taxcalc 2015 prov

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Income Tax CalculatorVersion 16.0

© 1997-2014, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/email: [email protected]

PLEASE ENTER YOUR NAME HERE

D I S C L A I M E R

P L E A S E R E A D T H E S E I N S T R U C T I O N S C A R E F U L L Y

1 This sheet can be used to compute the tax for salaried individuals only

2 Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells

3 Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0

4

5 Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF

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7

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9 If the interest rate on PF is other than 8.5%, change the value in cell AA57

10 If you are claiming exemption on housing loan interest, remember to update cells AA60, AA61 & AA62 (see below for the rules)

11 If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA64

12 If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA65

13 If any of your dependents have severe (>80%) permanent physical disability, change cell AA66

14 If you have a permanent physical disability, change cell AA67 and AA68

15 If you are above 60 years of age, change cell AA69. If you are above 80 years, change cell AA70 and the exemption limit is higher

16

17

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

21

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 G77

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 G81, 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

29 Enter expected investments/savings/expenses information in cells N53 to N83

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

32

33 You can enter details of Stocks sold during the year in the "Capital Gains" sheet to calculate the tax applicable

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

The darker yellow colored cells (with green 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 AA74 are setup prior to using the calculator

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

If you live in company-provided house, change cell AA72 and AA73; 15% of salary will be added as perks for cities with more than 25 lacs population (as per 2001 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

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 AA74. Also update the size of the car in cell AA75 (in terms of engine cubic capacity)

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

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.

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

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

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34 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 details 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

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T A X R U L E S & O T H E R U S E F U L I N F O R M A T I O N

1

2

3 Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum

4

5 Uniform allowance is exempt to the extent of bills produced for purchase of uniforms

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10

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13

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15

16 Donations for certain scientific research and rural development are exempt. Please enter the actual amount exempt in cell N73

17 Interest earned from all sources is to be included in cell N63. All interest income (including Savings bank intererst) is fully taxable

18 If you have a permanent physical disability (including blindness), you can take an exemption of up to Rs.75,000/- per year

19

20

21

22

23 Residents of Sikkim are exempt from Income Tax

HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)

Transport allowance is exempt upto Rs.800/- per month provided the person is in India during the month. For people having permanent physical disability, the exemption is Rs.1,600/- per month

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 2010 to Dec 2013

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 Rs.100/- per child per month plus Rs.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 Rs.30,000/- per year. If the loan was taken after Apr 1, 1999 exemption is limited to Rs.1,50,000/- per year if the house is self-occupied; 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. For loans sanctioned between 1-Apr-2013 and 31-Mar-2014 for amounts less than 25 lacs, for house cost less than 40L, additional Rs.1,00,000/- exemption is available (under Sec 80EE) if this is your first house. If the loan is taken jointly by two individuals both can claim this exemption

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

Medical Insurance (such as Mediclaim) premium is exempt upto Rs.15,000/- per year for self, spouse & dependent children. Within this limit, Rs.5,000/- could be used for preventive health check expenses. An additional Rs.15,000/- is exempt towards premium for parents (even if they are not dependent). If the parent(s) are above 65 years of age, an extra Rs.5,000/- can be claimed

Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less than 80% and Rs.1,00,000/- per year if the disability is more than 80%

Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed upto Rs.40,000/- per year. If the person being treated is a senior citizen, the exemption can go up to Rs.60,000/-

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

Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%. Please enter the actual amount exempt, in cell N70

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 Rs.24,000/- per year)

Investments up to 1 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, etc. are deductible from the taxable income under sec 80C. There is no limit on individual items, so all 1 lac can be invested in NSC, for example

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

For the current year, Govt. prescribed rate of interest for PF is 8.5%. If the employer pays interest higher than this, the differential interest earned is treated as perquisites

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 Rs.50,000/- invested. Investments are locked-in for three years

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H O W T O G E T A N U P D A T E / C O N T A C T M E

1 This tax calculator constantly gets updated to fix errors found as well as to add new features

2 This may also be changed when there are changes in tax rules that affect income tax computation

3 The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/

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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 [email protected] 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

If you want me to send you a new version whenever I update, please send a blank e-mail to [email protected] with only the subject as "SUBSCRIBE". There are no charges for subscription

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 [email protected] with subject as "CLARIFICATION" and I will try to reply within a week

If you are already on my list and no longer want to get updates, send a blank e-mail to [email protected] with only the subject as "UNSUBSCRIBE"

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

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

04/19/2023 Income Tax Projections for Financial Year 2013-14 of 11

Free Download from http://taxcalc.ynithya.com/ (Version 16.0) © 1997-2014, Nithyanand Yeswanth ([email protected])


Incl PF? Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total Perks Bonus Others Gross

Earn

ing

s

Basic Y 11672 11672 10029 10029 10029 10029 10029 10029 10029 10029 10029 10029 123634 123634

DA Y 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Convey N 800 800 8023 8023 8023 8023 8023 8023 8023 8023 8023 8023 81830 81830

HRA N 5836 5836 8023 8023 8023 8023 8023 8023 8023 8023 8023 8023 91902 91902

Ch. Educ N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Medical N 1250 1250 1250 1250 1250 1250 1250 1250 1250 1250 1250 1250 15000 15000

LTA N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Uniform All. N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Misc N 9622 9622 12790 12790 12790 12790 12790 12790 12790 12790 12790 12790 147144 147144

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Total 29180 29180 40115 40115 40115 40115 40115 40115 40115 40115 40115 40115 459510 0 0 0 459510

Ded

ucti

on

s

Prof tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0

PF 1401 1401 1203 1203 1203 1203 1203 1203 1203 1203 1203 1203 14832 0 14832

VPF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

IT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Rent 6000 6000 6000 6000 6000 6000 6000 6000 6000 6000 6000 6000 72000 0 0 0 72000

Life Insur. 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Tot Ded 7401 7401 7203 7203 7203 7203 7203 7203 7203 7203 7203 7203 86832 86832

Net 21779 21779 32912 32912 32912 32912 32912 32912 32912 32912 32912 32912 372678 372678

04/19/2023 Income Tax Projections for Financial Year 2013-14 of 11



Tax Computation Exemptions under section 10 & 17 Produced Limited

Gross Salary 459510 HRA Exemption (Sec 10 (13A)) 72000 49458

Profession Tax 0 Transport Exemption (Sec 10(14)) 9600

Exemptions under section 10 & 17 84058 Other exemptions under Sec 10 (10) (gratuity, etc.) 0 0

Gross Salary after Section 10 & 17 exemptions 375452 Medical Bills Exemption (Sec 17(2)) 15000 15000

Accommodation & Car Perquisites 0 Children's Education Allowance Exemption (sec 10 (14)) 0 0

Income chargeable under head 'Salaries' 375452 Savings bank interest 10000 10000

Income chargeable under head 'House/Property' 0 LTA exemption (Sec 10(5)) 0 0

Income chargeable under head 'Capital Gains' at nominal rate 0 Uniform expenses (Sec 10(14)) 0 0

Income chargeable under head 'Other Sources' 10000 Total Exempted Allowances 84058

Gross Total Income 385452 Other income Produced Limited

Deductions under chapter VI-A 0 House/property income or loss (enter loss as negative) 0 0

Deductions under sec 80C 99832 Interest on housing loan (for tax exemption) 0 0

Net taxable income 285620 Other income (interest, etc.) - include SB int. above; not here 0 0

Deductions under Chapter VI-A Produced Limited

Tax Slabs Tax rate Appl Amt Balance Tax Medical Insurance Premium / health check (sec 80D) 0 0

00000 - 200000 0% 200000 85620 0 Medical Insurance Premium for parents (sec 80D) 0 0

200001 - 500000 10% 85620 0 6562 Medical for handicapped dependents (Sec 80DD) 0 0

500001 - 1000000 20% 0 0 0 Medical for specified diseases (Sec 80DDB) 0 0

> 1000000 30% 0 0 Higher Education Loan Interest Repayment (Sec 80E) 0 0

Tax on Income 6562 Donation to approved fund and charities (sec 80G) 0 0

Capital Gains Tax (from Stocks) 0 Rent deduction (sec 80GG) only if HRA not received 0 0

Surcharge on Income Tax 0 Deduction for permanent disability (80U) 0

Education Cess 197 Any other deductions 0 0

Total Tax Liability 6759 Total Deductibles 0

Deductions under Chapter VI (sec 80C) Produced Limited

Total Income tax paid from salary 0 Pension scheme (sec 80C) 0 0

Tax paid outside of salary 0 NSC (sec 80C) 0 0

Income tax due 6759 Public Provident Fund (sec 80C) 60000 60000

Employees Provident Fund & Voluntary PF (sec 80C) 14832 14832

Children's Education Tuition Fees (sec 80C) 0 0

Remaining months in year 12 Housing loan principal repayment, regn/stamp duty (sec 80C) 0 0

Insurance premium & others (MF, ULIP, FD, etc.) (sec 80C) 25000 25000

Tax per Month 563 Employer's contribution to NPS (sec 80CCD(2)) 0 0

Rajiv Gandhi Equity Savings Scheme (sec 80CCG) 0 0

© 1997-2014, Nithyanand Yeswanth ([email protected]) Total Investments 99832

N51

Enter rent in D26 to O26

04/19/2023 Perquisites Valuation for Income Tax Projections of 11



Perquisites Value of Loans Taken from the Company

Phone Loan

Original Loan Amount 0 0 0 0 0 0 0 0 0 0

Loan Taken In Month/Year

Loan Closed Month/Year

No. of instalments 100 50 36 36 10 36 15 36 50 36

Co. interest rate 0.00% 4.00% 0.00% 4.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.00%

EMI 0 0 0 0 0 0 0 0 0 0

Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below

Original Loan Amount 0 0 0 0 0 0 0 0 0 0

Loan Taken In Month/Year

Loan Closed Month/Year

No. of instalments 100 50 36 36 10 36 15 36 50 36

Co. interest rate 0.00% 4.00% 0.00% 4.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.00%

EMI 0 0 0 0 0 0 0 0 0 0

Prescribed interest rate 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 0

Housing Loan

Vehicle Loan

PCLoan

SoftLoan

SalaryLoan

Education Loan

MarriageLoan

OtherLoan

OtherLoan

04/19/2023 Perquisites Valuation for Income Tax Projections of 11



Perquisites Value of Loans Taken from the Company

0

Year ends:

50

0.00%

0

0

50

0.00%

0

12.00%

0

OtherLoan

04/19/2023 Accrued Interest for NSC of 11

Free Download from http://taxcalc.ynithya.com/ (Version 16.0) © 1997-2014, Nithyanand Yeswanth


NSC Accrued Interest Calculation

Certificate No. Date of Purchase Amount invested Accrued Interest

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

0 0.00

Total Accrued Interest 0.00

04/19/2023 Capital Gains Tax Calculation of 11



Capital Gains Tax Calculation

(Only for Stocks bought/sold through a Stock Exchange and where STT is paid, and for equity mutual funds)

Scrip Name QuantityPurchase Selling

GainsPrice Brokerage Date Price Brokerage Date

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

LT/ST

04/19/2023 Capital Gains Tax Calculation of 11



Capital Gains Tax Calculation

(Only for Stocks bought/sold through a Stock Exchange and where STT is paid, and for equity mutual funds)

Scrip Name QuantityPurchase Selling

GainsPrice Brokerage Date Price Brokerage Date

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

Total Short Term Gains 0

Total Long Term Gains 0

Total Capital Gains 0

Total Capital Gains Tax 0

taxcalc 2015 prov

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