Tax Calculator 2002

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					       4/8/2012                                                                          Income Tax Projections for Financial Year 2001-2002



                                                          Ear nings                                                                                   Deductions                                                                     PF Balance           In
                 Basic        DA     Convey       HRA          Educ   M edical       L TA      Other s      Total           PT PF+VPF            IT         Rent Oth Ded Oth Ded                  Tot Ded          Net       PF OB       PF Int   PF CB India?
Apr il              0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
M ay                0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
June                0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
July                0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
August              0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
September           0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
October             0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
November            0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
December            0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
Januar y            0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
Febr uar y          0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
M ar ch             0          0         0          0             0         0           0          0           0             0         0          0             0             0            0            0           0            0           0        0   Y
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 (Sec 10 (13A))                                         0          0   PF/VPF deductions:
Std deduction                                                   0 Education Allowance Exemption (Sec 10 (14))                          0          0     as a percentage of Basic+DA                            12%
Profession tax                                                  0 Conveyance Exemption (petrol/maint bills) (Sec 10 (14))              0          0     limited to Rs. (if there is a max. limit for deduction) 0
Income char geable under head 'Salar ies'                       0 LTA (and other) exemption                                            0          0     interest rate on PF/VPF                                9.5%
House property / other income or loss                           0 House property / other income or loss                                0          0   Remaining months in year                                  12
Gr oss Total income (incl. Per quisites)                        0 Interest on housing loan                                             0          0   Male or Female                                            M
Total deductions                                                0 Medical Insurance Premium (sec 80D)                                  0          0   For Housing Loan:
Net taxable income                                              0 Higher Education Loan Repayment (Sec 80E)                            0          0     House self-occupied? (Y or N)                            Y
Income Tax slab            Tax r ate Appl Amt   Balance        TaxMedical for handicapped dependents (Sec 80DD)                        0          0     Loan taken after Apr 1, 1999?                            Y
00000 - 50000                    0%        0         0          0 Medical for specified diseases (Sec 80DDB)                           0          0
50001 - 60000                   10%        0         0          0 Exemption from Interest Earned (Sec 80L)                             0          0
60001 - 150000                  20%        0         0          0 Other deductions                                                     0          0
> 150000                        30%        0                    0 Dedn under LIC pension scheme (Sec 80CCC)                            0          0
Tax on Income                                                   0 Donation to approved fund and charities (sec 80G)                    0          0
Total amount invested under Section 88                          0 Tax Rebates
Amount applicable under Section 88                              0 PF                                                                  0          0
Tax Credit                                                      0 NSC (plus accrued interest)                                         0          0
Tax Payable                                                     0 LIC Premium                                                         0          0
Surcharge on Income Tax                                         0 PPF                                                                 0          0
Total tax payable                                               0 House Loan Principal repayment                                      0          0
Income tax paid                                                 0 VPF                                                                 0          0
Income tax due                                                  0 Infrastructure Bonds (sec 88)                                       0          0
Tax per M onth                                                  0 Others (Mutual funds, ULIP, etc.)                                   0          0                                           © 1997-2001, ynithya@infy.com
       4/8/2012                                                                           Income Tax Projections for Financial Year 2001-2002



© 1997-2001, Nithyanand Yeswanth (ynithya@infy.com)                 (Revised for financial year 2001-02 and added more features, April 10, 2001)
                                                                    (Updated to include Perquisites valuation & change in Conveyance exemption, November 06, 2001)
Instructions:
       1 This sheet can be used to compute the tax for salaried individuals only
       2 Enter the numbers in only 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 If you are in Delhi, Mumbai, Calcutta or Madras, remember to change the location to Metro in Cell R19
       5 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
       6 Enter any other earnings, including interest earnings, etc. in cell J17
       7 Amounts entered for other LTA and education exemptions are not checked. So, please be sure about the amount entered
       8 Enter the remaining months in the current financial year in Cell R25, to figure out the tax per month
       9 Earnings not listed above can all be clubbed together under the column "Others" (Column I)
      10 Rent can be entered in cells N3 to N14, if deducted through salary; Else enter annual figure in N16 and/or N17
      11 Deductions not listed above can all be clubbed together under the columns Other Deductions (cell L32)
      12 Enter the PF/VPF deduction percentage in cell R22 if it is other than 12% for your company. In addition, if your company limits the PF, enter that amount in cell R23
      13 If you have subscribed to VPF, compute the annual subscription amount and enter in Cell L41. Or, include the percentage in cell R22
      14 If the interest rate on PF is other than 9.5%, change the value in cell R24
      15 If you have been out of India (on work permit visa like H1B, L1, etc.) during the year, update cells V3 to V14 so that conveyance exemption is computed correctly
      16 If you are a woman, remember to change cell R26. Your tax will reduce by Rs.5,000/-
      17 If you have taken any company loans at interest rates lower that recommended by the Govt., please enter the details in the next sheet "Perquisites"

Tax Rules / Miscellaneous information:
       1 The std deduction is 1/3 of gross salary subject to max of Rs.30,000/- for gross salaries upto 1.5 lac; Rs.25,000/- for 1.5 to 3 lacs; Rs.20,000/- for 3 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 Conveyance exemption is applicable for those using their own cars for traveling to the office. Petrol & Car maintenance costs are exempt
          If conveyance exemption is opted for, Transport exemption of Rs.800/- pm is not available. In addition Rs.1200/- pm will be deducted from the bills produced
          In effect, exemption will be Rs.800/- per month by default. Additional exemption will be available only if the bills produced are in excess of Rs.2000/- per month
       5 HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
       6 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
       7 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 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.1,50,000/- 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
       9 Medical Insurance (such as Mediclaim) premium is exempt upto Rs.10,000/- per year
     10 Deduction for contribution to LIC pension scheme is limited to Rs.10,000/- per annum
     11 Deduction in respect of medical treatment of handicapped dependents is limited to Rs.40,000/- per year
     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
     13 Education loan (taken for higher education of self) repayment is tax exempt upto Rs.40,000/- per annum
     14 Interest earned from all sources is to be included in cell J17 as well as L31. A max amount of Rs.12,000/- is exempted from tax
     15 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 if the taxable income is more than 1 lac and30% if less than 1 lac
     16 Principal repayment of a housing loan is limited to Rs.20,000/-, resulting in a tax credit of Rs.4,000/-
     17 For Women, there is an additional tax rebate of Rs.5,000/- under section 88C
     18 Surcharge on Income tax is applied at 2% on the tax amount after tax credit
     19 The PF balance shown is for your own contribution. Part of the company's contribution goes to the EPS (Employees Pension Scheme)
     20 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
                              ADDITIONAL TAX DEDUCTION BECAUSE OF PERQUISITES BEING TAXED

                               Housing      Vehicle          PC         Soft      Salary Education         Phone Marriage            Other            CLA          CLA
                                 Loan         Loan         Loan        Loan        Loan      Loan           Loan    Loan              Loan           Loan       Deposit
Loan Amount
  Apr                               0              0           0           0           0            0           0           0             0              0             0
  May                               0              0           0           0           0            0           0           0             0              0             0
  Jun                               0              0           0           0           0            0           0           0             0              0             0
  Jul                               0              0           0           0           0            0           0           0             0              0             0
  Aug                               0              0           0           0           0            0           0           0             0              0             0
  Sep                               0              0           0           0           0            0           0           0             0              0             0
  Oct                               0              0           0           0           0            0           0           0             0              0             0
  Nov                               0              0           0           0           0            0           0           0             0              0             0
  Dec                               0              0           0           0           0            0           0           0             0              0             0
  Jan                               0              0           0           0           0            0           0           0             0              0             0
  Feb                               0              0           0           0           0            0           0           0             0              0             0
  Mar                               0              0           0           0           0            0           0           0             0              0             0
Original loan amt                   0              0           0           0           0            0           0           0             0              0             0
No. of instalments                100             50          36          50          10           36          15          36            50             36             0
Monthly Payment                     0              0           0           0           0            0           0           0             0              0             0
Co. interest rate                  0%            4%          0%          4%          0%           0%          0%          0%            0%             4%            0%
Prescribed interest rate         10%            10%         13%         13%         13%          13%         13%         13%           13%            13%           10%
Differential interest            10%             6%         13%          9%         13%          13%         13%         13%           13%             9%           10%
Total value of Perquisites for the year                                                                                                                            Rs.0
                                                                                                                             © 2001, Nithyanand Yeswanth (ynithya@infy.com)


Instructions:
   1. Enter the numbers in only the yellow and light-blue colored cells. You will not be able to enter data in other cells
   2. Enter the loan amount in the month in which the loan was taken
   3. For FY 2001-02, since the rule comes into effect from October, enter the balances outstanding as on Oct 1, 2001 for all the loans, for the month of October
   4. Enter the original loan amount in Row 17 and the number of instalments in Row 18. These are used to calculate the Principal repayments every month
   5. You can change the headings of the loans, if required. However, remember to change the corresponding "prescribed interest rate" in Row 21 as well
   6. Change the company interest rate in Row 20 as appropriate
   7. CLA = Company Leased Accommodation
   8. "CLA deposit" is the rental deposit paid by the company if accommodation is taken on company lease

				
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