Income Tax Calculator: Please Enter Your Name Here

Income Tax Calculator
Version 19.0
1997-2017, Nithyanand Yeswanth
Available for free download at: http://taxcalc.ynithya.com/

email: taxcalc@ynithya.com
Name: PLEASE
ENTER YOUR NAME HERE
Dt. Of birth: 1-Jan-2001
DISCLAIMER
This tax calculator can be used 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, please let me know and I will try to fix it at the earliest
PLEASE
READ
THESE
INSTRUCTIONS
CAREFULLY
This sheet can be used to compute the tax for salaried individuals only
Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells
Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0
Please enter your name and Date of Birth above to calculate taxes correctly (date of birth is required to calculate senior citizenship)
5 The orange colored cells (with dark red text) constitute the setup parameters, which you may have to set only once. Ensure that all setup
parameters in cells C4 to C20 and AA51 to AA72 are setup prior to using the calculator
Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF
If you are in Delhi, Mumbai, Kolkata or Chennai, change the location to Metro in Cell AA51. If you have moved from a metro to non-metro or
vice-versa during the year, change the cells D47 to O47
Enter the PF deduction percentage in cell AA54 depending on your company policy. In addition, if your company limits the PF to a certain
amount, enter that amount in cell AA55. If there is no PF deduction, enter 0% in cell AA54. If the PF percentage changes during the year (due
to change in employer or otherwise), change cells D48 to O48
If you have opted for VPF (Voluntary Provident Fund), change cell AA58 depending on whether the deduction is done as a percentage of salary
or as a fixed amount. If percentage, enter percentage in cell AA56. This will apply same percentage throughout the year. If percentage changes
month to month, enter the percentage for each month in cells D43 to O43 (If you leave any of these cells at 0, the default percentage from cell
AA56 will be taken for that month). If the deduction is a fixed amount, enter the amount for each month in cells D43 to O43
10
If the interest rate on PF is other than 8.5%, change the value in cell AA57
11
If you are claiming exemption on housing loan interest, remember to update cells AA60, AA61, AA62 (see below for the rules)
12
If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA64
13
If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA65
14
If any of your dependents have severe (>80%) permanent physical disability, change cell AA66
15
If you have a permanent physical disability, change cell AA67 and AA68
16
If you live in company-provided house, change cell AA69 and AA70; 15% of salary will be added as perks for cities with more than 25 lacs
population (as per 2011 census), 10% for cities with population of 15 lacs to 25 lacs, and 7.5% for other cities. If rent has been paid (cells D26
to O26), the same will be deducted from this perks amount
17
If you are using company provided car for both official and personal use, update cells D44 to O44. If the company also provides driver, update
cells D45 to O45. If company bears the running and maintenance expenses for the car, update cell AA71. Also update the size of the car in cell
AA72 (in terms of engine cubic capacity)
18
If you have been out of India during the year, update cells D46 to O46 so that conveyance exemption is computed correctly
19
If you have taken company loans at discounted interest rates, please enter the details in the sheet "Perquisites"
20
You can enter the opening balance in your PF account as at the beginning of the year in cell D40 and PF loans/withdrawals in cells D39 to O39
to calculate the closing balance (including employer's contribution) in your account at the end of the year
21
Update the earnings (cells D3 to O20) with expected earnings during the year. On the deductions side, enter the expected rent payment,
Profession Tax and Life Insurance Salary deduction details for all months.
22
Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount
23
Enter any other earnings related to salary in cell S21
24
If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G80
25
Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G58
26
Enter the remaining months in current financial year in Cell G82, to figure out the tax per month
27
You can change the headings for the 10 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure
28
Rent can be entered in cells D26 to O26, if deducted through salary; Otherwise enter annual figure in Q26 to S26. If you enter rent amount
in any cell between D26 to O26, do not enter any amount in cells Q26 to S26 and vice-versa
29 Enter expected investments/savings/expenses information in cells N53 to N85
30
Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered
31
Enter non-salary related other income (such as from interest) in cell N63 and Savings Bank interest in cell N62
32
You can enter the details of NSC's purchased during the last 5 years in the "NSC Accrued Interest" sheet to calculate the accrued interest
automatically. This interest is exempt under sec 80C. This interest is also taxable either on accrual basis every year or when received
33
You can enter details of Stocks sold during the year in the "Capital Gains - Equity" sheet to calculate the tax applicable
34
You can enter details of Property and Debt Mutual Funds sold during the year in the "Cap Gains - Property&Debt MF" sheet
Page 1 of 14

Version 19.0

35
HRA exemption is calculated on monthly basis and added up, which may not always be correct if your HRA, Rent or Basic+DA change month
on month. In such cases, and if you have not moved from a metro to non-metro or vice-versa in the middle of the year, enter the rent only in
cells Q26 to S26 and NOT in cells D26 to O26. This will calculate the exemption on the total basis instead of monthly basis
Page 2 of 14

Version 19.0

TAX
1
RULES
&
OTHER
USEFUL
INFORMATION
HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
2 Transport allowance is exempt upto 1600/- per month provided the person is in India during the month
Medical bills are exempt for self and dependent family, upto 15,000/- per annum
LTA is exempt to the tune of ecomony 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 Jan 2014 to Dec 2017
5 Uniform allowance is exempt to the extent of bills produced for purchase of uniforms
Gratuity (max. 10 lac) , VRS (max. 5 lacs) and some such amounts are exempt upto certain limits. If you get any such payment, please find out
the exact limit for you from a tax consultant and enter in cell N53
Children's Education allowance is exempt upto 100/- per child per month plus 300/- per child per month for hostel expenses (max of 2
children only)
There is an exemption for interest on housing loan. If the loan was taken before Apr 1, 1999 exemption is limited to 30,000/- per year. If the
loan was taken after Apr 1, 1999 exemption is limited to 2,00,000/- per year if the house is self-occupied; if this is the first house and loan
amount is less than 35 lacs and house cost is less than 50 lacs and loan taken after 1-Apr-2016, there is additional 50,000 exemption; there
is no limit if the house is rented out, but the rent (less 30% of rent as std. deduction and municipal taxes) needs to be declared as income
If you have rented out your house, enter the total rent income/loss from the house (after deducting property tax and 30% of rent as standard
maintenance expenses) in cell N61
10
Medical Insurance (such as Mediclaim) premium is exempt upto 25,000/- per year for self, spouse & dependent children. Within this limit,
5,000/- could be used for preventive health check expenses. An additional 25,000/- is exempt towards premium for parents (even if they are
not dependent). If the parent(s) are above 65 years of age, an extra 5,000/- can be claimed
11
Deduction in respect of medical treatment of handicapped dependents is limited to 75,000/- per year if the disability is less than 80% and
1,25,000/- per year if the disability is more than 80%
12
Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed upto 40,000/- per
year. If the person being treated is a senior citizen, the exemption can go up to 80,000/-
13
Interest repayment on education loan (taken for higher education from a university for self, spouse & children) is tax exempt from the 1st year
of repayment up to a maximum of 8 years. There is no exemption for Principal payment
14
Donations to certain charities are tax exempt to the tune of 50% of donation. Please enter the amount donated in cell N70
15
If you do not get HRA, but have rented a house, an exemption is available. This will be calculated as minimum of (25% of total income or rent
paid - 10% of total income or 60,000/- per year)
16
Donations for certain scientific research and rural development are exempt, as well as donations to some charities under section 35AC or
section 80GGA. Please enter the actual amount exempt in cell N74
17
Interest from Savings bank account is exempt up to 10,000/- per year
18
If you have a permanent physical disability, you can take an exemption of up to 75,000/- per year and 1,25,000 in case of severe disability
19
Investments up to 1.5 lac in PF, VFP, PPF, Insurance Premium, Housing loan principal repayment, Stamp duty/registration charges for purchase
of new home, NSC, ELSS, long term bank Fixed Deposit, Post Office Term Deposit, New Pension Scheme, Sukanya Samriddhi Scheme, etc. are
deductible from the taxable income under sec 80C. There is no limit on individual items, so all 1.5 lac can be invested in NSC, for example. An
additional 50,000 exemption is available for New Pension Scheme
20
As per clarification from IT department, all perquisites such as rent-free accommodation, company provided car, free or concessional
education facilities, employee stock option plan, free club membership, company provided credit card, gift vouchers, meal coupons, hotel stay
beyond 15 days, are fully taxable. This tax calculator calculates the tax incidence for accommodation and car. If you receive any other
perquisite, please include the value of such perquisite in cell S21
21
For the current year, Govt. prescribed rate of interest for PF is 8.75%. If the employer pays interest higher than this, the differential interest
earned is treated as perquisites
22
Rajiv Gandhi Equity Savings Scheme exemption is available for investment in stock markets (direct equity or Mutual Funds). Avaialble only for
those with gross income less than 12 lacs and only for first time investors in stock market. Exemption available at 50% of investment subject
to maximum of 50,000/- invested. Investments are locked-in for three years
23
Residents of Sikkim are exempt from Income Tax
Page 3 of 14

Version 19.0

HOW
TO
GET
AN
UPDATE
CONTACT
ME
This tax calculator constantly gets updated to fix errors found as well as to add new features
This may also be changed when there are changes in tax rules that affect income tax computation
The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/
Please check back frequently (at least once every 2 months) to see that you have the latest version. You can compare the version number at
the top of this instructions page. However, if you have subscribed, you will automatically receive updates
You can also send a blank e-mail to taxcalc@ynithya.com with only the subject line as "SEND TAXCALC" and the latest version of tax
calculator will be e-mailed to you within a day or two
6 If you want to receive an automatic message whenever a major version is released, please send a blank e-mail to taxcalc@ynithya.com with
only the subject as "SUBSCRIBE". There are no charges for subscription
7 If you find any inaccuracy in the calculation or want clarification on some aspect of the tax calculator, please send an e-mail with the details of
your query to taxcalc@ynithya.com with subject as "CLARIFICATION" and I will try to reply within a week
8 If you are already on my list and no longer want to get updates, send a blank e-mail to taxcalc@ynithya.com with only the subject as
"UNSUBSCRIBE"
9 While sending e-mail, please ensure that the subject line is exactly as given here (without the quotes), because the processing is done
automatically. Other mails will be deleted automatically
10
Since I am not a chartered accountant or a tax consultant, I am not in a position to answer specfic queries related to taxation.
You will have to contact a tax consultant for your specific queries
Page 4 of 14
01/07/2017
Income Tax Projections for Financial Year 2016-17
Page 5 of 14
PLEASE ENTER YOUR NAME HERE
Deductions
Earnings
Incl PF?
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Total
Perks
Bonus
Others
Gross
Basic
DA
Convey
HRA
Ch. Educ
Medical
LTA
Uniform All.
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Total
Prof tax
PF
VPF
IT
Rent
Life Insur.
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Tot Ded
Net
Free Download from http://taxcalc.ynithya.com/
(Version 19.0)
0
0
0
0
0
0
1997-2017, Nithyanand Yeswanth (taxcalc@ynithya.com)
01/07/2017
Income Tax Projections for Financial Year 2016-17
Page 6 of 14

Tax Computation
Exemptions under section 10 & 17
Produced
HRA Exemption (sec 10 (13A))
Profession Tax
Transport Exemption (sec 10(14))
Exemptions under section 10 & 17
Other exemptions under sec 10 (10) (gratuity, etc.)
Gross Salary after Section 10 & 17 exemptions
Medical Bills Exemption (sec 17(2))
Accommodation & Car Perquisites
Children's Education Allowance Exemption (sec 10 (14))
Income chargeable under head 'Salaries'
LTA exemption (sec 10(5))
Income chargeable under head 'House/Property'
Uniform expenses (sec 10(14))
Income chargeable under head 'Capital Gains' at nominal rate
Total Exempted Allowances
Income chargeable under head 'Capital Gains' at nominal rate
Other income
Income chargeable under head 'Other Sources'
House/property income or loss (enter loss as negative)
Gross Total Income
Interest on housing loan (for tax exemption)
Deductions under chapter VI-A
Savings Bank interest
Deductions under sec 80C
Dividends from Indian companies
Net taxable income
Other income (interest, etc. excluding. SB int)
Medical Insurance Premium / health check (sec 80D)
Medical Insurance Premium for parents (sec 80D)
250001 - 500000
10%
Medical for handicapped dependents (sec 80DD)
500001 - 1000000
20%
Medical for specified diseases (sec 80DDB)
> 1000000
30%
Higher Education Loan Interest Repayment (sec 80E)
Tax credit (Sec 87A)
Donation to approved fund and charities (sec 80G)
Tax on Income
Rent deduction (sec 80GG) only if HRA not received
Capital Gains Tax (from Stocks & MFs)
Savings Bank interest exemption (sec 80TTA)
Capital Gains Tax (from Property)
Deduction for permanent disability (sec 80U)
Tax on dividends
Any other deductions (incl. donations u/s 35AC/80GGA)
Surcharge on Income Tax
Total Deductibles
Education Cess
Deductions under Chapter VI (sec 80C)
Total Tax Liability
National Pension scheme (sec 80CCD)
Total Income tax paid from salary
PPF, Pension scheme, Sukanya Samriddhi scheme, etc.
Tax paid outside of salary
NSC (sec 80C)
Income tax due
Employees Provident Fund & Voluntary PF (sec 80C)
Children's Education Tuition Fees (sec 80C)
Housing loan principal repayment, regn/stamp duty (sec 80C)
Insurance premium & others (MF, ULIP, FD, SS, etc.) (sec 80C)
Rajiv Gandhi Equity Savings Scheme (sec 80CCG)
Tax
0
Limited
Balance Tax payable
Balance
Produced
Limited
Remaining months in year
Appl Amt
0
0
0%
00000 - 250000
Tax rate
0
0
Produced
Deductions under Chapter VI-A

Tax Slabs
Limited
Gross Salary
12
(Version 19.0)
0
0
0
0
0
Produced
Limited
01/07/2017
Perquisites Valuation for Income Tax Projections
Page 7 of 14
Perquisites Value of Loans Taken from the Company

Housing
Loan
Vehicle
Loan
PC
Loan
Soft
Loan
Salary
Loan
100
0.00%
0
50
4.00%
0
36
0.00%
0
36
4.00%
0
10
0.00%
0
Original Loan Amount

Loan Taken In Month/Year
Education
Phone Loan
Loan
Marriage
Loan
Other
Loan
Other
Loan
36
0.00%
0
15
0.00%
0
36
0.00%
0
50
0.00%
0
36
4.00%
0
Loan Closed Month/Year

No. of instalments
Co. interest rate
EMI
Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below
Original Loan Amount
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments
Co. interest rate
EMI
Prescribed interest rate
100
0.00%
0
50
4.00%
0
36
0.00%
0
36
4.00%
0
10
0.00%
0
36
0.00%
0
15
0.00%
0
36
0.00%
0
50
0.00%
0
36
4.00%
0
10.00%
10.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
12.00%
Total value of Perquisites for the year
(Version 19.0)
01/07/2017
Perquisites Valuation for Income Tax Projections
Page 8 of 14
LEASE ENTER YOUR NAME HERE
lue of Loans Taken from the Company

Other
Loan
0
Year ends:
50
0.00%
0
0
50
0.00%
0
12.00%
(Version 19.0)
01/07/2017
Accrued Interest for NSC
Page 9 of 14
NSC Accrued Interest Calculation

Certificate No.
Date of Purchase
Total Accrued Interest

Amount invested
Accrued Interest
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
(Version 19.0)
01/07/2017
Capital Gains Tax Calculation
Page 10 of 14
Capital Gains Tax Calculation - Equity

(Only for Stocks bought/sold through a Stock Exchange and where STT is paid, and for equity mutual funds)
Scrip/MF Name
Quantity
Purchase
Price
Brokerage
Selling
Date
Price
Brokerage
Date
Gains
LT/
ST
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
(Version 19.0)
01/07/2017
Page 11 of 14

Scrip/MF Name
Quantity
Purchase
Price
Brokerage
Selling
Date
Price
Brokerage
Date
Gains
LT/
ST
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Total Short Term Gains
Total Long Term Gains
Total Capital Gains
(Version 19.0)
01/07/2017
Page 12 of 14

Scrip/MF Name
Quantity
Purchase
Price
Brokerage
Total Capital Gains Tax
Selling
Date
Price
Brokerage
Date
Gains
LT/
ST
(Version 19.0)
01/07/2017
Page 13 of 14
Capital Gains Calculation - Property

(For houses, flats, plots, etc.)
Purchase
Property Details
Price
Selling
Date
Price
Date
Gains
LT/
ST
0
0
0
0
0
0
Net Short Term Gains - Property
Net Long Term Gains - Property
Long Term Capital Gains Tax - Property
Capital Gains Calculation - Debt Mutual Funds

(For debt mutual funds)
Mutual Fund Details
Quantity
Purchase
Price
Selling
Date
Price
Date
Gains
LT/
ST
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Net Short Term Gains - Debt
Net Long Term Gains - Debt
(Version 19.0)
01/07/2017
Page 14 of 14
Capital Gains Calculation - Property

(For houses, flats, plots, etc.)
Property Details
Purchase
Price
Long Term Capital Gains Tax - Debt
Selling
Date
Price
Date
Gains
LT/
ST
(Version 19.0)

Income Tax Calculator: Please Enter Your Name Here

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Formats disponibles

Income Tax Calculator

Available for free download at: http://taxcalc.ynithya.com/

ENTER YOUR NAME HERE

Dt. Of birth: 1-Jan-2001

Enter any other earnings related to salary in cell S21