Beruflich Dokumente
Kultur Dokumente
Version 14.0
1997-2012, Nithyanand Yeswanth
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
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 AA74 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 percentage, enter percentage in cell AA56. This will apply same percentage throughout the year. If 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
10
If you are claiming exemption on housing loan interest, remember to update cells AA60 and AA61 (see below for the rules)
11
If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA63
12
If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA64
13
If any of your dependents have severe (>80%) permanent physical disability, change cell AA65
14
If you have a permanent physical disability, change cell AA66 and AA67
15
If you are above 60 years of age, change cell AA68. If you are above 80 years, change cell AA69 and the exemption limit is higher
16
If you are a woman, remember to change cell AA70. You will get additional exemption
17
If you live in company-provided house, change cell AA71 and AA72; 15% of salary will be added as perks for cities with more than 25 lacs
population (as per 2001 census), 10% for cities with population of 15 lacs to 25 lacs, and 7.5% for other cities. If rent has been paid (cells D26
to O26), the same will be deducted from this perks amount
18
If you are using company provided car for both official and personal use, update cells D44 to O44. If the company also provides driver, update
cells D45 to O45. If company bears the running and maintenance expenses for the car, update cell AA73. Also update the size of the car in cell
AA74 (in terms of engine cubic capacity)
19
If you have been out of India during the year, update cells D46 to O46 so that conveyance exemption is computed correctly
20
If you have taken company loans at discounted interest rates, please enter the details in the sheet "Perquisites"
21
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
22
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.
23
Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount
24
25
If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G76
26
Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G58
27
Enter the remaining months in current financial year in Cell G79, to figure out the tax per month
28
You can change the headings for the 10 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure
29
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
30 Enter expected investments/savings/expenses information in cells N53 to N82
31
Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered
32
Enter non-salary related other income (such as from interest) in cell N62
33
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. This interest is also taxable either on accrual basis every year or when received
34
You can enter details of Stocks sold during the year in the "Capital Gains" sheet to calculate the tax applicable
Page 1 of 12
HRA exemption is calculated on monthly basis and added up, which may not always be correct if your HRA, Rent or Basic+DA change month
on month. In such cases, and if you have not moved from a metro to non-metro or vice-versa in the middle of the year, enter the rent details
only in cells Q26 to S26 and NOT in cells D26 to O26. This will calculate the exemption on the total basis instead of monthly basis
Page 2 of 12
TAX
1
RULES
&
OTHER
USEFUL
INFORMATION
HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
2 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
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 Jan 2010 to Dec 2013
5 Uniform allowance is exempt to the extent of bills produced for purchase of uniforms
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
9 If you have rented out your house, enter the total rent income/loss from the house (after deducting property tax and 30% of rent as standard
maintenance expenses) in cell N60
10
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
11
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.1,00,000/- per year if the disability is more than 80%
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. If the person being treated is a senior citizen, the exemption can go up to Rs.60,000/-
13
Interest repayment on education loan (taken for higher education from a university for self, spouse & children) is tax exempt from the 1st year
of repayment up to a maximum of 8 years. There is no exemption for Principal payment
14
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
15
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)
16 Donations for certain scientific research and rural development are exempt. Please enter the actual amount exempt in cell N72
17
Interest earned from all sources is to be included in cell N62. All interest income (including Savings bank intererst) is fully taxable
18
If you have a permanent physical disability (including blindness), you can take an exemption of up to Rs.75,000/- per year
19
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/-. An additional Rs.20,000/can be invested in long-term infrastructure bonds, taking total investment exemption to 1.2 lacs
20
As per clarification from IT department, all perquisites such as rent-free accommodation, company provided car, free or concessional
education facilities, employee stock option plan, free club membership, company provided credit card, gift vouchers, meal coupons, hotel stay
beyond 15 days, are fully taxable. This tax calculator calculates the tax incidence for accommodation and car. If you receive any other
perquisite, please include the value of such perquisite in cell S21
21
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
22
Page 3 of 12
TO
GET
AN
UPDATE
CONTACT
ME
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 the latest version of tax
calculator will be e-mailed to you within a day or two
6 If you want me to send you a new version whenever I update, please send a blank e-mail to taxcalc@ynithya.com with only the subject as
"SUBSCRIBE". There are no charges for subscription
7 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
8 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"
9 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
10
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
Page 4 of 12
09/14/2016
Page 5 of 12
Earnings
Basic
Apr
45000
May
45000
Jun
45000
Jul
45000
Aug
45000
Sep
45000
Oct
45000
Nov
45000
Dec
45000
Jan
45000
Feb
45000
Mar
45000
Perks
Bonus
Others
Gross
540000
DA
Convey
800
800
800
800
800
800
800
800
800
800
800
800
9600
9600
120000
HRA
10000
10000
10000
10000
10000
10000
10000
10000
10000
10000
10000
10000
120000
Ch. Educ
Medical
1250
1250
1250
1250
1250
1250
1250
1250
1250
1250
1250
1250
15000
15000
LTA
Uniform All.
700
700
700
700
700
700
700
700
700
700
700
700
8400
8400
Misc
45535
45535
45535
45535
45535
45535
45535
45535
45535
45535
45535
45535
546420
546420
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Misc
103285
103285
103285
103285
103285
103285
103285
103285
103285
103285
103285
103285
1239420
Total
0
0
1239420
Prof tax
200
200
200
200
200
200
200
200
200
200
200
200
2400
PF
5400
5400
5400
5400
5400
5400
5400
5400
5400
5400
5400
5400
64800
VPF
IT
Rent
Life Insur.
Deductions
Total
540000
2400
0
64800
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Tot Ded
5600
5600
5600
5600
5600
5600
5600
5600
5600
5600
5600
5600
67200
67200
Net
97685
97685
97685
97685
97685
97685
97685
97685
97685
97685
97685
97685
1172220
1172220
(Version 14.0)
09/14/2016
Page 6 of 12
Gross Salary
1239420
Profession Tax
2400
24600
-230183
Other income
43916
100000
838320
00000 - 180000
Tax rate
Appl Amt
Balance
Tax
0
24600
Produced
Limited
-230183
-230183
Tax Slabs
0
9600
0
982237
Limited
15000
1212420
0
0
Produced
15000
1212420
0
Produced
Limited
11000
11000
32916
32916
0%
180000
658320
180001 - 500000
10%
320000
338320
32000
500001 - 800000
20%
300000
38320
60000
> 800000
30%
38320
11496
Tax on Income
Capital Gains Tax (from Stocks)
Education Cess
Total Tax Liability
103496
0
3105
106601
106601
12
8883
0
43916
Produced
Limited
100000
100000
64800
64800
Insurance premium & others (MF, ULIP, FD, etc.) (sec 80C)
0
0
Total Investments
(Version 14.0)
0
100000
09/14/2016
Page 7 of 12
Vehicle
Loan
PC
Loan
Soft
Loan
Salary
Loan
100
0.00%
0
50
4.00%
0
36
0.00%
0
36
4.00%
0
10
0.00%
0
Education
Phone Loan
Loan
Marriage
Loan
Other
Loan
Other
Loan
36
0.00%
0
15
0.00%
0
36
0.00%
0
50
0.00%
0
36
4.00%
0
Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below
Original Loan Amount
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments
Co. interest rate
EMI
Prescribed interest rate
100
0.00%
0
50
4.00%
0
36
0.00%
0
36
4.00%
0
10
0.00%
0
36
0.00%
0
15
0.00%
0
36
0.00%
0
50
0.00%
0
36
4.00%
0
10.00%
10.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
(Version 14.0)
09/14/2016
Page 8 of 12
50
0.00%
0
12.00%
(Version 14.0)
09/14/2016
Page 9 of 12
Date of Purchase
Amount invested
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
0.00
(Version 14.0)
09/14/2016
Page 10 of 12
Scrip Name
Nos
Purchase
Price
Selling
Date
Price
Date
Gains
LT/
ST
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
0
Free Download from http://taxcalc.ynithya.com/
(Version 14.0)
09/14/2016
Page 11 of 12
Scrip Name
Nos
Purchase
Price
Selling
Date
Price
Date
Gains
LT/
ST
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
0
Free Download from http://taxcalc.ynithya.com/
(Version 14.0)
09/14/2016
Page 12 of 12
Scrip Name
Nos
Purchase
Price
Selling
Date
Price
Date
Gains
LT/
ST
(Version 14.0)