by B.P.

CHOUDHARY (Tax Consultant )(CA Associate)

Modified Version 10 with calculation of surcharge and marginal relief,
House property with relief of Section 80EE,
with Ready reconer - All the infromations & Rules for the Taxatio
Calculate your Tax in less than 5 Minutes
A simple Tax Calculator on excel sheet to compute the tax and understand the rules
Once you enter the amount in blank cells. Other cells will calculate data

print the Computation and other calculatio

Introduction Software Tax Calculator

Simple Tax Calculator
Informations & Rules (Tax rat

Latest Modified Version for Financial Year 2015-16, Assessment Year 2016-17 is now available to fulfill your

My Aim to prepare this calculator was help people, to calculate the Income tax in very simple way with less t
This calculator will help you.
On the basis of feedback and requirements of Calculator subscribers and user friends. I realise that some u
type. So this time I have clubbed both type of calculaor "Software Calculator and Simple Excel Calculato
use anyone or both as per your suitability.Simple calculator is hyperlinked with information and Rules to clea

For My Services, Other Calculators and Taxation related matters Call - 9811302497,9211125587
If you find any inconsistency, correction or amendments in Calculator, please let
Please send a detailed e-mail at bpchoudhary@gmail.com or ta
9811302497, 9211125587
 For the Financial year 2015- 16
Assessment Year 2016-17

CA Associate)
marginal relief, Income from
with relief of Section 80EE,87A & 80TTA
mations & Rules for the Taxation,Exemptions,deduction etc.
ur Tax in less than 5 Minutes
d understand the rules
Other cells will calculate data & Tax automatically.
Calculate your Income Tax in Calculation sheet &
mputation and other calculation sheet .

Rules (TaxIncome
rates, exemptions/deductions)
from House Property (calculated
Exempted
in Software
Allowance
calculator) & income from other sourc

16-17 is now available to fulfill your requirements.

me tax in very simple way with less time & less efforts and know all current applicable rules.

d user friends. I realise that some user are comfortable with simple version and some are with software
lator and Simple Excel Calculator" in same work book. Now You can
d with information and Rules to clear and understand all related aspects. .

l - 9811302497,9211125587 Visit us at : www.taxationseva.com

mendments in Calculator, please let me know, I will try to fix it at the earliest.
ail at bpchoudhary@gmail.com or taxationseva@gmail.com
9811302497, 9211125587
 00/00/0000
COMPUTATION OF INCOME TAX D.O.B :
for Financial Year 2015-16, Assessment Year 2016-17 ASSESSE : INVIDUAL
NAME : PAN :
ADDRESS : PHONE :

1. Gross Annual Income ₹0

2. Allowances exempt - u/s 10 & 17 ₹0

3. Deduction u/s 16 -Tax on Employement/ Entertainment allowance ₹0

4. Income under the head salaries
₹0
5. Interest received in saving account ₹0
6. Any other income from other sources ₹0
7. Income from house property ₹0
8. Gross Total Income ₹0
9. Deduction under chapter VI A ₹0
Deduction under Sec 80CCE ₹0
80C - PF & VPF Contribution ₹0

80C - Life Insurance premiums ₹0

80C - N.S.C (Investment + accrued Int first five year) ₹0

80C - Home. Loan (Principal Repayment) ₹0

80CCC -Pension Plan ₹0
80CCD1 - New Pension Secheme (Employee Contribution) ₹0

80CCD2 -New Pension Scheme- Employer Contribution ₹0

80CCG -Rajiv Gandhi Equity Scheme ₹0
80D - Medical Insurance premiums+Health Check ₹0
80G Donation to approved fund ₹0
Section 80DD ₹0
Section 80E ₹0
80TTA- Interest received in Saving Account ₹0
80EE - Addnl Interest benefit on home loan ₹0
10. Total Income Trial Version Expired
11. Total Taxable Income (Round off to nearest 10 rupees) #VALUE!
12. Tax on Total Income #VALUE!
13. Rebate U/S 87A ₹0
14. Total tax after rebate #VALUE!
15. Surcharge on Total Taxable Income #VALUE!
16. Education Cess & SHEC (2%+1%) #VALUE!
17. Total Tax Payable #VALUE!
18. Tax Deduction at Source Trial Version Expired
19. Advance Tax paid ₹0
20. Balance Tax Payable For Original click here
 COMPUTATION OF INCOME TAX D.O.B 00/00/0000
for the Financial Yr 2015-16, Assessment yr 2016-17 ASSESSE MALE
NAME : HIREN VINAYLAL SHAH PAN AXYPS2237G
ADDRESS : C/214 MAYUR BLDG., S. V. P. ROAD, PHONE : 9833648798
MANDPESHWAR CROSS LANE,
BORIVALI (WEST), MUMBAI - 400092

1. Gross Annual Income/Salary 0

2. Allowances exempt - u/s 10 & 17 0

H.R.A. Exemption -u/s10(13A) 0

Transport Allowances - u/s 10(14) 0
Children Education Allowance - u/s 10(14) 0
Medical Bills Reimbursement - u/s 17(2) 0
LTA Exemption - u/s 10(5) 0
Helper Allowance 0
Academic Allowance 0
3. Deduction u/s 16 - Professional Tax/Tax on Employement 0 0
Entertainment allowance 0
4. Income under the head salaries 0
5. Interest received in saving account 0
6. Any other income from other sources 0
7. Income from house property 0
8. Gross Total Income 0
9. Deduction under chapter VI A 0
Deduction under Sec 80CCE (Max Rs.1,50,000/-) 0

80C - PF & VPF Contribution 0

80C - Life Insurance premiums 0
80C -Tuition fees for 2 children 0
80C - FD (5 Years and above) 0
80C - Home. Loan (Principal Repayment ) 0
80CCC -Pension Plan 0
80CCD1 - New Pension Secheme (Employee Contribution) 0
80CCD2 -New Pension Scheme- Employer Contribution 0
80CCG -Rajiv Gandhi Equity Scheme 0
80D - Medical Insurance premiums+Health Check -Self 0
80D - Medical Insurance / Expend. (V.Sr.Cit) - Parents 0
80G Donation to approved fund 0
Section 80CCD (Adnl cont in NPS) 0
Section 80GG 0
Section 80U 0
80TTA- Interest received in Saving Account 0
10. Total Income Trail Version Expired

11. Total Taxable Income (Round off to nearest 10 rupees) #VALUE!

12. Tax on Total Income #VALUE!

13. Rebate U/S 87A #VALUE!

14. Total tax after rebate #VALUE!

15. Surcharge on Tatal Taxable Income #VALUE!

16. Education Cess @ 3% #VALUE!

17. Total Tax Payable #VALUE!

18. Relief u/s 89,90 and 91 0

19. Tax Payable Trail Version Expired

20. Tax Deduction at Source 0

21. Advance Tax 0

22. Balance Tax Payable For Original click here

Auto Income Tax Calculator
by B.P.Choudhary (Tax Consult
Modified Version 10 for the Financial year 201
.
Brief detail of Information and RULES for(Rates,De
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Auto Income Tax Calculator
by B.P.Choudhary (Tax Consultant ) ( C
Modified Version 10 for the Financial year 2015- 16
.
Brief detail of Information and RULES for(Rates,Deduct
( Mini Read
Follow theTax Rules & Informations (where applicable).
New Tax Rates for Financial-Year 2014-15, Assessment Year 2015-2016
Some Exempted Receipts / Special allowances & Perquisite which are not chargable to tax
Some Exempted Income ( to be shown while Return filing)
TAX R U LE S & O T H E R U S E F U L I N F O R MAT I O N S
HRA exemption
Transport allowance New changes in
Reimbursement of Medical bills Budget 2015
u/s(5) LTA Exemption
u/s 24 and 80EE Exemption for interest on housing loan. New changes in
u/s 80CCE & 80CCD Maximum Exemption Budget 2015
Rajiv Gandhi Equity Savings Scheme
u/s 80D Medical Insurance
u/s 80DD Deduction in respect of medical treatment of handicapped dependents New changes in
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases Budget 2015
u/s 80E Interest repayment on education loan
u/s 80G Donations given for certain charities
u/s 80GG If Assesse is not getting HRA, but living in rented house,
u/s 80U If assesse have a permanent physical disability New changes in
u/s 80TTA Deduction on interest on saving bank accounts. Budget 2015
KNOW MORE about DEDUCTION under Section 80-C
Qualifying Investments u/s 80CCE
Provident Fund (PF) & Voluntary Provident Fund (VPF)
Life Insurance Premiums & Unit linked Insurance Plan (ULIP)
Public Provident Fund (PPF):
National Savings Certificate (NSC):
Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home
Tuition fees for 2 children
Equity Linked Savings Scheme (ELSS)
5-Yr bank fixed deposits (FDs) or 5-Yr post office time deposit (POTD)
Pension Funds or Pension Policies
Sukanya Samridhi Account
Infrastructure Bonds: NABARD rural bonds:
Senior Citizen Savings Scheme 2004 (SCSS)
I M P O R T A N T - A D V I S ES
As per finance Budget 2015 - TAX RATES For Financial Year 2015-16 & Assesment Year 2016
For MALE ASSESSE
 Net Income Range Income Tax Rates
Up to Rs.2,50,000 NIL
2,50,001 to Rs. 5,00,000 10% of Total Income (-) Rs.2,50,000
Rs.5,00,001 to Rs. 10,00,000 Rs.25,000+20% of Total Income (-) Rs.5,00,000
More than Rs10.00,000 Rs.1,25,0,000+30% of Total Income (-) Rs.10,00,000
Note- (u/s 87A- A rebate upto Rs 2000/- for assessee with Income range of 2,50,001 to Rs. 5,00,000 )
For FEMALE ASSESSE
Net Income Range Income Tax Rates
Up to Rs.2,50,000 NIL
Rs.250,001 to 5,00,000 10% of Total Income (-) 2,50,000
Rs.5,00,001 to Rs.10,00,000 Rs.25,000 + 20% of Total Income (-) 5,00,000
More than 10.00,000 Rs1,25,000 + 30% of Total Income (-) 10,00,000
Note- (u/s 87A- A rebate upto Rs 2000/- for assessee with Income range of 2,50,001 to Rs. 5,00,000 )
For SENIOR CITIZEN ASSESSE (Above 60 Year ) attaining the age during the year
Net Income Range Income Tax Rates
Up to Rs 3,00,000 NIL
Rs.3,00,001 to 5,00,000 10% of Total Income(-) Rs.3,00,000
Rs5,00,001 to 10,00,000 Rs.20,000 +20% of Total Income (-) 5,00,000
More than 10.00,000 Rs.1,20,000 + 30% of Total Income (-) 10,00,000
Note- (u/s 87A- A rebate upto Rs 2000/- for assessee with Income range of 3,00,001 to Rs. 5,00,000 )
For VERY SENIOR CITIZEN ASSESSE (Above 80 Year ) attaining the age during the year
Net Income Range Income Tax Rates
Up to Rs.5,00,000 NIL
Rs.5,00,001 to 10,00,000 20% of Total Income (-) Rs.10,00,000
More than 10,00,000 Rs.1,00,000 +30% of Total Income (-) 10,00,000
Education Cess is 2% & Secondary and Higher education Cess is 1% of income tax from all Assesse.
Some Exempted Receipts /Special allowances & Perquisite which are not chargable to tax are
Exempted Receipts - 1. Medical Reimbursement (Max Rs15000/- Per annum) 2. L.T.A (as per Rule)
Special allowances Exempted u/s 10(14)
Allowance (granted to meet the expenditure incurred on purchase or maintenance of uniform to be worn during perfo
granted to meet exependiture incurred on helper for performance of official duty)
encouraging academic, research & training pursuits) including Newspaper, Generals etc.)
per Child / (Rs.300 for Hostel Expenditure) Max of 2 Children)
expenditure incurred on convayance, while performing official duty.
and residence is not treated as expenditure in performance of official duty. )

Deduction available u/s -16

allowance (for Govt Employees) Max Rs.5000/-
tax paid by employee is deducted from Gross salary.
Perquisite not chargable to tax
Free food and beverage 1. Food and non-alcoholic beverages provided in working hours in remote area or an offsh
2. Tea, coffee or non-alcoholic beverages and snaks in working hours are tax free perquisites
3. Meals (Lunch and / or dinner) in office hours is not taxa
Some Exempted Income are ( to be shown while Return filing)
1. Withdrawal / Maturity / Interest received from PF,PPF,Sukanya Samridhi Account, Life Insurance policy, Agricu
2 Long Term Capital Gain From Shares
 3 Dividend on shares in companies
4. Interest on Saving Bank & Post Office A/c up to Rs10,000/- ( Sec-80TTE)
Please Note :
(i) Interest earned from all sources is to be included. All interest (including saving Bank A/C (above Rs10,000) (FD) inc
(II) As per clarification from IT department, all perquisites such as rent-free accommodation, company provided car, fr
membership, company provided credit card, gift vouchers, meal coupons, hotel stay beyond 15 days, are fully taxable
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 S for
HRA exemption = Least amount of anyone (i) (40% (50% for metros) of Basic+DA
. or (ii) HRA Recived
. or (iii) Actual Rent paid - 10% of ( Basic+DA)

Transport allowance is exempt up to Rs.1600/- per month during the month. ( Expenditure incured for covering journey

Reimbursement of Medical bills(on producing of Bills) are exempt for self and dependent family, up to Rs.15,000/- pe
u/s(5) LTA is exempt to the tune of economy class Train/ Air /Recognised public Transport fare for the family to any destina
LTA can be claimed twice in a block of 4 calendar years. The current block is from 01.01.2014 to 31.12.2017. For claim, it is m
u/s 24 and 80 EE There is an Exemption for interest on housing loan.(for Self occupied Residence). If the loan was t
after Apr 1, 1999 exemption is limited to Rs.2,00,000/- per year if the house is self-occupied; There is no limit if the house is re
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of wh
80EE In finance bill 2013( Continue in 2015-16) an additional rebate of Rs.1.00.000/- was given to those as
40 Lacs and sanctioned home loan up to 25 Lacs.

If you have rented out your house, Whole the interest will be eligible for deduction. (after deducting property tax and standard
u/s 80CCE- Maximum Exemption up to Rs.1,50,000/- Investments up to Rs.1.5 lac in PF, VPF, PPF, Employee contrib
bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income. There is no limit on individual items

u/s 80CCD(1): The Finance Act, 2015 provides that contribution made by the Central Government or any other employer to
employee to the NPS will be subject to the limit of Rs1,50,000.
80CCD: Additional Contribution to New Pension Scheme (NPS) - It will provide an additional deduction of upto R
NPS under Section 80CCD(1).
Pension Account (by Employer) - Deduction available for the amount paid or deposited by the employer of the assessee
maximum of 10% of salary in the financial year

u/s 80CCG - Rajiv Gandhi Equity Savings Scheme is a new exemption available for investment in stock markets (direc
investors in stock market. Exemption available at 50% of investment subject to maximum of Rs.50,000/- invested. Investments

u/s 80D Medical Insurance Premium (such as Mediclaim & Critical illness Cover with contribution in CGHS & Preventive He
for self,spouse and children ) (Rs.25,000/- or Rs.30,000/- for Parents) If Parents are Senior Citizen (above 60 years of age), Ex
Senior Citizen (Age 80+) - (In case of no Mediclaim) Any payment made on account of Medical expenditure in respect

u/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to ₹75,000/- per year if the d
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dep
citizen (Age 60-80Yrs), the exemption can go up to Rs.60,000/-. If the person is very senior citizen (Age 80+), the exemption
be reduced from the amount of deduction allowed. The Diseases and ailments specified under rule 11DD are.
(1) Neurological diseases being demetia, dystonia musculorum deformans, motor neuron disease, ataxia,
failure, (5) hemophilia, and (6) thalassaemia.
Note:The assessee will be required to obtain a prescription/Certificate from a specialist doctor whether from Govt or P

u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is com
u/s 80G Donations given for certain charities are tax exempt.NGO,Trust etc. are exempt to the tune of 50%, whereas G
u/s 80GG If you are not getting HRA, but living in rented house, an exemption is available. This will be calculated as
year)
u/s 80U who suffers from not less than 40 per cent of any disability is eligible for deduction to the extent of Rs. 75,000/- and in

u/s 80TTA introduced through Finance Act, 2012. Section 80TTA provides a deduction of up to Rs10,000 on your income from
Section 80C of the IncomeKNOW
Tax Act MORE aboutinvestments
allows certain DEDUCTION and under Section
expenditure to be80-C and
deduct chapter
from VIA - One
total income
this section to avail maximum tax benefit. There are no sub-limits and is irrespective of how much you earn and under which ta
of the Income Tax Act. However, it is important to know the Section in total. so that one can make best use of the options avail
save tax by undertaking the specified investments, but some expenditure which you normally incur can also give you the tax e

Qualifying Investments u/s 80CCE are

Provident Fund (PF) & Voluntary Provident Fund (VPF) PF is automatically deducted from your salary. your contribution [12
also have the option to contribute additional amounts through voluntary contributions (VPF). Current rate of interest is 8.5% pe

Life Insurance Premiums: Any amount that you pay towards life insurance premium in Life Insurance Corporation (LIC) or an
Section 80C deduction. If you are paying premium for more than one insurance policy, all the premiums will be included. also p

insurance with benefits of equity investments.They have attracted the attention of investors and tax-savers not only because th
IMP : Total Amount Received at Maturity, Survival Benefits, , Withdrawl in Insurance Policies is Tax Free and fully exempteed u

Public Provident Fund (PPF): Among all the assured returns small saving schemes, Public Provident Fund (PPF) is one of th
Minimum amount of contribution is Rs500 and maximum is Rs1,50,000.(New Change) from Budget 2014

National Savings Certificate (NSC): National Savings Certificate (NSC) is a 5-Yr small savings instrument eligible for section
becomes Rs.150.90 after five years. The interest accrued every year is liable to tax (i.e. to be included in your taxable income)

Home Loan Principal Repayment & Stamp Duty and Registration Charges for a home Loan The Equated Monthly Installm
Principal and Interest.The principal component of the EMI qualifies for deduction under Sec 80C. Even the interest componen
Act. The amount you pay as stamp duty when you buy a house, and the amount you pay for the registration of the documents
house.
Tuition fees for 2 children Apart form the above major investments expenses for children’s education (Only Tution Fee (for

Equity Linked Savings Scheme (ELSS): There are some mutual fund (MF) schemes specially created for offering you tax sa
you make in ELSS are eligible for deduction under Sec 80C.

5-Yr bank fixed deposits (FDs): Tax-saving fixed deposits (FDs) of scheduled banks with tenure of 5 years are also entitled fo
office time deposit (POTD) scheme: POTDs are similar to bank fixed deposits. Although available for varying time duration lik
which currently offers 7.5 per cent rate of interest –qualifies for tax saving under section 80C. Effective rate works out to be 7.7
Interest is entirely taxable.
Pension Funds or Pension Policies – Section 80CCC: This section – Sec 80CCC – stipulates that an investment in pension
with the limit of Section 80C – it means that the total deduction available for 80CCC and 80C is Rs 1.5 Lakh.This also means t
80CCC. However, as mentioned earlier, the total deduction u/s 80C and 80CCC can not exceed Rs.1.5 Lakh.
Infrastructure Bonds: These are also popularly called Infra Bonds. These are issued by infrastructure companies, and not the
deductions.
NABARD rural bonds: There are two types of Bonds issued by NABARD (National Bank for Agriculture and Rural Developme
NABARD Rural Bonds qualify under section 80C.
Senior Citizen Savings Scheme 2004 (SCSS): A recent addition to section 80C list, Senior Citizen Savings Scheme (SCSS)
citizens. Current rate of interest is 9% per annum payable quarterly. Please note that the interest is payable quarterly instead o
interest. Interest income is chargeable to tax.

Sukanya Samridhi Account : Contribution made in a financial year in Sukanya Samriddhi Account will also be eligible for i
I M P O R T A N T - A D V I S ES

Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not save up to la
avenues only in February or March, just before the Financial Year is getting over. This is a big mistake! One, you woul
would end up losing the interest / appreciation for the whole year. Instead, decide where you want to make the investm
it is advisable to save from start on monthly basis through Bank ECS as a SAP . This way, you would not only make i

CALL M E F O R P R E S E N T A T I O N : B. P. C H O U D A R Y Ph
 Income from house property
FOR SELF OCCUPIED PROPERTY
Housing Loan Sanction date 01/01/2000
Value of the residential house Property ₹0
Housing loan Sanctioned Amount ₹0
Housing Loan Interest paid (Self occupied property) ₹0

FOR LET OUT PROPERTY

Annual Letable value ₹0
Unrealised Rent ₹0
Municipal Tax Paid ₹0
Net Annual value ₹0
Repairs and Maintenance (30% of annual value) ₹0
Interest paid during the year ₹0

Income from house property ₹0

Interest Rebate u/s 80 EE ₹0
 Allowances exempt u/s 10 & 17
1. HRA exemption ₹0
2. Transport Allowances ₹0
3. Children Education Allowance ₹0
4. Children Hostel Allowance ₹0
5. Medical Bills Reimbursement ₹0
6. LTA ₹0
7. Uniform Allowance ₹0
8. Helper Allowance ₹0
9. Washing Allowance ₹0

HRA exemption Calculation

City of Resedence Metro
Basic Salary ₹0
Rent Paid ₹0
HRA received ₹0
HRA exemption u/s 10 (13A) ₹0

Income from other sources

Interest from - Fixed Deposit(FD) ₹0
Interest from - Recuring Deposit(RD) ₹0
Interest on N.S.C.(Accrued/ Recd ) ₹0
Other Sources ₹0