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C4
Tax Calculator 2008-09
Table of Contents

Tax Rates & Related Provisions How to use Income Tax Calculator 2008-09
Describes Income Tax Rates,Sec 80C Deductions, Describes simple tips on using this package…...
other related provisions and FAQ's…..

CALCULATE MY INCOME TAX

Date 20 April 2013

Disclaimer
This “tax” calculator is not intended to provide legal, securities, accounting or tax advice and should not be relied upon in that respect. You should seek the advice of a qualified professional for all
your tax, securities and accounting requirements.
The Company is not responsible for any direct, indirect, special, coincidental, consequential or any other damages whatsoever and to whosoever caused, arising out of or in connection with the use
of or reliance upon the accuracy of the results of the tax calculator, whether in an action of contract, negligence or other tortuous action.
The Company makes no warranties or representation with respect to the accuracy, contents or performance of this tax calculator. The Company particularly disclaims any warranty of fitness for
any particular purpose
 TAX CALCULATOR 2008-09

Name palani Rent Amount Paid (Annual) 71,448

Sex ( M/F ) M Resident of Metro or Not N Back to MAIN

Your Annual Income Tax 1,053

Monthly Components
Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total
Basic Salary 7,938.00 7,938 7,938 7,938 7,938 7,938 7,938 7,938 7,938 7,938 7,938 7,938 95256
Allowances
House Rent Allowance 5,954 4,763 4,763 4,763 4,763 4,763 4,763 4,763 4,763 4,763 4,763 4,763 58347
Other Allowance 5,954 2,381 2,381 2,381 2,381 2,381 2,381 2,381 2,381 2,381 2,381 2,381 32145
0
Total Allowance 11908 7144 7144 7144 7144 7144 7144 7144 7144 7144 7144 7144 90492

Annual Components Other Income Eligible Savings Under Section 80C

Bonus 24,000 Income From House Property - Statutory PF 11,431
Referral Bonus - Income from Other Sources - VPF -
Others Taxable Salary - Life Insurance Premium -
- Deductions Under 80D,80DD,80E&80U PPF -
Total 24,000 NSC -
80 D Mediclaim - ULIP -
80 DD Dependent Handicapped - Children Educational Fees -
80 E Educational Loan - Interest - Housing Loan - Principal -
80 U Permanent Phy.Disability - Mutual Fund (ELSS) -
- 5 Years Fixed Deposits -
Professional Tax Paid - -
Housing Loan-Interest(Self occupied Property) -
Total Investments 11,431
 HOW TO TO USE INCOME TAX CALCULATOR 2008-09

1 Mandatory fields.. to be filled up

Sex M/F
Metro Status M/N

2 Other allowance.. After you fill the Basic Salary, please verify the amount of other allowance before proceeding
further.
3 Middle of the Month Joinees.. If you have joined the company during middle of the month, please prorate your
salary components for that specific month only. For rest of the months, enter normal monthly components.

4 Your Income Tax.. As soon as you start putting your salary figures, you will see your TAX being calculated
in "RED FONT" on-line, but in order to see your correct Tax please go-thru the entire Calculator & fill-up all the
fields relevant to you.

5 Other Income.. If you wish to include other incomes with Salary income, please arrive at a final figure of
your other income (after allowing related deductions etc.) and then fill-up this field.

6 Navigation.. Under every section of this package, we have provided Hyper Links to go to Main Menu.

Back to MAIN
 TAX RATES & RELATED PROVISIONS
1 The Proposed Income Tax Rates for Financial Year 2008-2009 are as follows - Back to MAIN

Income Slabs Tax Rate Surcharge

Upto Rs.150,000/- * Nil Nil

From Rs.150,001* to Rs.300,000/- 10% Nil

From Rs.300,001 to Rs.5,00,000/- 20% Nil

Nil upto Rs.10 Lac. Above Rs.10
Above Rs.5,00,000/- 30%
Lac 10%
Education Cess at the rate of 3% on income tax and Surcharge
* In the case of woman employees income upto Rs.1,80,000/- is exempt.

EXEMPTIONS
2 HRA (House Rent Allowance) u/s 10(13A)
The Least of the Following three is exempted:
a. 40% of the Basic (50% in case of employees residing at Metro cities)
b. Actual Rent Paid - 10% of Basic
c. Actual HRA Received

3 DEDUCTIONS U/S 80C

Under section 80C, an individual will be allowed a deduction from income of an amount not exceeding
one lakh rupees with respect to sums paid or deposited out of income chargeable to tax, in certain specified
schemes. These include life insurance premia, Pension Plan, contribution to provident fund, payment of children
tuition fees, repayment of principal amount on housing loan borrowed, investment in 5 year Fixed Deposit etc.,
However, in order to minimise distortions, there are no sectoral caps in the proposed section and the assessee
is free to invest in any one or more of the eligible instruments within the overall ceiling limit of Rs. 1 Lakh.

4 Deductions u/s 80D,80DD,80E & 80U

80D Medical Insurance Premium - MEDICLAIM (upto Rs.30,000/- )

80DD Expenses on Medical Treatment of Dependent suffering from Permanent Disability (upto Rs.50,000/ -)
 80E Interest paid on a loan taken for pursuing higher eduction

80U Permanent Physical Disability (Rs.75,000/- )

5 Housing Loan - Deduction under Section 24 of the ITAX Act. 1961

Interest on Housing Loan - if self occupied then upto Rs.150,000/- p.a can be claimed.

6 PAN – PERMANENT ACCOUNT NUMBER

It is mandatory that all the assesses must have a permanent account number. If you have already been allotted
with a PAN [which is unique & holds good all over India] update the number in the IT Declaration Form.
If you have already applied for PAN & you don’t know the status
1. Go to http://incometaxbangalore.org/ http://incometaxindia.gov.in/
2. Click on "Know your PAN” link.
3. Enter your date of birth and last name
If you have still not applied for PAN Please do it right NOW… you can buy the applications at Income tax department
or UTI bank or HDFC bank. Fill up the form, attach photograph & submit the application in any of the above places mentioned

7 To Submit the Income Tax Declaration

Please access the link below and click on “Respond to this Survey” to update your Tax Declaration

http://sharepoint.fmr.com/sites/fssi/itax/Lists/Income%20Tax%20Declaration%20200809/overview.aspx
To View / Modify the income tax declaration:
Access the same link as above
Click “show all responses”
Click „view responses#”
Click “edit responses” and make the changes if any and click “save and close”

This link to submit / modify the declaration will be available from 11th to 30th of every month and remaining days till
10th the link will be blocked for processing the payroll.
Update your Savings declaration so that excess tax will not be deducted.
Excess tax deducted in the earlier months (due to change in the saving declaration in the latter months) cannot
be refunded by Fidelity. Employee can claim the refund from the Income tax department by filing IT returns.
Proofs for the tax saving declaration will be collected during January/February every year.

8 How will I get my Pay-slips

Access the link below for your pay slip

https://payslip.ssl.fid-intl.com/
 (You can access your first pay slips once your first month salary is paid)

9 FAQ's
HRA
1. Can I claim HRA exemption if I am staying in my own house?
No, only if you have actually incurred expenditure on payment of rent in respect of the residential accommodation occupied by you,
only than you can claim the HRA exemption.

2. Do I need to submit rent receipts at the end of year for claiming HRA exemption?
Yes, we will collect original rent receipts & other investments proofs in the month of January.

3. I am staying with my friends in a rented house. We are sharing the rent & landlord has given us only one receipt, my friend
also wants to claim the HRA exemption Please suggest how we can claim the HRA exemption?
You can claim the HRA Exemption on your share of rent by submiting the photocopy of rent receipts.

Housing Loan
4. My house is still under construction can I declare house property loss?
House Construction / Purchase should have been completed / should be ready for occupation. Pre-EMI interest paid before the completion
of construction can be claimed over 5 years equally from the year of completion. But, Pre-EMI paid in the year of completion can be
claimed fully in same financial year itself.

5. Can I claim both HRA and Interest on housing loan ?

HRA exemption can be claimed in respect of the period during which the rental accommodation is occupied by the employee during the
financial year. If the following conditions are satisfied, employee can also take the benefit of interest on housing loan.
(a) employee owns a house property, which can not actually be occupied by him by reason of the fact that owing to his /her employment;
(b) employee has to reside at that other place in a building not owned by him;
(c) the property mentioned at (a) (or part thereof) is not actually let out during whole(or any part of the financial year 2007-08); and
(d) no other benefit is derived from the above property by the employee.

6. I & my spouse are co-owners to the property & we have taken a joint Loan. We have paid Rs. 2,00,000 towards interest. Property
is self occupied. Now the question is can we both claim Rs. 1,50,000 each as house property loss if not what should be the
proportion in which we have to claim the exemption?
Both of you can claim the exemption in the same proportion of your ownership of the property.
But please make sure that the amount both put together should not exceed the actual payment. In the above case if you are equal owners then
each one can claim Rs.1,00,000/-

7. I am paying Rs.15,000 as EMI, what should I update for the interest? [Interest 11%] & for the principal? What proofs I have to
submit in January 2009?
Please ask your banker to give you a Provisional Certificate at the beginning of the year which gives you the break up of interest & principal for
the EMI paid. In January 2009 you have to submit Certificate issued by the bank with a break-up of principal & interest.
Back to MAIN