TaxCalc 2001

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					       4/7/2012                                                                                Income Tax Projections for Financial Year 2000-2001




                                                          Ear nings                                                                                 Deductions                                                           PF Balance
                Basic         DA      Tr nspt     HRA          Educ     M edical        L TA        M isc       Total     PT        PF         IT         Rent Oth Ded Oth Ded        Tot Ded            Net     PF OB       PF Int   PF CB
Apr il             0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
M ay               0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
June               0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
July               0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
August             0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
September          0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
October            0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
November           0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
December           0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
Januar y           0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
Febr uar y         0           0           0        0             0           0            0           0           0       0         0          0            0            0       0        0              0          0           0        0
M ar ch            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
Bonus                                                                                                              0        Other -->           0            0
Oth Ear n                                                                                                          0        Other -->           0            0
Gr oss                 0          0        0         0          0               0           0           0          0      0          0          0            0            0       0        0               0
Transport Exemption                                             0     Deductions                                             Pr oduced   L imited   Metro/Non-metro (M or N)                         N
Med, HRA, Education, LTA exemptions                             0     Medical Bills                                                  0          0   Exempt limit (of Basic+DA)                     40%
Gr oss Salar y (excl exemptions)                                0     Rent Receipts                                                  0          0   No. of months in India                          12
Std deduction                                                   0     Education Allowance Exemption                                  0          0   Remaining months in year                        12
Profession tax                                                  0     LTA (and other) exemption                                      0          0   Male or Female                                  M
Income char geable under head 'Salar ies'                       0     House property / other income or loss                          0          0   For Housing Loan:
House property / other income or loss                           0     Interest on housing loan                                       0          0   House self-occupied? (Y or N)                    Y
Gr oss Total income                                             0     Medical Insurance Premium (sec 80D)                            0          0   Loan taken after Apr 1, 1999?                    Y
Total deductions                                                0     Education Loan Repayment                                       0          0
Net taxable income                                              0     Other deductions                                               0          0
Income Tax slab            Tax r ate Appl Amt   Balance        Tax    Dedn under LIC pension scheme                                  0          0
00000 - 50000                    0%        0         0          0     Donation to approved fund and charities (sec 80G)              0          0
50001 - 60000                  10%         0         0          0     Tax Rebates
60001 - 150000                 20%         0         0          0     PF                                                            0          0
> 150000                       30%         0                    0     NSC (plus accrued interest)                                   0          0
Tax on Income                                                   0     LIC Premium                                                   0          0
Tax Credit                                                      0     PPF                                                           0          0
Tax Payable                                                     0     House Loan repayment                                          0          0
Surcharge on Income Tax                                         0     VPF                                                           0          0
Total tax payable                                               0     Infrastructure Bonds (sec 88)                                 0          0
Income tax paid                                                 0     Others (Mutual funds, ULIP, etc.)                             0          0
Income tax due                                                  0     Total U/S 88                                                             0
T ax per M onth                                                 0     L imited to                                                              0                                           (C) ynithya@inf.com
       4/7/2012                                                                       Income Tax Projections for Financial Year 2000-2001




(C) Created by Nithyanand Y, 1997 (ynithya@inf.com)              (Revised for financial year 2000-2001 and added more features, March 2000)
                                                                 (Updated to increase Surcharge by 2% for Gujarat tax; Last updated: February 05, 2001)
Instructions:
       1 Enter the numbers in only the yellow-colored cells. You will not be able to enter data in other cells
       2 Do not leave any yellow cell blank (this may lead to incorrect calculation). Instead, enter 0
       3 If you are in Delhi, Mumbai, Calcutta or Madras, remember to change the location to Metro in Cell R19
       4 Enter expected bonus in Cell J16, if bonus for the year has not been paid yet. This will be 20% of your last years' annual Basic+DA in most companies
       5 Amounts entered for other LTA and education exemptions are not checked. So, please be sure about the amount entered
       6 Enter the remaining months in the current financial year in Cell R22, to figure out the tax per month
       7 Earnings not listed above can all be clubbed together under the column Misc
       8 Rent can be entered in cells N3 to N14, if deducted through salary; Else enter annual figure in N16 and/or N17
       9 Deductions not listed above can all be clubbed together under the columns Other Deductions (cell L28)
      10 If you have subscribed to VPF, compute the annual subscription amount and enter in Cell L37
      11 If you have been out of India (on work permit visa like H1B, L1, etc.) during the year, update cell R21 so that conveyance exemption is computed correctly
      12 If you are a woman, remember to change cell R23. Your tax will reduce by Rs.5,000/-
      13 If there is any additional conveyance exemption, the same can be entered in cell L28.

Tax Rules / Miscellaneous information:
       1 The std deduction is 1/3 of gross salary subject to max of Rs.25,000/- for gross salaries upto 1 lac; Rs.20,000/- for 1 to 5 lacs; nil for above 5 lacs
       2 Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum
       3 Transport allowance is exempt upto Rs.800/- per month provided the person is in India during the month
       4 HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
       5 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 1998 to 2001
       6 Education allowance is exempt upto Rs.50/- per child per month plus Rs.150/- per child per month for hostel expenses (max of 2 children only)
       7 There is an exemption for interest on housing loan. If the house is given out on rent, there is no limit on the exemption (update cells R25 and R26)
         If the house is self-occupied and if the loan was taken before Apr 1, 1999 exemption is limited to Rs.30,000/- per year
         If the house is self-occupied and if the loan was taken after Apr 1, 1999 exemption is limited to Rs.1,00,000/- per year
         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
       8 Medical Insurance (such as Mediclaim) premium is exempt upto Rs.10,000/- per year
       9 Tax credit (rebate) is available for a max of Rs.60,000/- for regular investments and an additional Rs.20,000/- for investments in infrastructure bonds
         The tax credit is 20% of the amount invested
     10 Principal repayment of a housing loan is limited to Rs.20,000/-, resulting in a tax credit of Rs.4,000/-
     11 For Women, there is an additional tax rebate of Rs.5,000/- under section 88C
     12 Surcharge on Income tax is applied at 10% on the tax amount after tax credit, if the taxable income is between Rs.60,000/- and Rs.150,000/-
         Surcharge on Income tax is applied at 15% on the tax amount after tax credit, if the taxable income is more than Rs.150,000/-
         However, Finance/Accounts dept is likely to calculate Surcharge at 10% for the first 11 months of the year (because of a clause introduced in the budget later)
     13 The PF balance shown is for your own contribution. Part of the company's contribution goes to the EPS (Employees Pension Scheme). Presently, VPF is not included
     14 If your net taxable income in cell F28 is between Rs.150,000/- and Rs.151,000/- your actual tax may be slightly lower (around Rs.300-400) than what is shown here
     15 Education loan repayment is tax exempt upto Rs.20,000/- per annum

				
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