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INCOME TAX CALCULATOR FOR FINANCIAL

DISCLAIMER : This calculator is to help you find out your personal indecative total tax liability. Efforts have been made to cover most of the
qualified chartered accountant or tax consultant to know your ac

Assessee Type
Enter either Male or Female or Sr.Citizen Male
Components of Salary Annual Amount
A.1 Basic Salary Rs711,440
A.2 DA Rs306,590
A.3 HRA Rs193,864
A.4 Transport Allowance Rs47,001
A.5 Medical Reimbursements Rs76,500
A.6 Leave Travel Allowance (LTA) Rs0
A.7 Canteen Rs4,000
A.8 Other Allowances Rs0
A.9 Other Allowances Rs0
A.10 Other Allowances Rs0
Gross Salary (A) Rs1,339,395

Exemptions/Deductions
B.1 House Rent Exemption
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
B.3 Medical Reimbursement
Total (B)

Gross Taxable Salary Income (A-B)


Income from Housing
Reliefe on Interest paid on Housing Loan
Any other Income
Gross Total Income
Deduction under Chapter VIA

The following tax saving investments may be considered for computation of income tax deduction at source for the financia
Deduction u/s 80D to 80U
C.1
Medical Insurance Premium - for the assessee or his family
Medical Insurance Premium - for the parent or parents of the
C.2 assessee (if parents are Senior Citizen enter PSS, else
nothing) 0
C.3 Expenditure on Handicapped Dependents / Deposits made with LIC, etc. for maintenance of handicapped Depende
Disability Percentage of the Handicapped Dependents
if less than 80% enter L80, if more than 80% enter M80 L80

C.4 Exp. likely to be incurred on specified disease or ailment (Cancer/AIDS etc.)


Exp incurred on senior citizen No

Permanent Disability benefit (self) - adhoc amount of (in case


C.5
of disability
Self Disability Percentage
if less than 80% enter L80, if more than 80% enter M80 M80

Interest on Education Loan (for self education) from


C.6
Charitiable or Financial Institution. (No Limit)
Total Deduction u/s 80D to 80U

Investments under Sections


Self Contribution 80C &
in Provident 80CCC
Fund. qualifying
Assessee's ratefor
of deductions upto
PF contribution Rs.1
w.r.t Lac or Rs.1.2 Lac
Basic
D.1 Salary is @
D.2 Voluntary Contribution Provident Fund
D.3 INVESTMENT IN PENSION SCHEME
D.4 HOUSING LOAN PRINCIPAL REPAYMENT
D.5 PUBLIC PROVIDENT FUND (PPF)
D.6 LIFE INSURANCE PREMIUM PAID
D.7 UNIT LINKED INSURANCE PLANS
D.8 NSC-NATIONAL SAVING CERTIFICATE
D.9 DEPOSIT IN NATIONAL SAVING SCHEME (NSS)
D.10 INFRASTRUCTURE INVESTMENT in approved BONDS
MUTUALLINK
D.11 EQUITY FUNDS notified
SAVING under SECTION
SCHEME(ELSS) 10(23D)
Mutual Funds notified under SECTION
D.12 10(23D)
TERM DEPOSIT with a SCH.Bank in a notified Scheme for a term not less than 5
D.13 years.
TUTION FEES PAID (Only full time education tution fees paid to any Indian Univ,
D.14 College, School)
D.15 SENIOR CITIZENS SAVINGS SCHEME Rules, 2004
D.16 POST OFFICE TIME DEPOSIT Rules, 1981 for a term not less than 5 years
Total Deduction u/s 80C and 80CCC
Total Deduction under Chapter VIA
Deduction under Section 16 (ii) & 16 (iii)
ENTERTAINMENT ALLOWANCE (ONLY FOR GOVT EMPLOYEES)
PROFESSIONAL TAX
Net Total Taxable Income
Tax on Total Income
Add Surcharge
Add Education Cess
Total Tax Payable in respective of Financial Year 2011-2012

NOTES
*** It is mandatory to make changes in formula every year if you are not able to understand the formula, get it ch
ENTERTAINMENT ALLOWANCE (ONLY FOR GOVT EMPLOYEES) can also be used to calculate LTA exemption the
CALCULATOR FOR FINANCIAL YEAR 2011-12

ity. Efforts have been made to cover most of the scenarios of Income, Exemptions, Deductions, etc. However, you are advised to consult any
ed accountant or tax consultant to know your actual Tax Liability.

WORKING FOR CALCULATION OF TAX (change slabs here)


Percentage 10% 20% 30%
Male 180000 500000 800000
Female 190000 500000 800000
Sr.Citizen 250000 500000 800000

Sheet is unprotected for your research and further development, for further enquiries contact
ravi.exe@gmail.com

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

Maximim Limit Under Section Actual Amount Eligible Amount


Rs78,197 U/Sec 10(13A) Rs180,000 Rs78,197

Rs9,600 Rs47,001 Rs9,600


Rs15,000 Rs76,500 Rs15,000
Rs102,797

Rs1,236,598
Rs0 Rs0
Rs150,000 U/S 24(1)(Vi) Rs33,103 Rs33,103
Rs46,750 Rs46,750
Rs1,250,245

Under Section Actual Amount Maximim Limit Eligible Amount


me tax deduction at source for the financial year.

U/Sec 80D(2A) Rs9,265 Rs15,000 Rs9,265

U/Sec 80D(2B) Rs9,236 Rs15,000 Rs9,236


or maintenance of handicapped Dependents

U/Sec 80DD Rs0 Rs50,000 Rs0

U/Sec 80DDB Rs0 Rs40,000 Rs0

U/Sec 80 U Rs0 Rs75,000 Rs0

U/Sec 80E Rs0 No Limit Rs0


Rs18,501

s.1 Lac or Rs.1.2 Lac


U/Sec 80C Rs122,164 12% Rs122,164
U/Sec 80C Rs0 Rs0
U/Sec 80 CCC Rs0 Rs10,000 Rs0
U/Sec 80C Rs20,000 Rs20,000
U/Sec 80C Rs10,000 Rs70,000 Rs10,000
U/Sec 80C Rs30,000 Rs30,000
U/Sec 80C Rs0 Rs0
U/Sec 80C Rs0 Rs0
U/Sec 80C Rs0 Rs0
U/Sec 80CCF Rs0 Rs20,000 Rs0
U/Sec 80C Rs0 Rs0
U/Sec 80C Rs0 Rs0
U/Sec 80C Rs0 Rs0
U/Sec 80C Rs0
U/Sec 80C Rs0 Rs0
U/Sec 80C Rs0 Rs0
Rs182,164 Rs100,000
Rs118,501

U/Sec 16(ii) Rs0 5000 Rs0


U/Sec 16(iii) Rs2,990 Rs2,990
Rs1,128,754
Rs190,626 ***
Rs0
Rs5,719
Rs196,345

ble to understand the formula, get it changed from someone who knows, else it wont show the correct tax liability
e used to calculate LTA exemption the same field can be used if you are a non govt employee, Change section and limits
you are advised to consult any

here)

ther enquiries contact

aded boxes
e the IT calculator for that
ow the correct tax liability
loyee, Change section and limits
In this sheet you can use to simulate the entire year salary modify as per need .

104400 306590 193864 TRANS


INCOME
Band Pay Grade Pay DA HRA Trans
March 49420 8700 15692 11624 1600
April* 49420 8700 34676 11624 1600
May 49420 8700 20342 11624 1600
June** 49420 8700 20342 15304 2615
July 51170 8700 20955 17961 3200
August 51170 8700 20955 17961 3200
September 51170 8700 38918 17961 3200
October 51170 8700 26942 17961 3200
November 51170 8700 26942 17961 3200
December 51170 8700 26942 17961 3200
January 51170 8700 26942 17961 3200
February 51170 8700 26942 17961 3200
TOTAL 607040 104400 306590 193864 33015
47001 PF 122114
DEDUCTIONS
Trans DA Gross Group Ins EPF Income Tax
432 87468 120 8857 15000
560 106580 120 11089 15000
560 92246 306 9415 15000
914 97295 213 9415 15000
1440 103426 213 9699 15000
1440 103426 213 9699 12500
1440 121389 213 11855 20000
1440 109413 213 10417 15300
1440 109413 213 10417 15300
1440 109413 213 10417 15300
1440 109413 213 10417 15300
1440 109413 213 10417 29048
13986 1258895 2463 122114 197748
total tax 0
P.Tax
200
200
200
200 49421

2190
2990 168993