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