Tax calculator for salaried individual FY2008-09

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Tax calculator for salaried individual FY2008-09 Powered By Docstoc
					                                                                                           QUICK TAX CALCULATOR FOR FINANCIAL YEAR 2008-09
                                                                                                                           (For Salaried Individual)
Instructions :
1.Please enter gross annual figures.
2. Please enter values in Yellow colored cells only.
DISCLAIMER : This calculator is to help you find out your personal indecative total tax liability. It may not cover all scenarios of Income, Exemptions, Deductions, etc. You are advised to consult any qualified chartered accountant or tax consultant to know your
actual Tax Liability.


Assessee Type                                                                                                                                                                                                                                                            Assessee Type   Resident of               HRA Basic Salary Relief Rate      Disability Percentage for Sec 80DD and 80U
        Specify whether Assessee is a Male, Female or Sr. Citizen                                                                                                                                                      Male                                              Male            Chennai                                                  50 Less than 80% disability
Components of Salary                                                                                                                                                                                               Annual Amount                                         Female          Delhi                                                    50 More than 80% disability
    A.1 Basic Salary                                                                                                                                                                                                         Rs.0                                        Sr. Citizen     Kolkata                                                  50
    A.2 House Rent Allowance                                                                                                                                                                                                 Rs.0                                                        Mumbai                                                   50
    A.3 Transport Allowance                                                                                                                                                                                                  Rs.0                                                        Other Cities                                             40
    A.4 Medical Reimbursement                                                                                                                                                                                                Rs.0
    A.5 Leave Travel Allowance (LTA)                                                                                                                                                                                         Rs.0                                                        Assessee's Rate Applied                 40
    A.6 Special Allowance                                                                                                                                                                                                    Rs.0                                                        Assessee Type Applied                  Male
    A.7 Bonus                                                                                                                                                                                                                Rs.0
    A.8 Other Allowances                                                                                                                                                                                                     Rs.0
Gross Salary (A)                                                                                                                                                                                                             Rs.0

Exemptions/Deductions                                                                                                                      Maximim Limit Under Section                   Actual Amount            Eligible Amount
     B.1 House Rent Exemption
                   Annual Rent Paid                                                                                        Rs.0
                   Assessee Residing in                                                                              Other Cities
                                 I) 40% of Basic Salary                                                                    Rs.0                        Rs.0       U/Sec 10(13A)                         Rs.0                       Rs.0
                                 ii) Actual HRA Received                                                                   Rs.0
                                 iii) Rent Paid minus 10% of Basic Salary                                                  Rs.0
         Total House Rent Exemption
     B.2 Transport Allowance                                                                                                                      Rs.9,600                                              Rs.0                       Rs.0
     B.3 Medical Reimbursement                                                                                                                   Rs.15,000                                              Rs.0                       Rs.0
Total (B)                                                                                                                                                                                                                          Rs.0

Gross Taxable Salary Income (A-B)                                                                                                                                                                                                  Rs.0
        Income from Housing                                                                                                                                                                             Rs.0                       Rs.0
        Reliefe on Interest paid on Housing Loan                                                                                               Rs.150,000          U/S 24(1)(Vi)                        Rs.0                       Rs.0
        Any other Income                                                                                                                                                                                Rs.0                       Rs.0
Gross Total Income                                                                                                                                                                                                                 Rs.0

Deduction under Chapter VIA                                                                              Maximim Limit Under Section                                                     Actual Amount             Eligible Amount             Eligible Amount
        The following tax saving investments may be considered for computation of income tax deduction at source for the financial year.                                                                               FY-07-08                    FY-08-09
Deduction u/s 80D to 80U
    C.1 Medical Insurance Premium - for the assessee or his family                                          Rs.15,000         U/Sec 80D(2A)                                                             Rs.0                       Rs.0                          Rs.0
    C.2 Medical Insurance Premium - for the parent or parents of the assessee                               Rs.15,000         U/Sec 80D(2B)                                                             Rs.0                        N/A                          Rs.0
    C.3 Expenditure on Handicapped Dependents / Deposits made with LIC, etc. for maintenance of handicapped Dependents
        Disability Percentage of the Handicapped Dependents                   Less than 80% disability      Rs.50,000          U/Sec 80DD                                                               Rs.0                       Rs.0                          Rs.0

      C.4 Exp. likely to be incurred on specified disease or ailment (Cancer/AIDS etc.)
          Exp incurred on senior citizen                                          No                                                        Rs.40,000             U/Sec 80DDB                           Rs.0                       Rs.0                          Rs.0

         Permanent Disability benefit (self) - adhoc amount of (in case of
      C.5
         disability
         Self Disability Percentage                                                                   Less than 80% disability              Rs.50,000               U/Sec 80 U                          Rs.0                       Rs.0                          Rs.0
         Interest on Education Loan (for self education) from Charitiable or
    C.6
         Financial Institution. (No Limit)                                                                                                   No Limit               U/Sec 80E                           Rs.0                       Rs.0                          Rs.0
Total Deduction u/s 80D to 80U                                                                                                                                                                                                     Rs.0                          Rs.0

Investments under Sections 80C & 80CCC qualifying for deductions upto Rs.1 Lac
     D.1 Self Contribution in Provident Fund. Assessee's rate of PF contribution w.r.t Basic Salary is @                                                12%         U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
     D.2 Voluntary Contribution Provident Fund                                                                                                                      U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
     D.3 INVESTMENT IN PENSION SCHEME                                                                                                            Rs.10,000        U/Sec 80 CCC                          Rs.0                       Rs.0                          Rs.0
     D.4 HOUSING LOAN PRINCIPAL REPAYMENT                                                                                                                           U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
     D.5 PUBLIC PROVIDENT FUND (PPF)                                                                                                                                U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
     D.6 LIFE INSURANCE PREMIUM PAID                                                                                                                                U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
     D.7 UNIT LINKED INSURANCE PLANS                                                                                                                                U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
     D.8 NSC-NATIONAL SAVING CERTIFICATE                                                                                                                            U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
     D.9 DEPOSIT IN NATIONAL SAVING SCHEME (NSS)                                                                                                                    U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
    D.10 INFRASTRUCTURE INVESTMENT in approved SHARES, DEBENTURES & BONDS                                                                                           U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
    D.11 MUTUAL FUNDS notified under SECTION 10(23D)                                                                                                                U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
    D.12 EQUITY LINK SAVING SCHEME(ELSS) Mutual Funds notified under SECTION 10(23D)                                                                                U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
    D.13 TERM DEPOSIT with a SCH.Bank in a notified Scheme for a term not less than 5 years.                                                                        U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
    D.14 TUTION FEES PAID (Only full time education tution fees paid to any Indian Univ, College, School)                                        Rs.24,000          U/Sec 80C                           Rs.0                       Rs.0                          Rs.0
    D.15 SENIOR CITIZENS SAVINGS SCHEME Rules, 2004                                                                                                                 U/Sec 80C                           Rs.0                        N/A                          Rs.0
    D.16 POST OFFICE TIME DEPOSIT Rules, 1981 for a term not less than 5 years                                                                                      U/Sec 80C                           Rs.0                        N/A                          Rs.0
Total Deduction u/s 80C and 80CCC                                                                                                                                                                       Rs.0                       Rs.0                          Rs.0
Total Deduction under Chapter VIA                                                                                                                                                                                                  Rs.0                          Rs.0
Net Total Taxable Income                                                                                                                                                                                                           Rs.0                          Rs.0
Tax on Total Income As per FY 2008-09                                                                                                                                                                                              Rs.0                          Rs.0
         Add Surcharge                                                                                                                                                                                                             Rs.0                          Rs.0
         Add Education Cess                                                                                                                                                                                                        Rs.0                          Rs.0
Total Tax Payable in respective Financial Years                                                                                                                                                                                   Rs.0                         Rs.0
Total Tax Savings in FY-08-09 with respect to Tax Payable in FY-07-08                                                                                                                                                             Rs.0                        0.00%

				
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