Investments
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7/25/2012
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Original Loan Amount Loan Taken In Month/Year Loan Closed Month/Year No. of instalments Co. interest rate EMI Original Loan Amount Loan Taken In Month/Year Loan Closed Month/Year No. of instalments Co. interest rate EMI Prescribed interest rate
100 0.00% 0 0
50 4.00% 0 0
36 0.00% 0 0
36 4.00% 0 0
10 0.00% 0 0
36 0.00% 0 0
15 0.00% 0 0
36 0.00% 0 0
50 0.00% 0 0
36 4.00% 0 0
50 0.00% 0 0
Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below
50 4.00% 0 10.00%
36 0.00% 0 12.00%
36 4.00% 0 12.00%
10 0.00% 0 12.00%
36 0.00% 0 12.00%
15 0.00% 0 12.00%
36 0.00% 0 12.00%
50 0.00% 0 12.00%
36 4.00% 0 12.00%
50 0.00% 0 12.00%
(Version 14.0)
7/25/2012
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0.00
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Date
Date
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Date
Date
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