Income Tax Calculator 2008-09

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Income Tax Calculator 2008-09 Powered By Docstoc
					Income Tax Calculator
Version 11.0 © 1997-2009, Nithyanand Yeswanth

Available for free download at: http://www.ynithya.com/taxcalc/ email: taxcalc@ynithya.com
PLEASE ENTER YOUR NAME HERE

DISCLAIMER This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to compute the actual taxes to be paid to the Government. The author is not resposible for any inaccuracies in the tax computed by this calculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest PLEASE READ THESE INSTRUCTIONS CAREFULLY
1 2 3 4 5 6 7 This sheet can be used to compute the tax for salaried individuals only Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0 The darker yellow colored cells (with green text) constitute the setup parameters, which you may have to set only once. Ensure that all setup parameters in cells C4 to C20 and AA51 to AA71 are setup prior to using the calculator Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF If you are in Delhi, Mumbai, Kolkata or Chennai, change the location to Metro in Cell AA51. If you have moved from a metro to non-metro or vice-versa during the year, change the cells D47 to O47 Enter the PF deduction percentage in cell AA54 depending on your company policy. In addition, if your company limits the PF to a certain amount, enter that amount in cell AA55. If there is no PF deduction, enter 0% in cell AA54. If the PF percentage changes during the year (due to change in employer or otherwise), change cells D48 to O48 If you have opted for VPF (Voluntary Provident Fund), change cell AA58 depending on whether the deduction is done as a percentage of salary or as a fixed amount. If it is done as a percentage, enter the percentage in cell AA56. This will apply the same percentage throughout the year. If the percentage changes month to month, enter the percentage for each month in cells D43 to O43 (If you leave any of these cells at 0, the default percentage from cell AA56 will be taken for that month). If the deduction is a fixed amount, enter the amount for each month in cells D43 to O43 If the interest rate on PF is other than 8.5%, change the value in cell AA57 If you are claiming exemption on housing loan interest, remember to update cells AA60 and AA61 (see below for the rules) If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA63 If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA64 If you have a permanent physical disability, change cell AA65 If you are above 65 years of age, change cell AA66. You will get additional exemption If you are a woman, remember to change cell AA67. You will get additional exemption If you live in company-provided house, change cell AA68 and AA69; 20% of salary will be added as perks for cities with more than 4 lacs population and 7.5% for other cities. If rent has been paid (cells D26 to O26), the same will be deducted from this perks amount If you are claiming vehicle maintenance exemption update cells D44 to O44 to reflect the months in which you had the car If you are claiming vehicle maintenance exemption and if you include driver's salary in the exemption, change cells D45 to O45 If you have been out of India during the year, update cells D46 to O46 so that conveyance exemption is computed correctly If you have taken any company loans at interest rates lower than that prescribed by the Government, please enter the details in the sheet "Perquisites" You can enter the opening balance in your PF account as at the beginning of the year in cell D40 and PF loans/withdrawals in cells D39 to O39 to calculate the closing balance (including employer's contribution) in your account at the end of the year Update the earnings (cells D3 to O20) with expected earnings during the year. On the deductions side, enter the expected rent payment, Profession Tax and Life Insurance Salary deduction details for all months. As and when salary is received, update all the earnings and deductions for that month Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount Enter any other earnings related to salary in cell S21 If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G77 Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G58 Enter the remaining months in current financial year in Cell G80, to figure out the tax per month You can change the headings for the 11 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure Rent can be entered in cells D26 to O26, if deducted through salary; Otherwise enter annual figure in Q26 to S26. If you enter rent amount in any cell between D26 to O26, do not enter any amount in cells Q26 to S26 and vice-versa

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Income Tax Calculator
Version 11.0 © 1997-2009, Nithyanand Yeswanth

Available for free download at: http://www.ynithya.com/taxcalc/ email: taxcalc@ynithya.com
30 31 32 33 34 Enter expected investments/savings/expenses information in cells N53 to N82 Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered Enter non-salary related other income (such as from interest) in cell N62 You can enter the details of NSC's purchased during the last 5 years in the "NSC Accrued Interest" sheet to calculate the accrued interest automatically. This interest is exempt under sec 80C You can enter details of Stocks sold during the year in the "Capital Gains" sheet to calculate the tax applicable

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Income Tax Calculator
Version 11.0 © 1997-2009, Nithyanand Yeswanth

Available for free download at: http://www.ynithya.com/taxcalc/ email: taxcalc@ynithya.com

TAX RULES & OTHER USEFUL INFORMATION
1 2 3 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 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 2006 to 2009 Gratuity, VRS and some such amounts are exempt upto certain limits. If you get any such payment, please find out the exact limit for you from a tax consultant and enter in cell N53 Children's 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) There is an exemption for interest on housing loan. If the loan was taken before 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 whether you've paid it or not. If the loan is taken jointly by two individuals both can claim this exemption If you have rented out your house, enter the total income/loss from the house (after deducting property tax and standard maintenance expenses) in cell N60 Medical Insurance (such as Mediclaim) premium is exempt upto Rs.15,000/- per year for self, spouse & dependent children. An additional Rs.15,000/- is exempt towards premium for parents (even if they are not dependent). If the parent(s) are above 65 years of age, an extra Rs.5,000/- can be claimed Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less than 80% and Rs.75,000/per year if the disability is more than 80% 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/Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%. Please enter the actual amount exempt, in cell N69 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) Donations for certain scientific research and rural development are exempt. Please enter the actual amount exempt in cell N72 Interest earned from all sources is to be included in cell N62. All interest income is fully taxable (except interest from Savings account) If you have a permanent physical disability (including blindness), you can take an exemption of Rs.50,000/- per year Investments up to 1 lac in PF, VFP, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, etc. are deductible from the taxable income under sec 80C. There is no limit on individual items, so all 1 lac can be invested in NSC, for example. The only exception is PPF where the maximum investment is limited to Rs.70,000/Surcharge on Income tax is applied at 10% of the tax amount, if the taxable income is more than Rs.10,00,000/Education cess is calculated at 3% on total tax payable For the current year, Govt. prescribed rate of interest for PF is 8.5%. If the employer pays interest higher than this, the differential interest earned is treated as perquisites Residents of Sikkim are exempt from Income Tax for the current year

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Income Tax Calculator
Version 11.0 © 1997-2009, Nithyanand Yeswanth

Available for free download at: http://www.ynithya.com/taxcalc/ email: taxcalc@ynithya.com HOW TO GET AN UPDATE / CONTACT ME
1 2 3 4 5 6 7 8 9 10 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 The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/ Please check back frequently (at least once every 2 months) to see that you have the latest version. You can compare the version number at the top of this instructions page. However, if you have subscribed, you will automatically receive updates You can also send a blank e-mail to taxcalc@ynithya.com with only the subject line as "SEND TAXCALC" and you will automatically receive the current version of tax calculator within a day or two If you want me to send you an updated version automatically, whenever I update, please send a blank e-mail to taxcalc@ynithya.com with only the subject as "SUBSCRIBE" If you find any inaccuracy in the calculation or want clarification on some aspect of the tax calculator, please send an e-mail to taxcalc@ynithya.com with subject as "CLARIFICATION" and I will try to reply within a week If you are already on my list and no longer want to get updates, send a blank e-mail to taxcalc@ynithya.com with only the subject as "UNSUBSCRIBE" While sending e-mail, please ensure that the subject line is exactly as given here (without the quotes), because the processing is done automatically. Other mails will be deleted automatically Since I am not a chartered accountant or a tax consultant, I am not in a position to answer specfic queries related to taxation. You will have to contact a tax consultant for your specific queries

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10/30/2009

Income Tax Projections for Financial Year 2008-09 PLEASE ENTER YOUR NAME HERE
Incl PF? Y Y N N N N N N N N N N N N N N N N Apr 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 0 0 0 0 May 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 0 0 0 0 Jun 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 0 0 0 0 Jul 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 0 0 0 0 Aug 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 0 0 0 0 Sep 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 0 0 0 0 Oct 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 0 0 0 0 Nov 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 0 0 0 0 Dec 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 0 0 0 0 Jan 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 0 0 0 0 Feb 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 0 0 0 0 Mar 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 0 0 0 0 Total 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 0 0 0 0 Perks Bonus

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Others

Basic DA Convey HRA Ch. Educ Medical LTA Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Misc Total Prof tax PF VPF IT Rent Life Insur. Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Oth Ded Tot Ded Net

0

0 0 0 0 0

0

0 0

0 0

Gross 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 0 0 0 0

Deductions

Earnings

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(Version 11.0)

© 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)

10/30/2009

Income Tax Projections for Financial Year 2008-09 PLEASE ENTER YOUR NAME HERE

Page 6 of 8

Tax Computation Gross Salary Profession Tax Exemptions under section 10 & 17 Gross Salary after Section 10 & 17 exemptions Accommodation Perquisites Income chargeable under head 'Salaries' Income chargeable under head 'House/Property' Income chargeable under head 'Capital Gains' at nominal rate Income chargeable under head 'Other Sources' Gross Total Income Deductions under chapter VI-A Deductions under sec 80C Net taxable income Tax Slabs 00000 - 150000 150001 - 300000 300001 - 500000 > 500000 Tax on Income Capital Gains Tax (from Stocks) Surcharge on Tax Education Cess Total Tax Liability Total Income tax paid from salary Tax paid outside of salary Income tax due Remaining months in year Tax rate 0% 10% 20% 30% Appl Amt 0 0 0 0 Balance 0 0 0

0 0 0 0 0 0 0 0 0 0 0 0 0 Tax 0 0 0 0 0 0 0 0 0 0 0 0 12

Balance Tax payable

0

Exemptions under section 10 & 17 HRA Exemption (Sec 10 (13A)) Transport Exemption (Sec 10(14)) Other exemptions under Sec 10 (10) (gratuity, etc.) Medical Bills Exemption (Sec 17(2)) Children's Education Allowance Exemption (sec 10 (14)) LTA exemption (Sec 10(5)) Vehicle Maintenance (petrol/maint. Bills) (Sec 10 (14)) Total Exempted Allowances Other income House/property income or loss (enter loss as negative) Interest on housing loan (for tax exemption) Other income (interest, etc.) Deductions under Chapter VI-A Medical Insurance Premium (sec 80D) Medical Insurance Premium for parents (sec 80D) Medical for handicapped dependents (Sec 80DD) Medical for specified diseases (Sec 80DDB) Higher Education Loan Interest Repayment (Sec 80E) Donation to approved fund and charities (sec 80G) Rent deduction (sec 80GG) only if HRA not received Deduction for permanent disability (80U) Any other deductions Total Deductibles Deductions under Chapter VI (sec 80C) Pension scheme (sec 80C) NSC (sec 80C) Public Provident Fund (sec 80C) Employees Provident Fund & Voluntary PF (sec 80C) Children's Education (sec 80C) Housing loan principal repayment (sec 80C) Insurance premium (sec 80C) Infrastructure Bonds & others (MF, ULIP, FD, etc.) (sec 80C) Total Investments

Produced 0 0 0 0 0 0 Produced 0 0 0 Produced 0 0 0 0 0 0 0 0 Produced 0 0 0 0 0 0 0 0

Limited 0 0 0 0 0 0 0 0 Limited 0 0 0 Limited 0 0 0 0 0 0 0 0 0 0 Limited 0 0 0 0 0 0 0 0 0

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(Version 11.0)

© 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)

10/30/2009

Perquisites Valuation for Income Tax Projections

PLEASE ENTER YOUR NAME HERE

Perquisites Value of Loans Taken from the Company
Housing Loan Vehicle Loan PC Loan 0 Soft Loan 0 Salary Loan 0 Education Loan 0 Phone Loan 0 Marriage Loan 0 Other Loan 0 Other Loan 0 Other Loan 0

0 0 Original Loan Amount Loan Taken In Month/Year Loan Closed Month/Year 100 50 36 36 No. of instalments 0.00% 4.00% 0.00% 4.00% Co. interest rate EMI 0 0 0 0 Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below 0 0 0 0 Original Loan Amount Loan Taken In Month/Year Loan Closed Month/Year 100 50 36 36 No. of instalments 0.00% 4.00% 0.00% 4.00% Co. interest rate EMI 0 0 0 0 Prescribed interest rate 10.00% 10.00% 12.00% 12.00%

10 0.00% 0 0

36 0.00% 0 0

15 0.00% 0 0

36 0.00% 0 0

50 0.00% 0 0

36 4.00% 0 0

50 0.00% 0 0

10 0.00% 0 12.00%

36 0.00% 0 12.00%

15 0.00% 0 12.00%

36 0.00% 0 12.00%

50 0.00% 0 12.00%

36 4.00% 0 12.00%

50 0.00% 0 12.00%

Total value of Perquisites for the year

0

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© 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)

10/30/2009

Accrued Interest for NSC

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NSC Accrued Interest Calculation
Certificate No. Date of Purchase Amount invested 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Accrued Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Total Accrued Interest

0.00

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(Version 11.0)

© 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)