Income Slab Tax Rate Up to Rs.2,00,000 No Tax Rs.2,00,000 - Rs.5,00,000 10% Rs.5,00,000 - Rs.10,00,000 20% Rs.10,00,000 and beyond 30%. How to calculate income tax? (See example) Income tax calculation for the Salaried Income from salary is the sum of Basic salary + HRA + Special Allowance + Transport Allowance + any other allowance. Some components of your salary are exempt from tax, such as medical reimbursements, telephone bills reimbursement. If you receive HRA and live on rent, you can claim exemption on HRA. Calculate exempt portion of HRA, by using this. Transport allowance is given to employees as part of their salary to meet travel expenses from residence to work & back.
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Starting financial year 2015-16, limit of exemption on transport allowance is 1,600 per month or Rs 19,200 per annum. For example - if you receive Rs 2,000 as transport allowance every month, Rs 1600 shall be exempt from tax and remaining Rs 400 per month or Rs 4,800 per annum shall be taxed as salary income. Let's understand income tax calculation by way of an example. Neha receives a Basic Salary of Rs 50,000 per month. HRA of Rs 25,000. Transport Allowance of Rs 8,000 per month. Special Allowance of Rs 5,000 per month.
LTA of Rs 20,000 annually. Neha pays a rent of Rs 20,000 and lives in Delhi. Nature Amount Exemption/Deduction Taxable Basic Salary 6,00,000 - 6,00,000 HRA 3,00,000 1,80,000 1,20,000 Transport Allowance 96,000 19,200 76,800 Special Allowance 60,000 - 60,000 LTA 20,000 12,000 (bills submitted) 8,000 Medical Bills 15,000 15,000(bills submitted) - Gross Total Income from Salary 8,64,800 To calculate income tax, include income from all sources. Include:.
Income from (salary paid by your employer). Income from (add any rental income, or include interest paid on home loan). Income from (income from sale purchase of shares or house).
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Income from (income from freelancing or a business or profession). Income from other sources (saving account interest income, fixed deposit interest income, interest income from bonds) Neha has income from interest from savings account of Rs 8,400 and a fixed deposit interest income of Rs 10,000 during the year. Neha has made some investments to save income tax. PPF investment of Rs 50,000.
ELSS purchase of Rs 20,000 during the year. LIC premium of Rs 8,000.
Medical insurance paid of Rs 12,000. Here are the deductions Neha can claim.
Income tax Calculator in excel format for Assessment Year 2013-14 or Financial year 2012-13 calculates tax payable by you on various source of income. It can calculate tax for all categories of Individuals including senior citizens and very senior citizens.
It can calculate tax on all categories of income including business income, house property income, capital Gains, income from other sources etc. Calculator is easy and user friendly. Calculator not only consider income from various heads but it also considers the following. Sir, I have been appointed as teacher and joined my services in the month of September, 2012 and my salary for the months of September, October, November, December 2012, January 2013, Feb.
2013, March, April 2013 was released in my favour in the month of May 2013. Period from September 2012 to February 2013 falls in financial year 2012-13 and rest of the period falls in financial year 2013-14. My drawing and disbursing officer has calculated the income tax on whole the amount i.e. From September 2012 to February 2013. I have requested that income tax on my salary has to be calculated separately i.e.
2013 for the year 2012-13 and March 2013 to Feb. Outlook vba edit email body for sending. 2014 for the year 2013-14. Kindly guide me on what basis I have to calculate income tax so that necessary deductions are made accordingly.
My pay particulars are as under:- a) Basic Pay Rs.8710.00 D.P Rs.2800.00 DA @80% Rs. 9208.00 MA Rs. 300.00 HRA Rs.
1151.00 Total: Rs.22169.00 b) Deductions: Towards PRAN Rs.2072.00 LIC Rs.1181.00 Auartely Thanking you. Yours faithfully, Shabir Ahmad, Teacher.
Nithya's Tax Calculator This Indian Income Tax Calculator can be used to compute tax liabilities for salaried individuals only. I do not have a version for professionals or businessmen. After downloading, please read the instructions in the first sheet carefully before entering data. You would need Microsoft Excel 2007 or above to open these files. They may not open with other applications. You are free to distribute this tax calculator to your friends and colleagues as long as the original is unchanged. The tax calculator is updated whenever tax rules change and to correct errors.
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Please check back frequently to ensure that you have the latest version. Or better still, subscribe. Free subscription: You can subscribe to receive the tax calculator automatically, whenever there are updates. Please see the instructions sheet in the calculator for details.
Online Tax Calculator India
Download (right click and 'Save as.' ) Something about myself! My name is Nithyanand. I am not a Chartered Accountant, but am a Software Professional working in Bangalore. This tax calculator has been made with the information I have.
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I don't claim this to be 100% accurate. E-mail me at: DISCLAIMER This tax calculator can be used for tax planning 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/inaccuracy, please let me know and I will try to fix it at the earliest.
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