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DISCLAIMER

This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be us
the actual taxes to be paid to the Government. The author is not responsible for any inaccuracies in the tax compu
calculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest.
Reach me @ bennythadathil@gmail.com

PLEASE READ THESE INSTRUCTIONS CAREFULLY

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TAX RULES & OTHER USEFUL INFORMATION

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benny.thadathil@hewitt.com
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benny.thadathil@hewitt.com
DISCLAIMER

This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to c
the actual taxes to be paid to the Government. The author is not responsible for any inaccuracies in the tax computed by
calculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest.
Reach me @ bennythadathil@gmail.com

PLEASE READ THESE INSTRUCTIONS CAREFULLY


(Section 1-Salary details, Section 2-Investment Declaration, Section 3-Income/Loss from hosueproperty, Sec 4- Flexi Kit)
Enter the numbers in the yellow-colored cells.
Enter your date of birth in cell J5
Flexi Kit is optional- you can use it for your salary CTC/Flexi allocation- as pe your company's compensation policy.
Or you can directly enter the amount under the monthly salary cell.
Net take home is calcualted on the assumption that the reimbrusment bills are submitted every month and paid
Enter Salary details under different components in Earning Sections. All other taxable earnings not in the list can be added under other earnings.
PF will be calcualted 12% of the Basic, if the amount is different, please type the amount in respective month wise cells.
Enter the VPF contribution in row 35 against each month (if any)
Please enter the professional tax deducted in row 36 against each month.
Please enter the tax deducted in row 37 against each month.
Please enter the Rent payment in row 42 against each month. Please note the HRA exemption is calculated on a monthly basis.
If you are staying in a Metro City Please update row 43 as M (Metro) else N (Non Metro)
If you are using company-provided/Leased car for official and personal use or availing Vehicle maintenance or petrol reimbursements please update (
N (no)) in Row 44

Enter the amount of medical bills submitted in the cell E48


Enter the amount of LTA bills submitted in the cell E49- Refer Rule 4 below for the exemption limits
Enter other investlements, payments under the respective heads to avail the chapter VIA benefits.
Enter the housing loan interest paid in Section 3, Enter the Loan Saction date, loan amount, registred value of the house property, number of house p
owned etc to avail the extra tax benefit u/s 80EE (only for the house is self occupied. If the house is let-out, please enter the annual rent received i
Interest on loan in cell E97 and Municipal tax paid ( ( if paid) in cell E98. 80EE is not applicable for FY 2017-18.

Enter the number of remaining months in current financial year in Cell P100, to find out the monthly tax deduction
Please update the number school going childern in Cell E51 to calcualte the Children Education allowance exemption.
If you are availaing any non-monitory benefits (perquisites) from the company, the taxable amount needs to be updated in Cell O29
TAX RULES & OTHER USEFUL INFORMATION

HRA exemption is minimum of (40% (50% for metros) of Basic+DA, or HRA received, or rent paid - 10% of Basic+DA)- Exemption calcualted based on m

Conveyance (Transport) allowance is exempt upto Rs.1600/- per month.


Medical expenditure is exempted to the extend of bills submitted and maximum upto Rs.15000/- pa.
LTA is exempt to the tune of economy 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 2014 to 2017.

Loss on house property- ( Interest on Housing Loan). If the house is self-occupied and if the loan was taken before Apr 1, 1999 deduction is limited to
per year. If the loan is taken after 01-Apr-1999, maximum allowed is Rs.2.0 lakh.

Deduction form total income will be available for Investments made in LIC, Pension Plans, FD with Scheduled Bank with term of 5 yrs, PPF, PF, VPF, T
Mutual Funds, NSC, Repayment of Housing Loan Principal, Children Education,Sukanya Samriddhi Yojana, etc upto Rs.1.5 lakh. Sec 80C

Medical Insurance premium is allowed as deduction upto Rs.25,000/- per year. An additional deduction upto Rs.30,000/- ( for Sr.citizen) else Rs.25,00
allowed for the medical insurance taken on dependant parents.

Repayment of interest on Education loan (taken for higher education from a university for self, Spouse and Children) is deductible U/s 80E.
Interest on saving bank account is eligible for Deduction U/s 80TTA upto Rs.10,000/- interst received above 10,000 is fully taxable.

benny.thadathil@hewitt.com
REGSS- Investments in the eligible securities of REGSS is eligible for deduction.The scheme is designed exclusively for the first time retail individual in
securities market, whose gross total income for the year is less than or equal to Rs. 12 lakh. The investor would get a 50% deduction of the amount so
upto a maximum investment of Rs. 50,000. (Maximum deduction is Rs.25000/-)

Tax rates- Taxable Income up to 2.5 lakh is exempted for men and women and From 2.5 lakh to 5.0 lakh 5% , 5.0 lakh to 10.0 lakh 20% and 10.0 lakh
30%. Senior citizen (60 Years and above) the base exemmption limit is Rs.3.0 lakh and for Super Senior Citizens (80 Years and above) the base limit is

Surcharge of 10 percent on persons whose taxable income exceed 50 Lakh and 15% whose income exceeds 1 crore.
Education Cess @ 3% will be charged on Total Tax Payable + Surcharge
Please check the eligibility and deductible amount of the Donation. Employers cannot allow tax benefit on donations made to private/non governmen
which needs to be claimed by the employees from income tax department while filing the personal return. Donations made to national relief fund are
for 100% from taxable income, in any other cases the deduction restricted to 50% of amount paid. Maximum deduction restricted to 10% of the total i

CLA Perquisite- If the accommodation provided is taken on lease/ rent by the employer , 15% of your total income (Total income reduced by Sec 10 ex
and other perquisite values) or rent paid by the company should be considered as perquisite. If the accommodation provided is owned by the employe
'salary' in cities having population exceeding twenty five lakh as per the 2001 census. For other places, the perquisite value is 7.5% of salary.

If the company is provided any hard-furnishing facilities 10% of the actual cost should be considered as Hard Furnishing Perquisite.
If you are availing company provided/Leased car and expenses paid by the employer, and if the car cc is less than 1.6, Rs.1800/-pm and if the car cc
than 1.6 Rs.2400/-pm to be considered as taxable perquisite. Driver salary need to be taken Rs.900/- pm

If the car is owned by you, and if you are availing any reimbursment of the running and maintenance of the car, the total amount reimbursed reduced
Rs.1800/- pm (if car is less than 1.6cc) or Rs.2400/-pm (if the car is greater than 1.6cc) need to be taken as perquisite.
If driver salary also reimbursed, total driver salary reduced by Rs.900/- pm to be added to the car perquisite.

PLEASE GO TO INCOME TAX COMPUTATION

benny.thadathil@hewitt.com
FLEXI KIT- (Section 4)
INCOME TAX CALCULATOR 2017 -2018 Please read the instuction carefully before you update the details. Refer your company's compensation policy to do the flexi allocation
Legends FLEXI ALLOCATION AS PER COMPANY POLICY (Optional) **
Per Annum Per Month
Emp No 101725 Date of Birth 25-Jul-81 Inputs/ Editable Cells Annual Salary/CTC/TFC 840000 70000

Employee Name Darshan PAN Outputs/ Non editable Cells Fixed/Monthly Reucrring Pay
Enter Per Month Amount
Basic Salary 299280 24940
Salary from April 2017 to March 2018. House Rent Allownace 149640 12470
Conveyance Allowance 20880 1740
Sr No Pay Components (Section 1) Apr-2017 May-2017 Jun-2017 Jul-2017 Aug-2017 Sep-2017 Oct-2017 Nov-2017 Dec-2017 Jan-2018 Feb-2018 Mar-2018 Total Childern Education Allowance 9600 800
Special/Personal Pay( Balancing Amount) 261684 21807
Earnings
Reimbursements/Third Party Payments
1 Basic 22960 22960 0 0 0 0 0 0 24940 0 0 0 70860 Enter Annual Amount
2 Dearness Allowance 20613 20613 0 0 0 0 0 0 23055 0 0 0 64281 Medical Reimbursment 15000 1250
3 House Rent Allowance 11480 11480 0 0 0 0 0 0 12470 0 0 0 35430 Leave Travel Allowance 36000 3000
4 Conveyance Allowance 1750 1750 0 0 0 0 0 0 1750 0 0 0 5250 Professional Development Allowance 0 0
5 Special Allowance 1000 1000 0 0 0 0 0 0 1000 0 0 0 3000 Telephone Reimbursement 12000 1000
6 Medical Allowance/Reimbursement * 1250 1250 0 0 0 0 0 0 1250 0 0 0 3750 Fuel and Maintenance 0 0
7 Leave Travel Allowance * 3000 3000 0 0 0 0 0 0 3000 0 0 0 9000 Driver Salary 0 0
8 Uniform/Professional Devop.Allowance * 0 0 0 0 0 0 0 0 0 0 0 0 0
9 Children Education Allowance * 800 800 0 0 0 0 0 0 800 0 0 0 2400 Retirement Benefits (If applicable) Enter Per Month Amount
10 Other Earning 1 0 0 0 0 0 0 0 0 0 0 0 0 0 PF employer Contribution 35916 2993
11 Other Earning 2 0 0 0 0 0 0 0 0 0 0 0 0 0 Gratuity Contribution 0 0
12 Other Earning 3 0 0 0 0 0 0 0 0 0 0 0 0 0 NPS Employer Contribution 0 0
13 Other Earning 4 0 0 0 0 0 0 0 0 0 0 0 0 0
14 Total Perks 0 0 Third Party payments Enter Per Month Amount
Total Earnings ( A ) 62853 62853 0 0 0 0 0 0 68265 0 0 0 193971 CLA (Company Leased Accodomation) 0 0
Car Lease/EMI 0 0
Deductions Food/Lunch Cuopon 0 0
70000
1 Provident Fund 5,229 5,229 0 0 0 0 0 0 5,759 0 0 0 16217 MONTHLY NET TAKE HOME BASED ON FLEXI ALLOCATION
2VPF 0 0 0 0 0 0 0 0 0 0 0 0 0
3 Profession Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 Recurring pay
4 Income Tax 0 0 0 0 0 0 0 0 0 0 0 0 0 Basic Salary 24940
House Rent Allownace 12470
Total Deduction 5229 5229 0 0 0 0 0 0 5759 0 0 0 16217 Conveyance Allowance 1740
Net Salary 57624 57624 0 0 0 0 0 0 62506 0 0 0 177754 Childern Education Allowance 800
Special/Personal Pay( Balancing Amount) 21807
5 Rent Paid 0 0 0 0 0 0 0 0 0 0 0 0 0
Metro/Non-metro (M or N) M M M M M M M M M M M M Reimursments
Company Car Provided ( Y or N) N N N N N N N N N N N N (on submission of bills to employer)
Medical Reimbursment 1250
Telephone Reimbursement 1000
Income Tax Declarations- (Section 2) Income Tax Computations Leave Travel Allowance 3000
Medical Bills Submitted * 0 Professional Development Allowance 0
Leave Travel Allowance- (LTA/LTC) * 0 Gross Salary (includes Employer contribution to NPS **) 193971.00 Fuel and Maintenance 0
Uniform/Professional Devop.Allowance * 0 Exemptions U/s 10 Driver Salary 0
Number of school going children * 0
* Exemptions are subject to the earning updated in salary cells above. Conveyance Allowance 4800.00 Gross Salary 67007
Deduction Under Section Chapter VIA Amount House Rent Allowance 0.00
Employees Provident Fund 16217 Leave Travel Allowance 0.00 Deduction
Voluntary Provident Fund 0 Medical Reimbursement 0.00
Public Provident Fund 0 Uniform/Professional Devop.Allowance 0.00 Provident Fund 0
National Saving Certificate (NSC) 0 Children Education Allowance 0.00 Profession Tax 0
Tax Saving Mutual Funds 0 Total 4800.00 Income Tax 0
Insurance Premium Paid 0 Gross Salary after Section 10 189171.00
Savings in Pension Plans 0 Total Deduction 0
Tax Saving Fixed Deposit with Banks 0 Deduction U/s 16
Senior Citizens Savings Scheme 0 Professional Tax (Sec 16 iii) 0.00 Net take home 67007
Sukanya Samriddhi Yojana 0
Children Education Fee 0 Income chargeable under head 'Salaries' 189171.00
Housing Loan Principal Repayment/Stamp Duty Paid 0 ** Notes:
National Pension System (NPS) 0 Income (loss) on House property. (Let out+self occupied) 0.00
Total 16217 Income from Other Sources 0.00 Flexi allocation is optional, please enter the monthly amount to the
Agricultural Income 0.00 recurring pay cells and annual amounts in the reimbursment part.

Other Deductions Gross Total Income 189171.00 Please refer your company's compensation policy before doing the flexi
Employer Contribution to NPS ** 0 allocation.
Medical Insurance Premium (sec 80D) 0 Deductions under chapter VI-A Rs.
Medical treatment for handicapped dependents (Sec 80DD) 0 Investments ( Sec 80C) 16217.00 You can enter the monthly salary details directly to the monthly
Medical treatment for specified diseases (Sec 80DDB) 0 Contribution to NPS (Sec 80CCD (1b) 0.00 columns to do the tax plan- if flexi is not applicable
Interest on Higher Education Loan(Sec 80E) 0 Employer Contribution to NPS (Sec 80CCD (2) 0.00
Donations to charitable institutions and others (Sec 80G) 0 Medical Insurance Premium (Sec 80D) 0.00
Deduction for permanent disability (80U) 0 Medical treatment for handicapped dependents (Sec 80DD) 0.00
Total 0 Medical treatment for specified diseases (Sec 80DDB) 0.00
Interest on Higher Education Loan(Sec 80E) 0.00
Interest on Housing loan (Sec 80EE) 0.00
Other Income Donations to charitable institutions and others (Sec 80G) 0.00
Interest income from deposit in a savings accounts(80TTA) 0 Deductions in respect of rents paid (Sec 80GG) 0.00
Any Other Taxable Income (Other than interest income) 0 Interest income from deposit in a savings accounts(80TTA) 0.00
Total 0 Deduction for permanent disability (80U) 0.00
Total 16217.00 16217.00
Income from House property - (Section 3) Net taxable income 172950.00
Housing Loan Sanction date
Housing loan Sanctioned Amount 0 Tax on Total Income 0.00
Value of the residential house Property 0
Number of residential houses owned 0 Less : Rebate u/s 87- (If total income does not exceed Rs.3.5 Lakh) 0.00
Housing Loan Interest paid (Self occupied property) 0 Rebate on Agricultural Income 0.00

Income from House property- Let Out Total Tax Due 0.00
Rent received during the year- (Annual Value) 0
Interest paid during the year 0 Surcharge on Tax 0.00
Municipal Tax Paid 0 Education Cess @3% 0.00
Less : Repairs and Maintenance (30% of annual value) 0 Total Tax Due 0.00
Net Annual value 0 Less Tax Deducted Till Date 0.00
Income (Loss) from house property 0.00 Balance 0.00
Remaining Month in the Year 12
Agricultural Income 0 Tax Per Month 0.00 Prepared by - Benny Thadathil- bennythadathil@gmail.com

benny.thadathil@hewitt.com
FORM 16
Certificate under section 203 of the Income-tax Act, 1961 for Tax deducted at source on Salary
Name and address of the Employer Name and designation of the Employee

PAN of the Deductor TAN of the Deductor PAN of the Employee

CIT (TDS) Assessment Year Period


Address: From

City: Pincode:
PART B
Details of Salary Paid and any other income and tax deducted
Rs. Rs.
1. Gross Salary
(a) Salary as per provisions contained in sec. 17(1) 193,971
(b) Value of perquisites u/s 17(2) (as per Form No.
12BB, wherever applicable) -
(c) Profits in lieu of salary under section 17(3)(as per
Form No. 12BB, wherever applicable -
(d) Total 193,971

2. Less: Allowance to the extent exempt U/s 10


Allowance Rs.
Conveyance Allowance 4800.00
House Rent Allowance 0.00
Leave Travel Allowance 0.00
Medical Reimbursement 0.00
Uniform/Professional Devop.Allowance 0.00
Children Education Allowance 0.00 4,800

3. Balance (1-2) 189,171


4. Deductions :
(a) Entertainment allowance
(b) Tax on employment -
5. Aggregate of 4(a) and (b) -
6. Income chargebale under the head 'Salaries' (3-5)

7. Add: Any other income reported by the employee


Income Rs.
Income from House Property 0.00
Income from Other Sources 0.00
Agricultural Income 0.00 -

8. Gross Total income (6+7)


9. Deductions under Chapter VI A
(A) sections 80C, 80CCC and 80CCD
Gross
(a) Section 80 C Amount
Employees Provident Fund 16217
Voluntary Provident Fund 0
Public Provident Fund 0
National Saving Certificate (NSC) 0
Tax Saving Mutual Funds 0
Insurance Premium Paid 0
Savings in Pension Plans 0
Tax Saving Fixed Deposit with Banks 0
Senior Citizens Savings Scheme 0
Sukanya Samriddhi Yojana 0
Children Education Fee 0
Housing Loan Principal Repayment/Stamp Duty Paid 0
16,217
Note: 1. Aggregate amount deductible under section
80 C shall not exceed one lakh rupees.
2. Aggregate amount deductible under the three
sections, i.e. 80C,80CCC,80CCD shall not exceed one
lakh rupees.
(B) other sections (e.g. 80E,80G etc.) under Qualifying
Chapter VI-A Gross Amount Amount

Contribution to NPS (Sec 80CCD (1b)


Employer Contribution to NPS (Sec 80CCD (2)
Medical Insurance Premium (Sec 80D)
Medical treatment for handicapped dependents (Sec 80DD)
Medical treatment for specified diseases (Sec 80DDB)
Interest on Higher Education Loan(Sec 80E)
Donations to charitable institutions and others (Sec 80G)
Deductions in respect of rents paid (Sec 80GG)
Interest income from deposit in a savings accounts(80TTA)
Deduction for permanent disability (80U)
10. Aggregate of deductible amount under Chapter VI A

11. Total Income (8-10)


12. Tax on total income
13. Relief under Sec 87a
13b. Less rebate on Agricultural Income
14. Total tax Due
14b. Surcharge
15. Education cess @ 3%
16. Tax Payable (14+16)
Verification

I, ------------------------, son / daughter of -------------------- working in the capacity of ---------------------- (designation)


do hereby certify that a sum of Rs.--------------------------------------------------- [Rs.
------------------------------------------------------------------------------ (in Words) has been deducted and deposited to the
credit of the Central Government. I further certify that the information given above is true, complete and correct
and is based on the books of account, documents, TDS statements, TDS deposited and other available records.

Place :
Date :
Signature of person responsible for deduction of tax
Designation: Full Name:
t source on Salary
on of the Employee

PAN of the Employee

Period
To

Rs.

189,171

189,171
Deductible
Amount
16,217
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-
-
-
-
-
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-
16,217

Deductible
Amount

-
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-
16,217

172,954
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-
-
-

--------------- (designation)

cted and deposited to the


ue, complete and correct
nd other available records.

ble for deduction of tax