Income Tax Calculation Worksheet

MAGNA STEYR INDIA PVT. LTD. Ascent Payroll

Employee: 60306 Bakshe Nilesh Calculation Period: March-2011
Date of Joining: 27/01/2011 PAN: AJFPB6150Q Tax Category: Men

1. Gross Salary Actual (Rs.) Projection (Rs.) Total (Rs.)

Basic 40,978 0 40,978
House Rent Allowance 16,390 0 16,390
Conveyance Allowance 1,600 0 1,600
Special Allowance 39,620 0 39,620
Medical 2,500 0 2,500
Other Earnings 100 0 100
Cont. In lieu of SAF 6,146 0 6,146
LTA - Monthly 2,928 0 2,928
Arrears-Basic 3,305 0 3,305
Arrears-HRA 1,322 0 1,322
Ar-Conveyance Allowance 129 0 129
Ar-Special Allowance 3,195 0 3,195
Ar-Medical 202 0 202
Ar-Cont. In lieu of SAF 496 0 496
Arrears - LTA Monthly 236 0 236
Totals: 119,146 0 119,146

Printed On 22/03/2011 12:33:45 PM Page 1 of 2

 Income Tax Calculation Worksheet
MAGNA STEYR INDIA PVT. LTD. Ascent Payroll
Employee: 60306 Bakshe Nilesh Calculation Period: March-2011
Date of Joining: 27/01/2011 PAN: AJFPB6150Q Tax Category: Men

(Rs.) (Rs.) (Rs.) (Rs.)

1. Gross Salary 119,146
2. Less: Allowances Exempt Under Section 10
a. House Rent Allowance 0
b. Conveyance 1,729
c. Medical Reimbursement 0
d. Leave Travel Assistance 0
e. Leave Encashment 0
f. Gratuity & Superannuation 0
g. Other & Petrol Allowances 0 1,729
3. Balance (1-2) 117,417
4. Deductions:
a. Entertainment Allowance 0
b. Tax on Employment 500
5. Aggregate of 4 (a to c) 500
6. Income chargeable under the head 'Salaries' (3-5) 116,917
7. Any other income reported by the employee
a. Income from House property 0
b. Income from other sources 0
c. Total [ a to b ] 0
8. Gross total income (6+7) 116,917
9. Deductions under Chapter VI-A Gross Amount Qualifying Amount Deductible Amount
(A) Section 80C, 80CCC and 80CCD
(a) Section 80 C
a. Provident Fund 5,314 5,314
b. Life Insurance Premium 0 0
c. Public Provident Fund 0 0
d. N.S.C. & Interest 0 0
e. Housing Loan Principal 0 0
f. Children Education 0 0
g. Infra.Bonds/ULIP/MFs 0 0
h. Others 0 0
(b) Section 80 CCC 0 0
(c) Section 80 CCD 0 0
Total of Section 80C, 80CCC and 80CCD 5,314 5,314 5,314
(B) Other Sections (for e.g. 80E, 80G etc.) under Chapter VI-A
a. Section 80 CCF 0 0 0
b. Section 80 GG 0 0 0
c. Section 80 D (Mediclaim) 0 0 0
d. Section 80 U (Handicapped) 0 0 0
e. Section 80 DD (Hand.Depnt.) 0 0 0
f. Section 80 E (Education Loan) 0 0 0
10. Aggregate of deductible amount under Chapter VIA 5,314
11. Total Income (8-10) 111,600
12. Tax on total income 0
13. Tax payable and surcharge thereon 0 +0 0
14. Add: Education CESS 3.00% on (13) 0
15. Less: Rebate Under Section 89 0
16. Total Tax Liability (13+14-15) 0
17. Less: Tax deducted at source till February-2011 0
18. Tax payable/refundable (16-17) 0
19. Tax payable/refundable this month 0
a. Income Tax: 0
b. Surcharge: 0
c. Education CESS: 0

Printed On 22/03/2011 12:33:45 PM Page 2 of 2