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    Make Entries Only in Yellow Coloured Cells: Income Tax Calculation For The Period 01.04.2008 To 31.03.2009

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    Mohanavelu Palaniswamy
    This document contains an income tax calculation sheet for an employee for the period of April 1, 2008 to March 31, 2009. It includes the employee's name, PAN number, designation, gender, and income and exemption details. The total income is Rs. 756,000 and total exemptions amount to Rs. 240,000, resulting in taxable income of Rs. 516,000. The total tax is calculated as Rs. 18,297 and the tax deducted through payroll is Rs. 18,300, leaving a balance tax of Rs. 0.

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    Make Entries Only in Yellow Coloured Cells: Income Tax Calculation For The Period 01.04.2008 To 31.03.2009

    Uploaded by

    Mohanavelu Palaniswamy
    11 views6 pages
    This document contains an income tax calculation sheet for an employee for the period of April 1, 2008 to March 31, 2009. It includes the employee's name, PAN number, designation, gender, and income and exemption details. The total income is Rs. 756,000 and total exemptions amount to Rs. 240,000, resulting in taxable income of Rs. 516,000. The total tax is calculated as Rs. 18,297 and the tax deducted through payroll is Rs. 18,300, leaving a balance tax of Rs. 0.

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    This document contains an income tax calculation sheet for an employee for the period of April 1, 2008 to March 31, 2009. It includes the employee's name, PAN number, designation, gender, and income and exemption details. The total income is Rs. 756,000 and total exemptions amount to Rs. 240,000, resulting in taxable income of Rs. 516,000. The total tax is calculated as Rs. 18,297 and the tax deducted through payroll is Rs. 18,300, leaving a balance tax of Rs. 0.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xls, pdf, or txt
    11 views6 pages

    Make Entries Only in Yellow Coloured Cells: Income Tax Calculation For The Period 01.04.2008 To 31.03.2009

    Uploaded by

    Mohanavelu Palaniswamy
    This document contains an income tax calculation sheet for an employee for the period of April 1, 2008 to March 31, 2009. It includes the employee's name, PAN number, designation, gender, and income and exemption details. The total income is Rs. 756,000 and total exemptions amount to Rs. 240,000, resulting in taxable income of Rs. 516,000. The total tax is calculated as Rs. 18,297 and the tax deducted through payroll is Rs. 18,300, leaving a balance tax of Rs. 0.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
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    Download as xls, pdf, or txt
    of 6

    Make entries only in yellow coloured cells

    INCOME TAX CALCULATION FOR THE PERIOD 01.04.2008 TO 31.03.2009


    Employee Name

    Total Tax

    PAN no.

    Tax Deducted

    Employee Designation

    BALANCE TAX

    Gender (Enter 1 for Male & 2 for Female)

    1
    Amount

    Exemptions

    Salary Income:
    Basic

    480,000.00

    0.00

    HRA

    276,000.00

    240,000.00

    Conveyance

    0.00

    0.00

    NSA

    0.00

    0.00

    Attendance Bonus

    0.00

    0.00

    Medical

    0.00

    0.00

    Special allowances

    0.00

    0.00

    APDP

    0.00

    0.00

    Incentive/others
    Total
    Less:

    0.00

    0.00

    756,000

    240,000

    Deductions u/s 16(i) and 16(iii)


    a. Profession Tax

    1,620.00

    Interest on Housing Loan

    0.00

    (Enter 1 for Self Occupied & 2 for Let out property)

    Deduction under Chapter VIA


    Sections >> 80C to 80U

    Gross

    a) 80D - Mediclaim Premium

    Qualifying

    16,000.00

    15,000.00

    b) 80DD - Dependent Handicapped

    0.00

    0.00

    c) 80DDB - Self Medical Treatment (Specified Diseases)

    0.00

    0.00

    d) 80E - Education Loan

    0.00

    0.00

    0.00

    0.00

    e) 80U - Handicapped Employee


    f) 80C - P F

    9,360.00

    g) 80C - Public Provident Fund

    0.00

    i) 80C - LIC - Premium REGULAR


    j) 80C - N S C
    k) 80CC - Interest on NSC
    l) 80C - ULIP / Mutual Funds / UTI
    m) 80C - Post Office Savings (CTD)
    n) 80C - Principal Repayment on HSG Loan

    0.00
    Maximum 1,00,000

    h) 80C - LIC - Pension (80CCC)

    18,000.00
    50,000.00
    0.00
    20,000.00
    0.00
    0.00

    Maximum 1,00,000

    o) 80C - Tuition Expenses for Children

    12,000.00

    p) 80C - Fixed Deposit (Locking period for 5 years)


    q) 80C - Infracture Bonds (ICICI / IDBI)

    20,000.00
    120,000.00

    Total Deductions under Chapter VIA


    Total Taxable Income
    Tax thereon
    0

    200000

    nil

    200001

    500000

    10%

    179380

    500001

    1000000

    20%

    above

    1000000

    30%

    Add: Surcharge
    Add: Education Cess 2% on(IT+SC)
    TOTAL TAX

    [ A ]

    Less: Deducted through payroll

    [ B ]
    BALANCE TAX

    [A-B]

    Deducted

    To be deducted

    April

    12

    1525

    May

    11

    1525

    June

    10

    1525

    July

    1525

    August

    1525

    September

    1525

    October

    1525

    November

    1525

    December

    1525

    January

    1525

    February

    1525

    March

    1525

    18300

    Exemptions calculations

    HRA Exemption u/s 10(13A)


    a. HRA Received

    276,000.00

    b. Actual Rent Paid (pa)


    Less: 10% of Basic Salary

    288,000.00
    48,000.00

    c. 50% of Basic Salary

    240,000.00
    240,000.00

    ..
    Medical Allowance Rs. 1250/- p.m., if paid

    0.00

    Conveyance Allowance Rs. 800/- p.m., if paid

    0.00

    18,297
    0
    18,297

    Total
    Apr-08

    May-08

    Jun-08

    Jul-08

    Aug-08

    Sep-08

    480,000

    Basic

    40,000.00

    40,000.00

    40,000.00

    40,000.00

    40,000.00

    40,000.00

    36,000

    HRA

    20,000.00

    20,000.00

    20,000.00

    24,000.00

    24,000.00

    24,000.00

    Conveyance

    NSA

    Attendance Bonus

    Medical

    Special all

    APDP

    Incentive/others

    516,000

    (1,620)
    514,380
    0
    514,380

    60,000.00

    60,000.00

    60,000.00

    64,000.00

    64,000.00

    64,000.00

    IT deductions

    PF deductions

    780.00

    780.00

    780.00

    780.00

    780.00

    780.00

    Professional tax

    135.00

    135.00

    135.00

    135.00

    135.00

    135.00

    135,000
    379,380
    17,938
    17,938
    0
    0
    0
    359
    18,297
    0
    18,297
    Total
    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    #DIV/0!

    1,525

    18300

    240,000

    0
    276,000

    Oct-08

    Nov-08

    Dec-08

    Jan-09

    Feb-09

    Mar-09

    Total

    40,000.00

    40,000.00

    40,000.00

    40,000.00

    40,000.00

    40,000.00

    480,000

    24,000.00

    24,000.00

    24,000.00

    24,000.00

    24,000.00

    24,000.00

    276,000

    64,000.00

    64,000.00

    64,000.00

    64,000.00

    64,000.00

    64,000.00

    756,000

    780.00

    780.00

    780.00

    780.00

    780.00

    780.00

    9,360

    135.00

    135.00

    135.00

    135.00

    135.00

    135.00

    1,620

    =ROUND(IF(+J23>0,J23,$G$60/D62),0)

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