Hi all,
Attached is the new format as per the Union Budget 2009. Please find the attached Excel file for calculating salary income tax and for investment declaration. I hope this will help everyone. Thank you for your suggestions, keep replying. Last year's data is given below for your information.
30-04-2008, 10:40 AM
Replies: 169
Latest Income Tax Calculator 2008-09
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Posted By Joseph Patrao (link updated to site home) (Search on Cite | Search on Google)
Best regards,
Joseph
From India, Mumbai
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25Attached is the new format as per the Union Budget 2009. Please find the attached Excel file for calculating salary income tax and for investment declaration. I hope this will help everyone. Thank you for your suggestions, keep replying. Last year's data is given below for your information.
30-04-2008, 10:40 AM
Replies: 169
Latest Income Tax Calculator 2008-09
Views: 77,924
Posted By Joseph Patrao (link updated to site home) (Search on Cite | Search on Google)
Best regards,
Joseph
From India, Mumbai
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Dear sir,
I am a Central Government pensioner. This form is not relevant to me. My income derives only from Pension including DA and interest on my savings (including FDs). I think I have to file the income tax in form ITR-1. But this document will be useful to arrive at the amount of income tax to be paid by me while filing the return.
Jassel
From India, Ludhiana
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I am a Central Government pensioner. This form is not relevant to me. My income derives only from Pension including DA and interest on my savings (including FDs). I think I have to file the income tax in form ITR-1. But this document will be useful to arrive at the amount of income tax to be paid by me while filing the return.
Jassel
From India, Ludhiana
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Hello Joseph,
The tax calculator attached has been nicely comprehended in a very simple manner, which makes it very easy to understand, especially for a first-timer like me.
1. I would really appreciate if you can elaborate on fixed entries in column "H" viz. 160000, 140000, 200000, and 3000 to help me calculate my tax from a woman's perspective. (I am not that good at Excel, so please excuse).
2. Also, could you please tell me if there is a rule that the tax on a bonus has to be immediately deducted on the whole amount in one shot, i.e., in the same month of the release of the bonus? If yes, then how to calculate it?
3. Under "other exemptions," is there a limit on the total amount, or is it a part of the total deduction under chapter VI-A which cannot exceed 100000/-?
4. What is the annual professional tax, 2400 or 2500/- (Karnataka)?
5. Can a "Ltd. Company" in the ITES sector deduct ESI and PF (employee strength is 16 as of now)?
An urgent response is highly solicited.
Thank you,
Mamta Singh
From India, New Delhi
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The tax calculator attached has been nicely comprehended in a very simple manner, which makes it very easy to understand, especially for a first-timer like me.
1. I would really appreciate if you can elaborate on fixed entries in column "H" viz. 160000, 140000, 200000, and 3000 to help me calculate my tax from a woman's perspective. (I am not that good at Excel, so please excuse).
2. Also, could you please tell me if there is a rule that the tax on a bonus has to be immediately deducted on the whole amount in one shot, i.e., in the same month of the release of the bonus? If yes, then how to calculate it?
3. Under "other exemptions," is there a limit on the total amount, or is it a part of the total deduction under chapter VI-A which cannot exceed 100000/-?
4. What is the annual professional tax, 2400 or 2500/- (Karnataka)?
5. Can a "Ltd. Company" in the ITES sector deduct ESI and PF (employee strength is 16 as of now)?
An urgent response is highly solicited.
Thank you,
Mamta Singh
From India, New Delhi
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And really sorry to bother you, Joseph Sir... just one last thing... can a company with an employee strength of 16 be liable to issue TDS/Form 16? If not, what are the options if they are not issuing the same?
- Mamta
From India, New Delhi
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- Mamta
From India, New Delhi
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Hi Joseph One addition - the exemption under 80E - ie for the Interest on Educational Loan for higher education is missing. Guess that needs to be added in the middle column.
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1 THE AMOUNT GIVEN BY YOU HAVE NO VALUE FOR SALARY THERE IS ALWAYS A HEAD NAME LIKE …. BASIC HRA ETC. PLEASE ENTER THAT IN THE RESPECTIVE HEAD PROVISED IN THE EXCEL SHEET IN “BLUE”2I T ACT SAYS EQUAL TDS HENCE YOU WILL HAVE TO PROJECT THIS IN THE BEGINNING OF THE YEAR IF THIS IS PROFT LINKE THEN KINDLY TAKE HELP FROM A CA3 THIS V-A AND HAS LIMIT TO EACH HEAD LIKE MEDICALIM, ETC 100000 LIMIT IS FOR 80C4 THIS IS NOT 2400 OR 2500 DEPENDS ON SALARY AND NO OF MONTHS PLEASE CHECK THE KARNATAKA PT SLAB. 5 PLEASE GO THROUH THIS SITE EPFO
From India, Mumbai
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From India, Mumbai
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i am an mba student with hr specialization.i am doing a project on comparison of best hr practices between hospitality sector and printing sector.pls help me in this matter.
From India, Calcutta
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From India, Calcutta
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Thank you, Joseph, for your prompt response. I found most of my answers through your help. I wanted to clarify that the figures I mentioned in question 1) are related to the static figures provided in column H of your sheet, not basic, HRA, etc. These figures (160000 in H19, 140000 in H21, 3000 in H29) appear to be derived from the tax slab. Could you please explain where these figures are coming from?
Regards, Mamta Singh
From India, New Delhi
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Regards, Mamta Singh
From India, New Delhi
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Hi if there is no break up in the salary than, this must be contract or consultation fee do not use this format this is only for salaried employees there is different tax rule for consultants.
From India, Mumbai
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From India, Mumbai
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Dear Joseph,
Thank you for the sheet; it is indeed useful. However, I have a query regarding this. What if an individual employee's salary has changed in the middle of the year, or in one month, he has experienced a loss of pay resulting in his salary being less than the normal monthly salary? Is there a provision to make this correction?
Regards,
Venkat.
From India, Mumbai
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Thank you for the sheet; it is indeed useful. However, I have a query regarding this. What if an individual employee's salary has changed in the middle of the year, or in one month, he has experienced a loss of pay resulting in his salary being less than the normal monthly salary? Is there a provision to make this correction?
Regards,
Venkat.
From India, Mumbai
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Better income tax calculators for salaried individuals are available at the following link. This utility has the option to save in multiple formats. Preparation of ITR-1 and ITR-2 will be included soon.
URL: [http://kseboa.org/download/free-software-for-preparation-of-income-tax-statement-for-2009-10.html](http://kseboa.org/download/free-software-for-preparation-of-income-tax-statement-for-2009-10.html)
From India, Kochi
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URL: [http://kseboa.org/download/free-software-for-preparation-of-income-tax-statement-for-2009-10.html](http://kseboa.org/download/free-software-for-preparation-of-income-tax-statement-for-2009-10.html)
From India, Kochi
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Hello viewers - HAPPY NEW YEAR 2010.
I am interested in learning tricks and tactics in Excel. If anybody can suggest something best in tricks and tactics in Excel, please also suggest a tax calculator in Excel format to calculate tax for the financial year 2009-10 and AY 2010-11.
From India, Calcutta
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I am interested in learning tricks and tactics in Excel. If anybody can suggest something best in tricks and tactics in Excel, please also suggest a tax calculator in Excel format to calculate tax for the financial year 2009-10 and AY 2010-11.
From India, Calcutta
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Hi, After observation of your CTC attachment sheet:
1. As per the Payment of Graduate Act, graduates are eligible after a minimum of 5 years, so CTC is not applicable.
2. LTA is considered as one month of basic salary, which may not include the monthly salary.
3. Regarding income tax eligibility, medical benefits of 15k PA, so the salary sheet only shows 1250 pm -- k.
Regarding your tax calculation, I want to know about your savings such as insurance policy savings, children's education, travel allowances, four-wheeler maintenance, driver salary if applicable, mobile bills, tax exemption bonds, etc. If you send the above details, I will calculate.
Regards
From India, Hyderabad
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1. As per the Payment of Graduate Act, graduates are eligible after a minimum of 5 years, so CTC is not applicable.
2. LTA is considered as one month of basic salary, which may not include the monthly salary.
3. Regarding income tax eligibility, medical benefits of 15k PA, so the salary sheet only shows 1250 pm -- k.
Regarding your tax calculation, I want to know about your savings such as insurance policy savings, children's education, travel allowances, four-wheeler maintenance, driver salary if applicable, mobile bills, tax exemption bonds, etc. If you send the above details, I will calculate.
Regards
From India, Hyderabad
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sir iam working as a accountant in medical college i have new form 16 & form 16 a including calculation plse send the above forms i will be thank full to you sir
From India, Nizamabad
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From India, Nizamabad
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Income Tax Calculator.xls