Income Tax Calculator

Version 17.0
1997-2015, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/

email: taxcalc@ynithya.com
Name: PLEASE ENTER YOUR NAME HERE
Dt. Of birth: 1-Jan-2001

DISCLAIMER
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
PLEASE READ THESE INSTRUCTIONS CAREFULLY
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This sheet can be used to compute the tax for salaried individuals only
Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells
Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0
Please enter your name and Date of Birth above to calculate taxes correctly
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 AA71 are setup prior to using the calculator
Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF
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 the interest rate on PF is other than 8.5%, change the value in cell AA57
If you are claiming exemption on housing loan interest, remember to update cells AA60 & AA61 (see below for the rules)
If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA63
If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA64
If any of your dependents have severe (>80%) permanent physical disability, change cell AA65
If you have a permanent physical disability, change cell AA66 and AA67
If you live in company-provided house, change cell AA68 and AA69; 15% of salary will be added as perks for cities with more than 25 lacs
population (as per 2011 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 AA70. Also update the size of the car in
cell AA71 (in terms of engine cubic capacity)
If you have been out of India during the year, update cells D46 to O46 so that conveyance exemption is computed correctly
If you have taken company loans at discounted interest rates, please enter the details in the sheet "Perquisites"
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.
Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount
Enter any other earnings related to salary in cell S21
If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G78
Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G58
Enter the remaining months in current financial year in Cell G81, to figure out the tax per month
You can change the headings for the 10 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure
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
Enter expected investments/savings/expenses information in cells N53 to N85
Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered
Enter non-salary related other income (such as from interest) in cell N63 and Savings Bank interest in cell N62
Page 1 of 10

Income Tax Calculator

Version 17.0
1997-2015, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/

email: taxcalc@ynithya.com
32

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

Page 2 of 10

Income Tax Calculator

Version 17.0
1997-2015, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/

email: taxcalc@ynithya.com

TAX RULES & OTHER USEFUL INFORMATION

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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 800/- per month provided the person is in India during the month. For people having permanent
physical disability, the exemption is 1,600/- per month
Medical bills are exempt for self and dependent family, upto 15,000/- per annum
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 2014 to Dec 2017
Uniform allowance is exempt to the extent of bills produced for purchase of uniforms
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 100/- per child per month plus 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 30,000/- per year. If the
loan was taken after Apr 1, 1999 exemption is limited to 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
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 15,000/- per year for self, spouse & dependent children. Within this limit,
5,000/- could be used for preventive health check expenses. An additional 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 5,000/- can be claimed
Deduction in respect of medical treatment of handicapped dependents is limited to 50,000/- per year if the disability is less than 80% and
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 40,000/- per
year. If the person being treated is a senior citizen, the exemption can go up to 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 yea There is no exemption for Principal payment
Donations to certain charities are tax exempt to the tune of 50% of donation. Please enter the amount donated 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 24,000/- per year)
Donations for certain scientific research and rural development are exempt, as well as donations to some charities under section 35AC or
section 80GGA. Please enter the actual amount exempt in cell N74
Interest from Savings bank account is exempt up to 10,000/- per year
If you have a permanent physical disability (including blindness), you can take an exemption of up to 75,000/- 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 8.75%. 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 50,000/- invested. Investments are locked-in for three years
Residents of Sikkim are exempt from Income Tax

Page 3 of 10

Income Tax Calculator

Version 17.0
1997-2015, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/

email: taxcalc@ynithya.com
HOW TO GET AN UPDATE / CONTACT ME
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This tax calculator constantly gets updated to fix errors found as well as to add new features
This may also be changed when there are changes in tax rules that affect income tax computation
The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/
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 taxcalc@ynithya.com 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 taxcalc@ynithya.com 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 taxcalc@ynithya.com 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 taxcalc@ynithya.com 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

Page 4 of 10

1/8/2015

Income Tax Projections for Financial Year 2014-15

Page 5 of 9

Deductions

Earnings

PLEASE ENTER YOUR NAME HERE

Basic
DA
Convey
HRA
Ch. Educ
Medical
LTA
Uniform All.
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Misc
Total
Prof tax
PF
VPF
IT
Rent
Life Insur.
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Oth Ded
Tot Ded
Net

Incl PF?
Y
Y
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N
N

Apr
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

May
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

Free Download from http://taxcalc.ynithya.com/

Jun
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

Jul
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

Aug
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

Sep
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

Oct
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

Nov
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

(Version 17.0)

Dec
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

Jan
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

Feb
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

Mar
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
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

Perks

Bonus

Others

0
0

0
0
0
0

0
0

Gross
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

1997-2015, Nithyanand Yeswanth (taxcalc@ynithya.com)

1/8/2015

Income Tax Projections for Financial Year 2014-15

Page 6 of 9

PLEASE ENTER YOUR NAME HERE

Tax Computation
Gross Salary
Profession Tax
Exemptions under section 10 & 17
Gross Salary after Section 10 & 17 exemptions
Accommodation & Car Perquisites
Income chargeable under head 'Salaries'
Income chargeable under head 'House/Property'
Income chargeable under head 'Capital Gains' at nominal rate
Income chargeable under head 'Other Sources'
Gross Total Income
Deductions under chapter VI-A
Deductions under sec 80C
Net taxable income
Tax Slabs
00000 - 200000
200001 - 500000
500001 - 1000000
> 1000000
Tax credit (Sec 87A)
Tax on Income
Capital Gains Tax (from Stocks)
Surcharge on Income Tax
Education Cess
Total Tax Liability

Tax rate
0%
10%
20%
30%

Appl Amt
0
0
0
0

Total Income tax paid from salary

Tax paid outside of salary
Income tax due
Remaining months in year

Balance Tax payable

1997-2015, Nithyanand Yeswanth (taxcalc@ynithya.com)

Free Download from http://taxcalc.ynithya.com/

0
0
0
0
0
0
0
0
0
0
0
0
0
Balance
0
0
0

Tax
0
0
0
0
0
0
0
0
0
0
0
0
0
12

Exemptions under section 10 & 17

HRA Exemption (sec 10 (13A))
Transport Exemption (sec 10(14))
Other exemptions under sec 10 (10) (gratuity, etc.)
Medical Bills Exemption (sec 17(2))
Children's Education Allowance Exemption (sec 10 (14))
LTA exemption (sec 10(5))
Uniform expenses (sec 10(14))
Total Exempted Allowances
Other income
House/property income or loss (enter loss as negative)
Interest on housing loan (for tax exemption)
Savings Bank interest
Other income (interest, etc. excluding. SB int)
Deductions under Chapter VI-A
Medical Insurance Premium / health check (sec 80D)
Medical Insurance Premium for parents (sec 80D)
Medical for handicapped dependents (sec 80DD)
Medical for specified diseases (sec 80DDB)
Higher Education Loan Interest Repayment (sec 80E)
Donation to approved fund and charities (sec 80G)
Rent deduction (sec 80GG) only if HRA not received
Savings Bank interest exemption (sec 80TTA)
Deduction for permanent disability (sec 80U)
Any other deductions (incl. donations u/s 35AC/80GGA)
Total Deductibles
Deductions under Chapter VI (sec 80C)
Pension scheme (sec 80C)
NSC (sec 80C)
Public Provident Fund (sec 80C)
Employees Provident Fund & Voluntary PF (sec 80C)
Children's Education Tuition Fees (sec 80C)
Housing loan principal repayment, regn/stamp duty (sec 80C)
Insurance premium & others (MF, ULIP, FD, etc.) (sec 80C)
Employer's contribution to NPS (sec 80CCD(2))
Rajiv Gandhi Equity Savings Scheme (sec 80CCG)
Total Investments

(Version 17.0)

Produced
0
0
0
0
0
0
Produced
0
0
0
0
Produced
0
0
0
0
0
0
0

0
Produced
0
0
0
0
0
0
0
0
0

Limited
0
0
0
0
0
0
0
0
Limited
0
0
0
0
Limited
0
0
0
0
0
0
0
0
0
0
0
Limited
0
0
0
0
0
0
0
0
0
0

1997-2015, Nithyanand Yeswanth (taxcalc@ynithya.com)

1/8/2015

Perquisites Valuation for Income Tax Projections

Page 7 of 9

PLEASE ENTER YOUR NAME HERE

Perquisites Value of Loans Taken from the Company

Original Loan Amount

Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments
Co. interest rate
EMI

Housing
Loan
0

Vehicle
Loan
0

PC
Loan
0

Soft
Loan
0

Salary
Loan
0

100
0.00%
0

50
4.00%
0

36
0.00%
0

36
4.00%
0

10
0.00%
0

Education
Phone Loan
Loan
0
0

Marriage
Loan
0

Other
Loan
0

Other
Loan
0

Other
Loan
0

36
0.00%
0

15
0.00%
0

36
0.00%
0

50
0.00%
0

36
4.00%
0

50
0.00%
0

Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below
Original Loan Amount
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments
Co. interest rate
EMI
Prescribed interest rate

100
0.00%
0

50
4.00%
0

36
0.00%
0

36
4.00%
0

10
0.00%
0

36
0.00%
0

15
0.00%
0

36
0.00%
0

50
0.00%
0

36
4.00%
0

50
0.00%
0

10.00%

10.00%

12.00%

12.00%

12.00%

12.00%

12.00%

12.00%

12.00%

12.00%

12.00%

Total value of Perquisites for the year

Free Download from http://taxcalc.ynithya.com/

(Version 17.0)

1997-2015, Nithyanand Yeswanth (taxcalc@ynithya.com)

1/8/2015

Accrued Interest for NSC

Page 8 of 9

PLEASE ENTER YOUR NAME HERE

NSC Accrued Interest Calculation

Certificate No.

Date of Purchase

Total Accrued Interest

Free Download from http://taxcalc.ynithya.com/

Amount invested
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

Accrued Interest
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00

0.00

(Version 17.0)

1997-2015, Nithyanand Yeswanth

1/8/2015

Capital Gains Tax Calculation

Page 9 of 9

PLEASE ENTER YOUR NAME HERE

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

Quantity

Price

Purchase
Brokerage

Date

Price

Selling
Brokerage

Date

Gains
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

Free Download from http://taxcalc.ynithya.com/

(Version 17.0)

1997-2015, Nithyanand Yeswanth

LT/
ST