DISCLAIMER

This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be use
the actual taxes to be paid to the Government. The author is not responsible for any inaccuracies in the tax comput
calculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest.
E-mail-bennythadathil@gmail.com

PLEASE READ THESE INSTRUCTIONS CAREFULLY

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TAX RULES & OTHER USEFUL INFORMATION

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benny.thadathil@hewitt.com
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benny.thadathil@hewitt.com
 DISCLAIMER

This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used to co
the actual taxes to be paid to the Government. The author is not responsible for any inaccuracies in the tax computed by t
calculator. If you find any inconsistency, please let me know and I will try to fix it at the earliest.
E-mail-bennythadathil@gmail.com

PLEASE READ THESE INSTRUCTIONS CAREFULLY

(Section 1-Salary details, Section 2-Investment Declaration, Section 3-Income from let-out property)
Enter the numbers in the yellow-colored cells.
Enter Your Gender in Cell D9
Enter Your Date of Birth in Cell D11
Enter your VPF Contribution in Row 37 against each month (if any)
Please enter the professional tax deducted in row 38 against each month.
Please enter the tax deducted in row 39 against each month.
Please enter the Rent payment in row 41 against each month. Please note the HRA exemption is calculated on a monthly basis.
If you are staying in a Metro City Please update row 42 as M (Metro) else N (Non Metro)
If you are using company-provided/Leased car for office and personal use or availing Vehicle maintenance or petrol reimbursements please update (Y
N (no)) in Row 43

Enter the amount of Medical Bills submitted in the Cell E49

Enter the amount of LTA Bills submitted in the Cell E50
Enter the housing loan interest paid amount in Cell E51, if the house is self occupied. If the house is let-out, please enter the annual rent received in
E78, Interest on loan in cell E79 and Municipal tax paid ( ( if paid) in cell E80.

Enter the number of remaining months in current financial year in Cell P82, to find out the tax per month
Please don't update the amount allocated towards towards reimbursements, like medical, LTA, Vehicle reimbursement etc. in this calculator, as they
taxable components.

If you are availaing any non-monitory benefits (perquisites) from the company, the taxable amount needs to be updated in Cell O31
TAX RULES & OTHER USEFUL INFORMATION

HRA exemption is minimum of (40% (50% for metros) of Basic+DA, or HRA received, or rent paid - 10% of Basic+DA)
Transport allowance is exempt upto Rs.800/- per month.
Medical expenditure is exempted to the extend of bills submitted and maximum upto Rs.15000/- pa.
LTA is exempt to the tune of economy 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 2010 to 2013

Loss on house property- ( Interest on Housing Loan). If the house is self-occupied and if the loan was taken before Apr 1, 1999 deduction is limited to
Rs.30,000/- per year. If the loan is taken after 01-Apr-1999, maximum allowed is Rs.1.5 lakh.

Deduction form total income will be available for Investments made in LIC, Pension Plans, FD with Scheduled Bank with term of 5 yrs, PPF, PF, VPF, M
Funds, NSC, Repayment of Housing Loan Principal, Children Education Exp.,etc upto rs.1 lakh. Sec 80C

Investment in Infrastructure Bonds are eligible for an additional 20000/- deduction under Sec 80C.
Medical Insurance (such as Mediclaim) premium is allowed as deduction upto Rs.15,000/- per year. An additional deduction upto Rs.20,000/- ( for Sr.c
else Rs.15,000/- will be allowed for the medical insurance taken on dependant parents.

Repayment of interest on Education loan (taken for higher education from a university for self, Spouse and Children) is deductible U/s 80E.
Tax rates- Taxable Income up to 1.6 Lakh exempted, for Women employees exemption limit is 1.9 Lakh, 1.6 lakh to 5.0 lakh 10% (1.9 to 5.0 lakh for w
employees), 5.0 lakh to 8.0 lakh 20% and 8.0 lakh and above 30%.

Education Cess @ 3% will be charged on Total Tax Payable

If you are using Company provided accodomation,Where accommodation provided is taken on lease/ rent by the employer 15% of your total income (T
income reduced by Sec 10 exemptions and other perquisite values) or rent paid by the company should be considered as perquisite or Where employe
the accommodation provided to the employee - 10% of 'salary' in cities having population exceeding twenty five lakh as per the 2001 census. For other
the perquisite value is 7.5% of salary.

benny.thadathil@hewitt.com
If the company is provided any hard-furnishing facilities 10% of the actual cost should be considered as Hard Furnishing Perquisite.
If you are availing company provided/Leased car, and if the car cc is less than 1.6, Rs.1800/-pm and if the car cc is greater than 1.6 Rs.2400/-pm to
considered as taxable perquisite. Driver salary need to be taken Rs.900/- pm

If the car is owned by you, and if you are availing any reimbursment of the running and maintenance of the car, the total amount reimbursed, reduce
Rs.1800/- pm (if car is less than 1.6cc) or Rs.2400/-pm (if the car is greater than 1.6cc) need to be taken as perquisite.
If driver salary also reimbursed, total driver salary reduced by Rs.900/- pm to be added to the car perquisite.

PLEASE GO TO INCOME TAX COMPUTATION

benny.thadathil@hewitt.com
 Please read the instuction carefully before you update the data.
INCOME TAX CALCULATOR 2010 -2011

Emp No

Employee Name

Gender (Male/Female)

Date of Birth

Salary from April 2010 to March 2011.

Sr No Pay Compenents (Section 1) Apr-2010 May-2010 Jun-2010 Jul-2010 Aug-2010 Sep-2010 Oct-2010 Nov-2010 Dec-2010 Jan-2011 Feb-2011 Mar-2011 Total

Earnings

1 Basic 0 0 0 0 0 0 0 0 0 0 0 0 0
2 House Rent Allowance 0 0 0 0 0 0 0 0 0 0 0 0 0
3 Conveyance 0 0 0 0 0 0 0 0 0 0 0 0 0
4 Special Allowance 0 0 0 0 0 0 0 0 0 0 0 0 0
5 Medical Allowance 0 0 0 0 0 0 0 0 0 0 0 0 0
6 LTA 0 0 0 0 0 0 0 0 0 0 0 0 0
7 Other Allowance 0 0 0 0 0 0 0 0 0 0 0 0 0
8 Children Education 0 0 0 0 0 0 0 0 0 0 0 0 0
9 Exgratia 0 0 0 0 0 0 0 0 0 0 0 0 0
10 0 0 0 0 0 0 0 0 0 0 0 0 0
11 0 0 0 0 0 0 0 0 0 0 0 0 0
12 0 0 0 0 0 0 0 0 0 0 0 0 0
13 Total Perks 0 0
Total Earnings ( A ) 0 0 0 0 0 0 0 0 0 0 0 0 0

Deductions

1 Provident Fund 0 0 0 0 0 0 0 0 0 0 0 0 0
2VPF 0 0 0 0 0 0 0 0 0 0 0 0 0
3 Profession Tax 0 0 0 0 0 0 0 0 0 0 0 0 0
4 TDS Deducted 0 0 0 0 0 0 0 0 0 0 0 0 0

5 Rent Paid 0 0 0 0 0 0 0 0 0 0 0 0 0
Metro/Non-metro (M or N) N N N N N N N N N N N N
Company Car Provided ( Y or N) N N N N N N N N N N N N

Income Tax Declarations- (Section 2) Income Tax Computations

Medical Bills Submitted 0 Gross Salary 0.00

Leave Travel Allowance (LTA) 0 Exemptions U/s 10
Housing Loan Interest paid (Self occupied property) 0
Any Other Income interest received,etc) 0 Conveyance Allowance 0.00
House Rent Allowance 0.00
Deduction Under Section 80C- Investments Leave Travel Allowance 0.00
Employees Provident Fund 0 Medical Allowance 0.00
Voluntary Provident Fund 0 Total 0.00
Public Provident Fund 0
National Saving Certificate (NSC) 0 Gross Salary after Section 10 0.00
Mutual Funds 0
Insurance premium 0 Deduction U/s 16
Savings in Pension Plans 0 Professional Tax (Sec 16 iii) 0.00
Fixed Deposit with Banks 0
Others (Post Office Saving,ULIP, etc.) 0 Income chargeable under head 'Salaries' 0.00
Children Education Expenses 0
Housing Loan Principal Repayment 0 Income (loss) on House property. 0.00
Infrastructure Bonds 0
Total Investments 0 Income from other Sources 0.00

Medical Insurance Premium (sec 80D) 0 Gross Total Income 0.00

Medical for handicapped dependents (Sec 80DD) 0
Interest on Higher Education Loan(Sec 80E) 0 Deductions under chapter VI-A 0.00
Deduction for permanent disability (80U) 0
Total Deduction 0 Net taxable income 0.00

Tax on Income 0.00

Income from Let out property - (Section 3) Surcharge on Tax 0.00

Rent received during the year- (Annual Value) 0 Education Cess @3% 0.00
Interest paid during the year 0 Total Tax Due 0.00
Municipal Tax Paid 0 Less Tax Deducted Till Date 0.00
Less : Repairs and Maintenance (30% of annual value) 0 Balance 0.00
Net Annual value 0 Remaining Month in the Year 12
Income (Loss) from house property 0.00 Tax Per Month 0.00

benny.thadathil@hewitt.com