Tax Calculator 2007-08-09 Version 2 & 3 by vinsads1

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									CALCULATION OF INCOME TAX
for theFinancial Yr 2008-09/ Assessment yr 2009-10
1. Gross Annual Income/Salary(include all allowances) 2. Less: Allowances exempt u/s 10(for Service Period) (I) H.R.A. exemption City of Residence Basic Salary (Basic+DA) Rent Paid H.R.A received (II) Conveyance allowances(Max Rs.800/-p.m) (iii) Any Other Exempted Receipts/ allowances (specify)---(iv) Professional Tax 3. Income under the head salaries 4. Add: Any other income from other sources 1. Interest received from following Investments a. Bank ( Saving /FD /Rec ) b. N.S.C.(accrued/ Recd ) c. Post Ofice M.I.S (6 yrs.) d. Post Office Recring Deposit (5 yrs.) e. Term Deposit (1 to 5 yrs.) f. Saving Bonds (6yrs.) g. Kishan Vikas patra 2. Any Other Income (specify)--3. Any Other Income (specify)--5. Income from house property Less: Interest paid on housing loan(max150,000) 6. Gross Total Income 7. Less: Deduction under Sec 80C (Max Rs.1,00,000/-) a. PF&VPF Contribution b. Life Insurance premiums c. PPF a/c Contribution d. N.S.C (Investment +accrued Int first five year) e. Housing. Loan (Principal Repayment ) f. Tuition fees for 2 children g. E.L.S.S(Mutual Fund) h. Tax Savings Bonds I. FD (5 Years and above) j. 80 ccc Pension Plan 8. Less: Deduction under chapter VI A b. 80 D Medical Insurance premiums (for Self ) C. 80 D Medical Insurance premiums (for Parents) d. 80 E Int Paid on Education Loan e. 80G Donation to approved fund f. Any other (Specify)--9. Total Income 10. Total Taxable Income (Round off to nearest 10 rupees)

D.O.B SEX
PAN-N0 240000 -10800 NM 108000 0 0 0 0 0 43200 -10800 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 250800 0

M
240000 10800

0 0

0 250800 0

0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

250800 250800

11. Tax on Total Income 12. Surcharge on Total Taxable Income 13. Total Tax Payable 14. Add; Edn Cess @ 3% 15. Net Tax Payable 16. Tax Deduction at Source 17. Balance Tax Payable/Refundable

0
Payable

10080 0 10080 302 10382 0 10382

Auto Tax Calculator by B.P.Choudhary (Tax Consultant)
Version 3.1 for Financial year 2008- 09
PLEASE FOLLOW THESE INSTRUCTIONS
1. This Calculator will be used to compute the Tax for salaried individuals only. 2. You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing. 3. Enter the amount in White cells. Other cells in Calculation & Computation Sheets will calculate data automatically. 4. Enter your Name,Sex (M / F only) and PAN No in 1-3 yellow-coloured cells. 5. Enter the Annually amount in B 4-55 White-colored cells. 6. Do not leave any yellow cell blank. This may lead to incorrect calculation. Instead, enter 0 7. Follow the Tax Rules & Instructions(where applicable) 8. HRA Exemption = Least of (40% (50% for metros) of Basic+DA or HRA Receive or Rent paid (-)10% of Basic) 9. Some Other Exempted Receipts/allowances are ( For Detail follow the Information & Rules). 1. Medicall Reimbersement (Max Rs.15000/- Per annum) 2. L.T.A (as per Rule) 3. Leave Encashment/Leave Salary 4. Vehicle Maintinance allowance 5. Entertaintment allowance 6. Academic Allowance 7. Uniform Allowances 8. Children Education Allowance (Rs.100 P.M.per Child/(Rs.300 for Hostel Expenditure) Max of 2 Children) 9. Newspaper Allowance etc. 10. Interest earned from all sources is to be included. All interest income is fully taxable 11. Some Exempted Income are 1. Withdrawl/Maturity received from PF,PPF,Insurance Co. 2 Long Term Capital Gain 3 Dividend on shares in companies 4. Interest on Post Office & PPF A/C 12. S.N-4(2),(3) Mention Any other income that does not fall under the above heads of income 13. Computation of Income from house property 1. For Let-out Property 2 .For Self Ocupied Property Annuall Value Less-Municipal Taxes Net Annual Value Less-Repair & Collection Charges(30% of Net Annuall Value) Income from house property Less-Interest on Housing Loan Net Income from property TAX RATES FOR ( F-YR 2008-09) ASSESSMENT OF MALE ASSESSE FOR YEAR 2009-2010 Net Income Range Income Tax Rates Upto Rs. 1,50,000 NIL Rs.1,50,000 to Rs.3,00,000 10% of Total Income(-)Rs.1,50,000 Rs.3,00,000 to Rs.5,00,000 Rs. 15,000+20% of Total Income(-)Rs.3,00,000 Rs.5.00,000 to Rs 10,00,000 Rs. 55,000+30% of Total Income(-)Rs.5,00,000 Above Rs.10,00,000 Rs.2,05,000+30% of total Income(-)10,00,000 TAX RATES FOR ( F-YR 2008-09) ASSESSMENT OF FEMALE ASSESSE FOR YEAR 2009-2010 Net Income Range Income Tax Rates Upto Rs. 1,80,000 NIL Rs.1,80,000 to Rs.3,00,000 10% of Total Income(-) Rs.1,80,000 Rs.3,00,000 to Rs.5,00,000 Rs.12,000+20% of Total Income(-)Rs.3,00,000 Rs.5.00,000 to Rs 10,00,000 Rs. 52,000+30% of Total Income(-)Rs.5,00,000 Above Rs.10,00,000 Rs.2,02,000+30% of total Income-10,00,000 Annuall Value-NIL Less-Interest on Money borrowed Net Income(Loss) from Property

Surcharge is10% of Income Tax if net income is more than Rs.10,00,000 (Also consider marginal relief) Education Cess is 3% of income tax from all Assesse.

Union Budget 2008 Main Highlights for Individual Tax Payer.
! Threshold limit of exemption from personal income tax in the case of all assesses increased to The slabs and rates of tax are : Up to Rs.150,000 NIL Rs.1,50,001 to Rs.3,00,000 10 per cent Rs.3,00,001 to Rs.5,00,000 20 per cent Rs.5,00,001 & Above 30 per cent In case of a woman assessee, the threshold limit increased from Rs.145,000 to Rs. 1,80,000 for a senior citizens, the threshold limit increased from Rs.195,000 to Rs.225,000. ! No change in the rate of Cess & surcharge. ! Senior Citizen Saving Scheme 2004 and the Post Office Time Deposit Account added to the basket of saving instruments under Section 80C of the Income Tax Act. ! Additional deduction of Rs.15,000 allowed under Section 80D to an individual paying medical insurance Premium for his/her parent or parents. ! Income Tax Act to be amended to provide that reverse mortgage would not amount to "transfer"; and the stream of revenue received by the senior citizen would not be "income". ! Rate of tax on short term capital gains under Section 111A & Section 115AD increased to 15 per cent.

COMPUTATION OF INCOME TAX

for D.O.B

for theFinancial Yr 2008-09 Assessment yr 2009-10
0

SEX PAN-NO

M
0 240000

1. Gross Annual Income/Salary(include all allowances) 2. Less: Allowances exempt u/s 10 (I) H.R.A. exemption utomatically. (II) Conveyance allowances(Max Rs.800/-p.m) (iii) Any Other Exempted Receipts/ allowances (specify)---3. Income under the head salaries 4. Add: Any other income from other sources 1. Interest received from following Investments a. Bank ( Saving /FD /Rec ) b. N.S.C.(accrued/ Recd ) hment/Leave Salary c. Post Ofice M.I.S (6 yrs.) niform Allowances d. Post Office Recring Deposit (5 yrs.) ldren) e. Term Deposit (1 to 5 yrs.) f. Saving Bonds (6yrs.) g. Kishan Vikas patra 2. Any Other Income (specify)--3. Any Other Income (specify)--5. Income from house property Less: Interest paid on housing loan(max150,000) 6. Gross Total Income 7. Less: Deduction under Sec 80C a. PF&VPF Contribution b. Life Insurance premiums c. PPF a/c Contribution d. N.S.C (Investment +accrued Int first five year) e. Housing. Loan (Principal Repayment ) f. Tuition fees for 2 children g. E.L.S.S(Mutual Fund) h. Tax Savings Bonds I. FD (5 Years and above) j. 80 ccc Pension Plan 8. Less: Deduction under chapter VI A b. 80 D Medical Insurance premiums c. 80 E Int Paid on Education Loan d. 80G Donation to approved fund f. Any other (Specify)--9. Total Income 10. Total Taxable Income (Round off to nearest 10 rupees) 11. Tax on Total Income 12. Surcharge on Total Taxable Income 13. Total Tax Payable 14. Add; Edn Cess @ 3% 15. Net Tax Payable 16. Tax Deduction at Source

-10800 0 0

10800 250800

0 0 0 0 0 0 0 0 0 0 0

0 0 250800

0 0 0 0 0 0 0 0 0 0 0 0 0 0

0 0

0 250800 250800 10080 0 10080 302 10382 0

17. Balance Tax Payable/Refundable

Payable

10382

COMPUTATION OF INCOME TAX

for Date Of Birth

for theFinancial Yr 2007-08 Assessment yr 2008-09
0

SEX PAN-NO

M
0 0 0 0 0

1. Gross Annual Income/Salary(include all allowances) 2. Less: Allowances exempt u/s 10 (I) H.R.A. exemption (II) Conveyance allowances(Max Rs.800/-p.m) (iii) Any Other Exempted Receipts/allowances (specify)---3. Income under the head salaries 4. Add: Any other income from other sources 1. Interest received from following Investments a. Bank ( Saving /FD /Rec ) b. N.S.C.(accrued/ Recd ) c. Post Ofice M.I.S (6 yrs.) d. Post Office Recring Deposit (5 yrs.) e. Term Deposit (1 to 5 yrs.) f. Saving Bonds (6yrs.) g. Kishan Vikas patra 2. Any Other Income (specify)--3. Any Other Income (specify)--5. Income from house property Less: Interest paid on housing loan(max150,000) 6. Gross Total Income 7. Less: Deduction under Sec 80C a. PF&VPF Contribution b. Life Insurance premiums c. PPF a/c Contribution d. N.S.C (Investment +accrued Int first five year) e. Housing. Loan (Principal Repayment ) f. Tuition fees for 2 children g. E.L.S.S(Mutual Fund) h. Tax Savings Bonds I. FD (5 Years and above) j. 80 ccc Pension Plan 8. Less: Deduction under chapter VI A b. 80 D Medical Insurance premiums c. 80 E Int Paid on Education Loan d. 80G Donation to approved fund e. Any other (Specify)--9. Total Income 10. Total Taxable Income (Round off to nearest 10 rupees) 11. Tax on Total Income 12. Surcharge on Total Taxable Income 13. Total Tax Payable 14. Add; Edn Cess @ 3% 15. Net Tax Payable 16. Tax Deduction at Source 17. Balance Tax Payable/Refundable

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

Refundable

0 0 0 NIL 0 0 0 0 0 0

Auto Tax Calculator by B.P.Choudhary (Tax Consultant)
Calculate your Tax in Just 5 Minutes
Available free, Mail me at ( bpchoudhary@gmail.com)or ( bpchoudhary@consultant.com)

1 2 3 4 5 1 2 3 Follow the Tax Rules & Informations (where applicable). Following ready reaconer is for your refference. TAX RULES&OTHER USEFUL INFORMATION

4 5 6

7 8 9 10 11 12 13 14 15 16

HOW TO GET AN UPDATE

1 2 3

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Auto Tax Calculator by B.P.Choudhary (Tax Consultant)
Calculate your Tax in Just 5 Minutes
Available free, Mail me at ( bpchoudhary@gmail.com)or ( bpchoudhary@consultant.com) Hello-Dears- I am Bijender Pal Choudhary. I am not a Software Professional, but am a Tax Consultant. Prepared this Auto Tax Calculator with the information I have. This tax calculator may help to calculate the estimated tax payable by you. If you find any inconsistency,correction or amendments, please let me know, I will try to fix it at the earliest . Please send a detailed e-mail at
This Calculator will be used to compute the Tax for Common salaried individuals only. Easy to understand & similar as form 16. You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing. 5 Once you enter the amount in the blank cells. Other cells in Calculation & Computation Sheets will calculate data & Tax automatically. Follow the Tax Rules & Informations (where applicable). Following ready reaconer is for your refference. TAX RULES&OTHER USEFUL INFORMATION HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA) 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 Vehicle maintenance exemption can be claimed if you use a car for travel to the workplace. In such case, exemption can be claimed for the petrol and vehicle maintenance amounts. The exemption is available to the tune of Rs.1,200/- per month if the engine capacity is less than 1600cc and Rs.1,600/- per month if the engine capacity is more than 1600cc. In case the amount includes driver's salary, there is an additional exemption of Rs.600/- per month. When this exemption is claimed, transport allowance exemption is not available. Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum LTA is exempt to the tune of ecomony class Train/ Air /Recognised public Transport fare for the family to any destination in India, by the shortest route. LTA24 There is an Exemption block of 4 calendar years.loan.(for Selfblock is from 01.01.2006the31.12.2009. For before it is u/s can be claimed twice in a for interest on housing The current occupiedResidence). If to loan was taken claim, 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 If you have rented out your house, enter the total income/loss from the house (after deducting property tax and standard maintenance expenses). u/s 80D Medical Insurance (such as Mediclaim & Critical illness Cover) premium is exempt upto (Rs 10,000/- for 2006-07) Rs.15,000/- (for 2007-08) per year. If the premium includes that for a dependent who is above 65 years of age, an extra Rs.5000/- Deduction in respect of medical treatment(for handicapped dependents is limited to Rs.50,000/- per year if the u/s 80DD can be claimed( for 2007-08 ) & Rs.15,000/- of 2007-08 ) per year. disability is less than 80% and Rs.75,000/- per year if the disability is more than 80% u/s 80DDB 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/u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt u/s 80G Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%. u/s 80GG 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) Interest earned from all sources is to be included. All interest income is fully taxable u/s 80U If you have a permanent physical disability (including blindness), you can take an exemption (subject to maximum of Rs.75,000/- per year) to 1 lac in PF, VPF, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, etc. u/s 80C Investments up are deductible from the total income (there is no limit on individual items, for example 1 lac can be invested in Insurance, ) HOW TO GET AN UPDATE

Version 3.0 for the Financial year 2008- 09, Version 2.0 for the Financial year 2007- 08 & Version 1.0 for the

This tax calculator constantly gets updated to fix errors found as well as to add new features This may also be changed when there are changes in tax rules that affect income tax computation You can send an e-mail with your Income details/Salary slip. You will automatically receive the current version of tax calculator with your own details within a day or two. Once you send a request for our calculator. In future we will WE PROVIDE SERVICES FOR TAX ASSESSMENT(CALCULATION) IT RETURNS PAN CARD CUSTIMISED SAVINGS/INVESTMENTS/ INURANCE SOLUTIONS (LIFE/ NON LIFE) ADVISE Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not save up to last or face heavy burden in last months, so it is advisable to save from start on monthly basis through Bank ECS , Pls. get in touch with me for Tax saving schemes to mininimize your Tax liabilities. I am providing consultancy for C A L L 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 P h : 9 8 1 1 3 0 2 4 9 7, 9 2 1 1 1 2 5 5 8 7 or M a i l

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