Income Tax Calculator

Version 12.0
© 1997-2010, Nithyanand Yeswanth
Available for free download at: http://www.ynithya.com/taxcalc/
email: taxcalc@ynithya.com

PLEASE ENTER YOUR NAME HERE

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 This sheet can be used to compute the tax for salaried individuals only
2 Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells
3 Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0
4 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 AA70 are setup prior to using the calculator

5 Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF
6 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 D45 to O45

7 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 D46 to O46

8 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

9 If the interest rate on PF is other than 8.5%, change the value in cell AA57
10 If you are claiming exemption on housing loan interest, remember to update cells AA60 and AA61 (see below for the rules)
11 If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA63
12 If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA64
13 If you have a permanent physical disability, change cell AA65 and AA66
14 If you are above 65 years of age, change cell AA67. You will get additional exemption
15 If you are a woman, remember to change cell AA68. You will get additional exemption
16 If you live in company-provided house, change cell AA69 and AA70; 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

17 If you have been out of India during the year, update cells D44 to O44 so that conveyance exemption is computed correctly
18 If you have taken company loans at discounted interest rates, please enter the details in the sheet "Perquisites"
19 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

20 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. As and when salary is received, update all the earnings and
deductions for that month

21 Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount
22 Enter any other earnings related to salary in cell S21
23 If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G74
24 Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G56
25 Enter the remaining months in current financial year in Cell G77, to figure out the tax per month
26 You can change the headings for the 10 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure
27 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

28 Enter expected investments/savings/expenses information in cells N51 to N80

29 Other exemptions entered in cell N51 is not validated. So, please be sure about the amount entered
30 Enter non-salary related other income (such as from interest) in cell N60
31 You can enter the details of NSC's purchased during the last 5 years in the "NSC Accrued Interest" sheet to calculate the accrued interest
automatically. This interest is exempt under sec 80C

32 You can enter details of Stocks sold during the year in the "Capital Gains" sheet to calculate the tax applicable

Page 1 of 12
 Income Tax Calculator
Version 12.0
© 1997-2010, Nithyanand Yeswanth
Available for free download at: http://www.ynithya.com/taxcalc/
email: taxcalc@ynithya.com

33 HRA exemption is calculated on monthly basis and added up, which may not always be correct if your HRA, Rent or Basic+DA change month
on month. In such cases, and if you have not moved from a metro to non-metro or vice-versa in the middle of the year, enter the rent details
only in cells Q26 to S26 and NOT in cells D26 to O26. This will calculate the exemption on the total basis instead of monthly basis

TAX RULES & OTHER USEFUL INFORMATION

1 HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
2 Transport allowance is exempt upto Rs.800/- per month provided the person is in India during the month. For people having permanent
physical disability, the exemption is Rs.1,600/- per month

3 Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum
4 LTA is exempt to the tune of ecomony 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 Jan 2006 to Dec 2009

5 Uniform allowance is exempt to the extent of bills produced for purchase of uniforms
6 Gratuity, VRS and some such amounts are exempt upto certain limits. If you get any such payment, please find out the exact limit for you
from a tax consultant and enter in cell N51

7 Children's Education allowance is exempt upto Rs.100/- per child per month plus Rs.300/- per child per month for hostel expenses (max of 2
children only)

8 There is an exemption for interest on housing loan. If the loan was taken before Apr 1, 1999 exemption is limited to Rs.30,000/- per year. If
the loan was taken after Apr 1, 1999 exemption is limited to Rs.1,50,000/- per year if the house is self-occupied; there is no limit if the house
is rented out
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've
paid it or not. If the loan is taken jointly by two individuals both can claim this exemption

9 If you have rented out your house, enter the total income/loss from the house (after deducting property tax and standard maintenance
expenses) in cell N58

10 Medical Insurance (such as Mediclaim) premium is exempt upto Rs.15,000/- per year for self, spouse & dependent children. An additional
Rs.15,000/- is exempt towards premium for parents (even if they are not dependent). If the parent(s) are above 65 years of age, an extra
Rs.5,000/- can be claimed

11 Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less than 80% and
Rs.1,00,000/- per year if the disability is more than 80%

12 Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed upto Rs.40,000/-
per year. If the person being treated is a senior citizen, the exemption can go up to Rs.60,000/-

13 Interest repayment on education loan (taken for any education from a university for self, spouse & children) is tax exempt
14 Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%. Please enter the actual
amount exempt, in cell N67

15 If you do not get HRA, but have rented a house, an exemption is available. This will be calculated as minimum of (25% of total income or rent
paid - 10% of total income or Rs.24,000/- per year)

16 Donations for certain scientific research and rural development are exempt. Please enter the actual amount exempt in cell N70
17 Interest earned from all sources is to be included in cell N60. All interest income (including Savings bank intererst) is fully taxable
18 If you have a permanent physical disability (including blindness), you can take an exemption of up to Rs.75,000/- per year
19 Investments up to 1 lac in PF, VFP, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post
Office Term Deposit, etc. are deductible from the taxable income under sec 80C. There is no limit on individual items, so all 1 lac can be
invested in NSC, for example. The only exception is PPF where the maximum investment is limited to Rs.70,000/-

20 Education cess is calculated at 3% on total tax payable

21 For the current year, Govt. prescribed rate of interest for PF is 8.5%. If the employer pays interest higher than this, the differential interest
earned is treated as perquisites

22 Residents of Sikkim are exempt from Income Tax

HOW TO GET AN UPDATE / CONTACT ME

1 This tax calculator constantly gets updated to fix errors found as well as to add new features
2 This may also be changed when there are changes in tax rules that affect income tax computation
3 The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/
4 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

5 You can also send a blank e-mail to taxcalc@ynithya.com with only the subject line as "SEND TAXCALC" and you will automatically receive
the current version of tax calculator within a day or two

Page 2 of 12
 Income Tax Calculator
Version 12.0
© 1997-2010, Nithyanand Yeswanth
Available for free download at: http://www.ynithya.com/taxcalc/
email: taxcalc@ynithya.com

6 If you want me to send you an updated version automatically, whenever I update, please send a blank e-mail to taxcalc@ynithya.com with
only the subject as "SUBSCRIBE"

7 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

8 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"
9 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

10 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

Page 3 of 12
 02/09/2010 Income Tax Projections for Financial Year 2009-10 Page 4 of 12

PLEASE ENTER YOUR NAME HERE

Incl PF? Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total Perks Bonus Others Gross
Basic Y 0 0 0 0 0 0 0 0 0 0 0 0 0 0
DA Y 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Convey N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
HRA N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Ch. Educ N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Medical N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
LTA N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Uniform All. N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Earnings

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Misc N 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
Prof tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0
PF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
VPF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
IT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Rent 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Life Insur. 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Deductions

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Tot Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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 02/09/2010 Income Tax Projections for Financial Year 2009-10 Page 5 of 12

PLEASE ENTER YOUR NAME HERE

Tax Computation Exemptions under section 10 & 17 Produced Limited

Gross Salary 0 HRA Exemption (Sec 10 (13A)) 0 0
Profession Tax 0 Transport Exemption (Sec 10(14)) 0
Exemptions under section 10 & 17 0 Other exemptions under Sec 10 (10) (gratuity, etc.) 0 0
Gross Salary after Section 10 & 17 exemptions 0 Medical Bills Exemption (Sec 17(2)) 0 0
Accommodation Perquisites 0 Children's Education Allowance Exemption (sec 10 (14)) 0 0
Income chargeable under head 'Salaries' 0 LTA exemption (Sec 10(5)) 0 0
Income chargeable under head 'House/Property' 0 Uniform expenses (Sec 10(14)) 0 0
Income chargeable under head 'Capital Gains' at nominal rate 0 Total Exempted Allowances 0
Income chargeable under head 'Other Sources' 0 Other income Produced Limited
Gross Total Income 0 House/property income or loss (enter loss as negative) 0 0
Deductions under chapter VI-A 0 Interest on housing loan (for tax exemption) 0 0
Deductions under sec 80C 0 Other income (interest, etc.) 0 0
Net taxable income 0 Deductions under Chapter VI-A Produced Limited
Medical Insurance Premium (sec 80D) 0 0
Tax Slabs Tax rate Appl Amt Balance Tax Medical Insurance Premium for parents (sec 80D) 0 0
00000 - 160000 0% 0 0 0 Medical for handicapped dependents (Sec 80DD) 0 0
160001 - 300000 10% 0 0 0 Medical for specified diseases (Sec 80DDB) 0 0
300001 - 500000 20% 0 0 0 Higher Education Loan Interest Repayment (Sec 80E) 0 0
> 500000 30% 0 0 Donation to approved fund and charities (sec 80G) 0 0
Tax on Income 0 Rent deduction (sec 80GG) only if HRA not received 0 0
Capital Gains Tax (from Stocks) 0 Deduction for permanent disability (80U) 0
Education Cess 0 Any other deductions 0 0
Total Tax Liability 0 Total Deductibles 0
Deductions under Chapter VI (sec 80C) Produced Limited
Total Income tax paid from salary 0 Pension scheme (sec 80C) 0 0
Tax paid outside of salary 0 NSC (sec 80C) 0 0
Income tax due 0 Public Provident Fund (sec 80C) 0 0
Employees Provident Fund & Voluntary PF (sec 80C) 0 0
Remaining months in year 12 Children's Education (sec 80C) 0 0
Housing loan principal repayment (sec 80C) 0 0
Insurance premium (sec 80C) 0 0
Balance Tax payable 0
Infrastructure Bonds & others (MF, ULIP, FD, etc.) (sec 80C) 0 0
© 1997-2010, Nithyanand Yeswanth (taxcalc@ynithya.com) Total Investments 0

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02/09/2010 Perquisites Valuation for Income Tax Projections

PLEASE ENTER YOUR NAME HERE

Perquisites Value of Loans Taken from the Company

Housing Vehicle PC Soft Salary Education Marriage Other Other

Phone Loan
Loan Loan Loan Loan Loan Loan Loan Loan Loan
Original Loan Amount 0 0 0 0 0 0 0 0 0 0
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments 100 50 36 36 10 36 15 36 50 36
Co. interest rate 0.00% 4.00% 0.00% 4.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.00%
EMI 0 0 0 0 0 0 0 0 0 0
Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below
Original Loan Amount 0 0 0 0 0 0 0 0 0 0
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments 100 50 36 36 10 36 15 36 50 36
Co. interest rate 0.00% 4.00% 0.00% 4.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.00%
EMI 0 0 0 0 0 0 0 0 0 0

Prescribed interest rate 10.00% 10.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00%

Total value of Perquisites for the year 0

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 02/09/2010 Perquisites Valuation for Income Tax Projections

LEASE ENTER YOUR NAME HERE

lue of Loans Taken from the Company

Other
Loan
0

50
0.00%
0

50
0.00%
0

12.00%

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02/09/2010 Accrued Interest for NSC

PLEASE ENTER YOUR NAME HERE

NSC Accrued Interest Calculation

Certificate No. Date of Purchase Amount invested Accrued Interest

0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00
0 0.00

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02/09/2010 Accrued Interest for NSC

Total Accrued Interest 0.00

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 02/09/2010 Capital Gains Tax Calculation

PLEASE ENTER YOUR NAME HERE

Capital Gains Tax Calculation

(Only for Stocks bought/sold through a Stock Exchange and where STT is paid)

Purchase Selling LT/

Scrip Name Nos Gains
Price Date Price Date ST
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Free Download from http://taxcalc.ynithya.com/ (Version 12.0)

© 1997-2010, Nithyanand Yeswanth (taxcalc@ynithya.com)
 02/09/2010 Capital Gains Tax Calculation

PLEASE ENTER YOUR NAME HERE

Capital Gains Tax Calculation

(Only for Stocks bought/sold through a Stock Exchange and where STT is paid)

Purchase Selling LT/

Scrip Name Nos Gains
Price Date Price Date ST
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
0
0
0
0
0
0
0
0
0
0
0
0
0
0

Free Download from http://taxcalc.ynithya.com/ (Version 12.0)

© 1997-2010, Nithyanand Yeswanth (taxcalc@ynithya.com)
 02/09/2010 Capital Gains Tax Calculation

PLEASE ENTER YOUR NAME HERE

Capital Gains Tax Calculation

(Only for Stocks bought/sold through a Stock Exchange and where STT is paid)

Purchase Selling LT/

Scrip Name Nos Gains
Price Date Price Date ST

Total Short Term Gains 0

Total Long Term Gains 0
Total Capital Gains 0

Total Capital Gains Tax 0

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© 1997-2010, Nithyanand Yeswanth (taxcalc@ynithya.com)