Professional Tax State Wise Slabs
I have attached Professional Tax State Wise Slabs in Excel sheet format.
| Profession tax | |||||||
| What is Profession tax? | |||||||
| Who pays profession tax? | |||||||
| State specific Profession Tax Rates | |||||||
| What is Profession tax? | |||||||
| Profession tax, or tax on employment, is levied by a state under article 276 of the Constitution. It is deducted from the salary every month. The amount paid, as Profession Tax, is however exempted while calculating the taxable income of the employee. | |||||||
| Who pays profession tax? | |||||||
| According to the Professions, Trades, Callings and Employment Act 2000 passed by the government, professionals with a monthly income of more than a specified limit are liable to pay profession tax. This includes doctors, lawyers, journalists, consultants and information technology (IT) professionals among others. | |||||||
| State specific Profession Tax Rates | |||||||
| The amount of profession tax levied varies from state to state in India. | |||||||
| PT SLAB – STATEWISE | |||||||
| Andhra Pradesh | Gujarat | ||||||
| PT GROSS | PER MONTH | PT GROSS | PER MONTH | ||||
| 0 – 1500 | – | 0 – 3000 | – | ||||
| 1501 – 2000 | 16.00 | 3001 – 6000 | 20.00 | ||||
| 2001 – 3000 | 25.00 | 6001 – 9000 | 40.00 | ||||
| 3001 – 4000 | 35.00 | 9001 – 12000 | 60.00 | ||||
| 4001 – 5000 | 45.00 | 12001 & ABOVE | 80.00 | ||||
| 5001 – 6000 | 60.00 | ||||||
| 6001 – 10000 | 80.00 | Madhya Pradesh | |||||
| 10001 – 15000 | 100.00 | PT GROSS PA | PER ANNUM | PER MONTH | |||
| 15001 – 20000 | 150.00 | 0 – 40000 | – | – | |||
| ABOVE 20000 | 200.00 | 40000 – 50000 | 360.00 | 30.00 | |||
| 50000 – 60000 | 720.00 | 60.00 | |||||
| Kerala | 60000 – 80000 | 1,080.00 | 90.00 | ||||
| PT HALF YR. GROSS | PER HALF YR. | 80000 – 100000 | 1,800.00 | 150.00 | |||
| 0 – 3600 | – | 100000 – 150000 | 2,100.00 | 175.00 | |||
| 3600 – 5400 | 9.00 | ABOVE 150000 | 2,500.00 | 208.00 | |||
| 5400 – 7800 | 15.00 | 12th MONTH | 212.00 | ||||
| 7800 – 10800 | 24.00 | ||||||
| 10800 – 14400 | 37.00 | Maharashtra | |||||
| 14400 – 18000 | 50.00 | PT GROSS | PER MONTH | ||||
| 18000 – 24000 | 75.00 | 0 – 2000 | – | ||||
| 24000 – 30000 | 100.00 | 2001 – 2500 | 30.00 | ||||
| 30000 – 36000 | 125.00 | 2501 – 3500 | 60.00 | ||||
| 36000 – 42000 | 175.00 | 3501 – 5000 | 120.00 | ||||
| 42000 – 48000 | 250.00 | 5001 – 10000 | 175.00 | ||||
| 48000 – 72000 | 500.00 | 10001 & ABOVE | 2500 P.A | ||||
| 72000 – 102000 | 750.00 | (Rs.200 except Feb, Rs.300 in Feb) | |||||
| 102000 – 126000 | 1,000.00 | ||||||
| ABOVE 126000 | 1,250.00 | PT TN Panchayat For first 5 months | |||||
| PT GROSS | PER MONTH | ||||||
| West Bengal | – | 3,500.00 | – | ||||
| PT GROSS | PER MONTH | 3,501.00 | 5,000.00 | 10.00 | |||
| 0 – 1500 | – | 5,001.00 | 7,500.00 | 30.00 | |||
| 1501 – 2000 | 18.00 | 7,501.00 | 10,000.00 | 60.00 | |||
| 2001 – 3000 | 25.00 | 10,001.00 | 12,500.00 | 90.00 | |||
| 3001 – 5000 | 30.00 | 12501 above | 125.00 | ||||
| 5001 – 6000 | 40.00 | ||||||
| 6001 – 7000 | 45.00 | PT TN Panchayat For 6 th Month | |||||
| 7001 – 8000 | 50.00 | PT GROSS | PER MONTH | ||||
| 8001 – 9000 | 90.00 | – | 3,500.00 | – | |||
| 9001 – 15000 | 110.00 | 3,501.00 | 5,000.00 | 25.00 | |||
| 15001 – 25000 | 130.00 | 5,001.00 | 7,500.00 | 40.00 | |||
| 25001 – 40000 | 150.00 | 7,501.00 | 10,000.00 | 75.00 | |||
| ABOVE 40001 | 200.00 | 10,001.00 | 12,500.00 | 115.00 | |||
| 12501 above | 125.00 | ||||||
| Assam | |||||||
| PT GROSS | PER MONTH | PT TN Corporation For first Month | |||||
| 0 – 3499 | – | PT GROSS | PER MONTH | ||||
| 3500 – 3999 | 50.00 | – | 3,500.00 | – | |||
| 4000 – 4999 | 65.00 | 3,501.00 | 5,000.00 | 25.00 | |||
| 5000 – 5999 | 80.00 | 5,001.00 | 7,500.00 | 38.00 | |||
| 6000 – 6999 | 95.00 | 7,501.00 | 10,000.00 | 65.00 | |||
| 7000 – 7999 | 110.00 | 10,001.00 | 12,500.00 | 110.00 | |||
| 8000 – 8999 | 125.00 | 12501 above | 135.00 | ||||
| 9000 – 9999 | 140.00 | ||||||
| 10000 – 11499 | 155.00 | PT TN Corporation For next 5 Months | |||||
| 11500 – 12999 | 175.00 | PT GROSS | PER MONTH | ||||
| 13000 – 14999 | 195.00 | – | 3,500.00 | – | |||
| ABOVE 15000 | 205.00 | 3,501.00 | 5,000.00 | 10.00 | |||
| 5,001.00 | 7,500.00 | 30.00 | |||||
| Karnataka | 7,501.00 | 10,000.00 | 65.00 | ||||
| PT GROSS | PER MONTH | 10,001.00 | 12,500.00 | 95.00 | |||
| 0 – 2999 | – | 12.00 | |||||
| 3000 – 4999 | 30.00 | ||||||
| 5000 – 7999 | 60.00 | ||||||
| 8000 – 9999 | 100.00 | ||||||
| 10000 – 14999 | 150.00 | ||||||
| 15000 & ABOVE | 200.00 | ||||||
| Orissa | |||||||
| PT GROSS | PER MONTH | ||||||
| 0 – 5000 | – | ||||||
| 5001-6000 | 30.00 | ||||||
| 6001-8000 | 50.00 | ||||||
| 8001-10000 | 75.00 | ||||||
| 10001-15000 | 100.00 | ||||||
| 15001-20000 | 150.00 | ||||||
| 20000 & ABOVE | 200.00 | ||||||
Categories: HR Tags: Profession, State, Tax, Wise
Professional Tax Slab Rate in Tamil Nadu
Enclosed the Professional Tax slab rate for reference.
Click Here To Download Professional Tax
Categories: HR Tags: Professional, Tax
TAX Slab Format
I have Attached TAX Slab Format
| Name: | PAN | |||||||||||||||
| EMPLOYEE ID | ||||||||||||||||
| Are you a senior citizen (age above 65 years)? (Y or N) | N | |||||||||||||||
| Male or Female | F | |||||||||||||||
| Other income | Actual | Total | Limited | For Housing Loan | ||||||||||||
| 1 | 2 | 3 | ||||||||||||||
| Previous Employer Taxable Salary | 0 | 0 | House self-occupied? (Y or N) | Y | ||||||||||||
| Interest on Self Occupied House loan (for tax exemption) | 0 | 0 | Loan taken after Apr 1, 1999? | N | ||||||||||||
| Other income (interest, etc.) | 0 | 0 | Miscellaneous | |||||||||||||
| Deductions under Chapter VI-A | Actual | Total | Limited | Sr. citizen included in medical insurance premium? (Y or N) | N | |||||||||||
| Medical Insurance Premium (sec 80D) | 0 | 0 | 0 | Sr. citizen included in medical treatment u/s 80DDB? (Y or N) | N | |||||||||||
| Medical for handicapped dependents (Sec 80DD) | 0 | 0 | Have permanent physical disability? (Y or N) | N | ||||||||||||
| Medical for specified diseases (Sec 80DDB) | 0 | 0 | Do you have Profits & Gains from Business or Profession? (Y or N) | N | ||||||||||||
| Higher Education Loan Interest Repayment (Sec 80E) | 0 | 0 | Do you live in Company provided accommodation? (Y or N) | N | ||||||||||||
| Donation to approved fund and charities (sec 80G) | 0 | 0 | If living in Co. acco, is population of your city > 4 lacs? (Y or N) | N | ||||||||||||
| Donation to Scientific Research or Rural Development (sec 80GGA) | 0 | 0 | Are you a Person with Disablity? (Y or N) | N | ||||||||||||
| Deduction for permanent disability (80U) | 0 | 0 | Vehicle cubic capacity > 1600cc? (Y or N) | N | ||||||||||||
| Infrastructure Bonds under Section 80CCF | 0 | 0 | ||||||||||||||
| Total Deductibles | 0 | |||||||||||||||
| Deductions under Chapter VI-A Section 80C | Actual | Produced | Limited | House Rent Allowance (HRA) | ||||||||||||
| Dedn under Pension scheme | 0 | 0 | HRA | Rent Paid | ||||||||||||
| NSC | 0 | 0 | April | 2000 | ||||||||||||
| Public Provident Fund | 0 | 0 | May | 2000 | ||||||||||||
| Employees Provident Fund & Voluntary PF | 0 | 0 | June | 2000 | ||||||||||||
| Children’s Education only Tution Fees | 0 | 0 | July | 2000 | ||||||||||||
| Housing loan principal repayment, Stamp Duty, Registration Fees | 0 | 0 | August | 2000 | ||||||||||||
| Superannuation Fund | 0 | 0 | September | 2000 | ||||||||||||
| Equity Linked Approved Mutual Funds | 24000 | 24000 | 24000 | October | 2000 | |||||||||||
| Approved ULIP under Section 10(23D) | 0 | 0 | November | 2000 | ||||||||||||
| Deposit in National Housing Bank | 0 | 0 | December | 2000 | ||||||||||||
| Deferred Annuity Scheme | 0 | 0 | January | 2000 | ||||||||||||
| Insurance premium | 6000 | 6000 | 6000 | February | 2000 | |||||||||||
| Fixed Depostits for period more than 5 Years | 0 | 0 | March | 2000 | ||||||||||||
| Others | 0 | 0 | Total | 24000 | ||||||||||||
| Total Investments | 30000 | Gross | 24000 | |||||||||||||
| Name: | ||||||||||||||||
| Signature | ||||||||||||||||
| Date: | ||||||||||||||||
Categories: HR Tags: TAX Slab Format
Professional Tax Slab
Please find attach Professional Tax Slab in Gujarat for different year.
Categories: Tax Format Tags: Tax Slab
Latest Simple Income Tax Calculator FY 2014-15
Simple tax calculator for the use of salaried employees of govt and private sector, basis the latest budget changes.
Increase of Basic exemption limit:
Major expectation of increase in basic exemption limit has been given in the budget; the limit has been increased from Rs.2 lakhs to Rs. 2.50 lakhs for individuals except senior citizens and for senior citizens between 60 to 80 years has been increased from Rs. 2.50 lakhs to Rs. 3 lakhs. The revised income tax slabs are given below the table
Increase in limit under section 80C:
Section 80C gives deduction for various savings schemes till now Rs. 1 lakhs has been enhanced to Rs. 1.50 lakhs .
Increase in housing interest deduction:
Existing limit of Rs.1.50 lakhs for self occupied property interest deduction has been enhanced to Rs. 2 lakhs.
Increase in housing interest deduction:
Existing limit of Rs.1.50 lakhs for self occupied property interest deduction has been enhanced to Rs. 2 lakhs.
Categories: HR Tags: INCOME TAX CALCULATOR
10 Simple Ways To Combat Office Politics
Please see another addition in the 10 SIMPLE WAYS series. This presentation gives you insight into 10 Simple Ways to Combat Office Politics. Hope you shall find it useful.
10 Simple Ways to Combat Office Politics
1. Accept the situation…
Office politics is inevitable…
Accept the situation and stop cribbing about it.
The more you operate from the victim’s position, the more you will suffer.
2. Be Aware
Do not get so immersed in your work that you do not know what is happening around you. Get to know what is happening at your work place.
3. Keep Emotions in Check
Keep your behavior professional and don’t 
let any emotional leakage to take place.
Be particular about the language you use with others,
both in oral and written communication.
4. Don’t Participate in Gossip
Spend time with like-minded people and stay away from those who like to gossip. If you happen to be in a gossip-group, refrain from expressing your views.
5. Be Politically Correct
Always remember to follow the protocol and to be politically correct. Do not give any chance to someone to use your expression and blow it out of proportion.
6. Build Rapport with your Boss
‘
Make genuine efforts to know your boss. Find out what matters to her, what irritates her or makes her happy. A good professional relationship with your line manager makes life a little easy.
7. Map out your Networks
8. Display your Work
Lot of people do the work and deliver it. Very few know how to display their work too. Learn the art of displaying your work in front of the right people at the right time and in the right manner.
9. Find a Mentor
Do not get so immersed in your work that you do not know what is happening around you. Get to know what is happening at your work place.
Click Here To Download 10 Simple Ways to Combat Office Politics
Categories: HR Tags: 10 Simple Ways To Combat Office Politics.
TDS Rate Chart
I have Attached TDS Rate Chart
Tax exemption limit raised to Rs 2 lakhs and tax rates has changed for other slabs too.
Find the latest income tax slab for Year 2012-2013 based on the budget presented on 16 March 2012.
India Income tax slabs 2012-2013 for General tax payers
Income tax slab (in Rs.) Tax
0 to 2,00,000 No tax
2,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
India Income tax slabs 2012-2013 for Female tax payers
Income tax slab (in Rs.) Tax
0 to 2,00,000 No tax
2,00,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
India Income tax slabs 2012-2013 for Senior citizens (Aged 60 years but less than 80 years)
Income tax slab (in Rs.) Tax
0 to 2,50,000 No tax
2,50,001 to 5,00,000 10%
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
India Income tax slabs 2012-2013 for very senior citizens (Aged 80 and above)
Income tax slab (in Rs.) Tax
0 to 5,00,000 No tax
5,00,001 to 10,00,000 20%
Above 10,00,000 30%
Statutory Deductions Exemptions Perquisites Payroll
I Have Attached Statutory Deductions Exemptions Perquisites Payroll
Rules for Statutory Deductions, Exemptions on Allowances & Perquisites
Statutory Deductions:
1. EPF
12% on Basic + Wages + Stipend + Arrears
Condition: If Basic salary at the Date of joining is above 6,500 then
It is optional to Employee for PF Deduction. Else
If Basic salary at the Date of joining is below 6,500 then
PF Deduction is compulsory
Companies Contribution: 12% on Basic + Wages + Stipend + Arrears
2. ESIC
1.75% on Gross Salary.
Condition: If Gross Salary is below 10,000 then
ESIC is applicable and is deducted. Else
If Gross Salary is above 10,000 then
ESIC is not applicable and will not be deducted. Companies Contribution: 4.75% on Gross Salary.
3. MLWF
To Deduct MLWF @ Rs. 12 in June, and December for all the employees of
Maharashtra falling under the following grades: (C1 – C5, M1 – M5, S1 – S5, P1 – P#).
4. Profession Tax
To deduct Profession Tax as per the Profession Tax slab. Given below are the
Profession Tax slabs for the employees of Maharashtra
Profession Tax Slab For Maharashtra
Gross Salary Profession Tax Deduction
0-2500 0
2501-3500 60
3501-5000 120
5001-10000 175
10001-and above 200[300 Feb]
Exemption on Allowances:
1. HRA Exemption
HRA allowance received by the employee
Or
Actual rent paid – (10% of Basic + D.A.) Or
50% of (Basic + D.A.) incase the location is (Mumbai, Kolkata, Chennai, Delhi)
or 40% of (Basic + D.A.) incase of other cities.
Or
Which ever is less of the above three.
2. Conveyance Exemption
Maximum Exempted u/s 10 upto Rs.9600 p.a.
(i.e. @ Rs. 800 per month when paid along with the salary)
3. Medical Exemption
Maximum Exempted u/s 10 upto Rs.15000 p.a. based on the bills produced by the employee
(i.e. @ Rs. 1250 per month when paid along with the salary)
4. Education Exemption:
As per the slab mentioned below:
Child Education Exempt Hostel Expenses
0 0 0
1 100 300
2 200 600
Maximum Exempted u/s 10 upto Rs.2400 p.a. based on no of dependent children’s declared by the employee
(i.e. @ Rs. 200 per month when paid along with the salary)
5. Telephone Exemption:
Maximum Exempted u/s 10 upto Rs.18000 p.a. based on the bills produced by the employee
(i.e. @ Rs. 1500 per month when paid along with the salary)
6. Petrol and Vehicle Maintenance Exemption
For Car : Rs. 1200 p.m. * 12 months = 14,400
For Driver : Rs. 600 p.m. * 12 months = 7,200
Perquisites:
1. Company Accommodation / Furniture
15% of Basic + Bonus + Entertainment Allowance
+
10% of Cost of Furniture
–
Rent of accommodation paid by the company
= Value of Perquisite
2. Company Car / Driver
For Car : Rs. 1200 p.m. * 12 months = 14,400
For Driver : Rs. 600 p.m. * 12 months = 7,200
Exemption on Investments :
1. 80 C
Upto 1,00,000 under heads like PPF, LIC Premium, PF, Housing Loan Principal, NSC, ELSS, etc.
2. 80 D
Medical Insurance such as Mediclaim Premium is exempt upto 15,000 per year for self, spouse, and dependant children and additional Rs.15,000 is exempt towards premium for parents and a further Rs.5,000 if the parents are above the age of 65 years.
3. 80 E
Interest on Loan taken for higher education is completely allowed as a deduction.
4. And Other Sections
Like 80CCC, 80DD, Housing Loan Interest, etc.
Click Here to Download Statutory Deductions Exemptions Perquisites-Payroll
Categories: HR Tags: Deductions, Exemptions, Payroll, Perquisites, Statutory
TDS CValculation on Salary
I Have Attached TDS CValculation on Salary
| INCOME TAX CALCULATOR FOR FINANCIAL YEAR 2011-12 | |||||||||
| DISCLAIMER : This calculator is to help you find out your personal indecative total tax liability. Efforts have been made to cover most of the scenarios of Income, Exemptions, Deductions, etc. However, you are advised to consult any qualified chartered accountant or tax consultant to know your actual Tax Liability. | |||||||||
| Assessee Type | |||||||||
| Enter either Male or Female or Sr.Citizen | Male | WORKING FOR CALCULATION OF TAX (change slabs here) | |||||||
| Components of Salary | Annual Amount | Percentage | 10% | 20% | 30% | ||||
| A.1 | Basic Salary | Rs711,440 | Male | 180000 | 500000 | 800000 | |||
| A.2 | DA | Rs306,590 | Female | 190000 | 500000 | 800000 | |||
| A.3 | HRA | Rs193,864 | Sr.Citizen | 250000 | 500000 | 800000 | |||
| A.4 | Transport Allowance | Rs47,001 | |||||||
| A.5 | Medical Reimbursements | Rs76,500 | Sheet is unprotected for your research and further development, for further enquiries contact | ||||||
| A.6 | Leave Travel Allowance (LTA) | Rs0 | [email protected] | ||||||
| A.7 | Canteen | Rs4,000 | IF you don’t want to edit the formula just fill in the yellow shaded boxes Every year change the slabs do minor corrections in formula and you have the IT calculator for that year |
||||||
| A.8 | Other Allowances | Rs0 | |||||||
| A.9 | Other Allowances | Rs0 | |||||||
| A.10 | Other Allowances | Rs0 | |||||||
| Gross Salary (A) | Rs1,339,395 | ||||||||
| Exemptions/Deductions | Maximim Limit | Under Section | Actual Amount | Eligible Amount | |||||
| B.1 | House Rent Exemption | Rs78,197 | U/Sec 10(13A) | Rs180,000 | Rs78,197 | ||||
| Annual Rent Paid | Rs180,000 | ||||||||
| Assessee Residing in M-Metro, NM-Non Metro | M | ||||||||
| 50% of Salary (Basic+DA) | Rs509,015 | ||||||||
| ii) Actual HRA Received | Rs193,864 | ||||||||
| iii) Rent Paid minus 10% of Basic Salary | Rs78,197 | ||||||||
| Total House Rent Exemption | |||||||||
| B.2 | Transport Allowance | Rs9,600 | Rs47,001 | Rs9,600 | |||||
| B.3 | Medical Reimbursement | Rs15,000 | Rs76,500 | Rs15,000 | |||||
| Total (B) | Rs102,797 | ||||||||
| Gross Taxable Salary Income (A-B) | Rs1,236,598 | ||||||||
| Income from Housing | Rs0 | Rs0 | |||||||
| Reliefe on Interest paid on Housing Loan | Rs150,000 | U/S 24(1)(Vi) | Rs33,103 | Rs33,103 | |||||
| Any other Income | Rs46,750 | Rs46,750 | |||||||
| Gross Total Income | Rs1,250,245 | ||||||||
| Deduction under Chapter VIA | |||||||||
| Under Section | Actual Amount | Maximim Limit | Eligible Amount | ||||||
| The following tax saving investments may be considered for computation of income tax deduction at source for the financial year. | |||||||||
| Deduction u/s 80D to 80U | |||||||||
| C.1 | Medical Insurance Premium – for the assessee or his family | U/Sec 80D(2A) | Rs9,265 | Rs15,000 | Rs9,265 | ||||
| C.2 | Medical Insurance Premium – for the parent or parents of the assessee (if parents are Senior Citizen enter PSS, else nothing) | 0 | U/Sec 80D(2B) | Rs9,236 | Rs15,000 | Rs9,236 | |||
| C.3 | Expenditure on Handicapped Dependents / Deposits made with LIC, etc. for maintenance of handicapped Dependents | ||||||||
| Disability Percentage of the Handicapped Dependents if less than 80% enter L80, if more than 80% enter M80 |
L80 | U/Sec 80DD | Rs0 | Rs50,000 | Rs0 | ||||
| C.4 | Exp. likely to be incurred on specified disease or ailment (Cancer/AIDS etc.) | ||||||||
| Exp incurred on senior citizen | No | U/Sec 80DDB | Rs0 | Rs40,000 | Rs0 | ||||
| C.5 | Permanent Disability benefit (self) – adhoc amount of (in case of disability | ||||||||
| Self Disability Percentage if less than 80% enter L80, if more than 80% enter M80 |
M80 | U/Sec 80 U | Rs0 | Rs75,000 | Rs0 | ||||
| C.6 | Interest on Education Loan (for self education) from Charitiable or Financial Institution. (No Limit) | U/Sec 80E | Rs0 | No Limit | Rs0 | ||||
| Total Deduction u/s 80D to 80U | Rs18,501 | ||||||||
| Investments under Sections 80C & 80CCC qualifying for deductions upto Rs.1 Lac or Rs.1.2 Lac | |||||||||
| D.1 | Self Contribution in Provident Fund. Assessee’s rate of PF contribution w.r.t Basic Salary is @ | U/Sec 80C | Rs122,164 | 12% | Rs122,164 | ||||
| D.2 | Voluntary Contribution Provident Fund | U/Sec 80C | Rs0 | Rs0 | |||||
| D.3 | INVESTMENT IN PENSION SCHEME | U/Sec 80 CCC | Rs0 | Rs10,000 | Rs0 | ||||
| D.4 | HOUSING LOAN PRINCIPAL REPAYMENT | U/Sec 80C | Rs20,000 | Rs20,000 | |||||
| D.5 | PUBLIC PROVIDENT FUND (PPF) | U/Sec 80C | Rs10,000 | Rs70,000 | Rs10,000 | ||||
| D.6 | LIFE INSURANCE PREMIUM PAID | U/Sec 80C | Rs30,000 | Rs30,000 | |||||
| D.7 | UNIT LINKED INSURANCE PLANS | U/Sec 80C | Rs0 | Rs0 | |||||
| D.8 | NSC-NATIONAL SAVING CERTIFICATE | U/Sec 80C | Rs0 | Rs0 | |||||
| D.9 | DEPOSIT IN NATIONAL SAVING SCHEME (NSS) | U/Sec 80C | Rs0 | Rs0 | |||||
| D.10 | INFRASTRUCTURE INVESTMENT in approved BONDS | U/Sec 80CCF | Rs0 | Rs20,000 | Rs0 | ||||
| D.11 | MUTUAL FUNDS notified under SECTION 10(23D) | U/Sec 80C | Rs0 | Rs0 | |||||
| D.12 | EQUITY LINK SAVING SCHEME(ELSS) Mutual Funds notified under SECTION 10(23D) | U/Sec 80C | Rs0 | Rs0 | |||||
| D.13 | TERM DEPOSIT with a SCH.Bank in a notified Scheme for a term not less than 5 years. | U/Sec 80C | Rs0 | Rs0 | |||||
| D.14 | TUTION FEES PAID (Only full time education tution fees paid to any Indian Univ, College, School) | U/Sec 80C | Rs0 | ||||||
| D.15 | SENIOR CITIZENS SAVINGS SCHEME Rules, 2004 | U/Sec 80C | Rs0 | Rs0 | |||||
| D.16 | POST OFFICE TIME DEPOSIT Rules, 1981 for a term not less than 5 years | U/Sec 80C | Rs0 | Rs0 | |||||
| Total Deduction u/s 80C and 80CCC | Rs182,164 | Rs100,000 | |||||||
| Total Deduction under Chapter VIA | Rs118,501 | ||||||||
| Deduction under Section 16 (ii) & 16 (iii) | |||||||||
| ENTERTAINMENT ALLOWANCE (ONLY FOR GOVT EMPLOYEES) | U/Sec 16(ii) | Rs0 | 5000 | Rs0 | |||||
| PROFESSIONAL TAX | U/Sec 16(iii) | Rs2,990 | Rs2,990 | ||||||
| Net Total Taxable Income | Rs1,128,754 | ||||||||
| Tax on Total Income | Rs190,626 | *** | |||||||
| Add Surcharge | Rs0 | ||||||||
| Add Education Cess | Rs5,719 | ||||||||
| Total Tax Payable in respective of Financial Year 2011-2012 | Rs196,345 | ||||||||
| NOTES | |||||||||
| *** | It is mandatory to make changes in formula every year if you are not able to understand the formula, get it changed from someone who knows, else it wont show the correct tax liability | ||||||||
| ENTERTAINMENT ALLOWANCE (ONLY FOR GOVT EMPLOYEES) can also be used to calculate LTA exemption the same field can be used if you are a non govt employee, Change section and limits | |||||||||
Categories: HR Tags: TDS CValculation on Salary