CALCULATION OF INCOME TAX

for theFinancial Yr 2008-09/ Assessment yr 2009-10

1. Gross Annual Income/Salary(include all allowances)
2. Less: Allowances exempt u/s 10(for Service Period)
(I) H.R.A. exemption
City of Residence
Basic Salary (Basic+DA)
Rent Paid
H.R.A received
(II) Conveyance allowances(Max Rs.800/-p.m)
(iii) Any Other Exempted Receipts/ allowances (specify)---(iv) Professional Tax
3. Income under the head salaries
4. Add: Any other income from other sources
1. Interest received from following Investments
a. Bank ( Saving /FD /Rec )
b. N.S.C.(accrued/ Recd )
c. Post Ofice M.I.S (6 yrs.)
d. Post Office Recring Deposit (5 yrs.)
e. Term Deposit (1 to 5 yrs.)
f. Saving Bonds (6yrs.)
g. Kishan Vikas patra
2. Any Other Income (specify)--3. Any Other Income (specify)--5. Income from house property
Less: Interest paid on housing loan(max150,000)
6. Gross Total Income
7. Less: Deduction under Sec 80C (Max Rs.1,00,000/-)
a. PF&VPF Contribution
b. Life Insurance premiums
c. PPF a/c Contribution
d. N.S.C (Investment +accrued Int first five year)
e. Housing. Loan (Principal Repayment )
f. Tuition fees for 2 children
g. E.L.S.S(Mutual Fund)
h. Tax Savings Bonds
I. FD (5 Years and above)
j. 80 ccc Pension Plan
8. Less: Deduction under chapter VI A
b. 80 D Medical Insurance premiums (for Self )
C. 80 D Medical Insurance premiums (for Parents)
d. 80 E Int Paid on Education Loan
e. 80G Donation to approved fund
f. Any other (Specify)--9. Total Income

D.O.B

05.08.1973

SEX

PAN-N0
455000

SURAT
252000
0
0
0
2400

AFDPS2296G
455000
22800
-25200
100800
-25200
0
0
0
2400
105476

0
0
0
0
0
0
0
73476
32000
0
0

0
107616

477800
105476

0
583276
-100000

36576
25040
1000
0
37000
8000
0
0
0
0
0
0
0
0
0

0
0
0

483276

10. Total Taxable Income (Round off to nearest 10 rupees)

11. Tax on Total Income
12. Surcharge on Total Taxable Income
13. Total Tax Payable

483280
51656
0
51656

14.
15.
16.
17.

1550
53206
0
53206

Add; Edn Cess @ 3%

Net Tax Payable
Tax Deduction at Source
Balance Tax Payable/Refundable

0
Payable

Auto Tax Calculator by B.P.Choudhary (Tax Consultant)

Version 3.1 for Financial year 2008- 09
PLEASE FOLLOW

THESE

INSTRUCTIONS

1. This Calculator will be used to compute the Tax for salaried individuals only.
2. You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing.
3. Enter the amount in White cells. Other cells in Calculation & Computation Sheets will calculate data automatically.
4. Enter your Name,Sex (M / F only) and PAN No in 1-3 yellow-coloured cells.
5. Enter the Annually amount in B 4-55 White-colored cells.
6. Do not leave any yellow cell blank. This may lead to incorrect calculation. Instead, enter 0
7. Follow the Tax Rules & Instructions(where applicable)
8. HRA Exemption = Least of (40% (50% for metros) of Basic+DA or HRA Receive or Rent paid (-)10% of Basic)
9. Some Other Exempted Receipts/allowances are ( For Detail follow the Information & Rules).
1. Medicall Reimbersement (Max Rs.15000/- Per annum) 2. L.T.A (as per Rule)
3. Leave Encashment/Leave Salary
4. Vehicle Maintinance allowance
5. Entertaintment allowance
6. Academic Allowance 7. Uniform Allowances
8. Children Education Allowance (Rs.100 P.M.per Child/(Rs.300 for Hostel Expenditure) Max of 2 Children)
9. Newspaper Allowance etc.
10. Interest earned from all sources is to be included. All interest income is fully taxable
11. Some Exempted Income are
1. Withdrawl/Maturity received from PF,PPF,Insurance Co.
2 Long Term Capital Gain
3 Dividend on shares in companies
4. Interest on Post Office & PPF A/C
12. S.N-4(2),(3) Mention Any other income that does not fall under the above heads of income
13. Computation of Income from house property
1.
For Let-out Property
2 .For Self Ocupied Property
Annuall Value
Annuall Value-NIL
Less-Municipal Taxes
Less-Interest on Money borrowed
Net Annual Value
Net Income(Loss) from Property
Less-Repair & Collection Charges(30% of Net Annuall Value)
Income from house property
Less-Interest on Housing Loan
Net Income from property
TAX RATES FOR ( F-YR 2008-09) ASSESSMENT OF MALE ASSESSE FOR YEAR 2009-2010
Net Income Range
Income Tax Rates
Upto Rs. 1,50,000
NIL
Rs.1,50,000 to Rs.3,00,000
10% of Total Income(-)Rs.1,50,000
Rs.3,00,000 to Rs.5,00,000
Rs. 15,000+20% of Total Income(-)Rs.3,00,000
Rs.5.00,000 to Rs 10,00,000
Rs. 55,000+30% of Total Income(-)Rs.5,00,000
Above Rs.10,00,000
Rs.2,05,000+30% of total Income(-)10,00,000
TAX RATES FOR ( F-YR 2008-09) ASSESSMENT OF FEMALE ASSESSE FOR YEAR 2009-2010
Net Income Range
Income Tax Rates
Upto Rs. 1,80,000
NIL
Rs.1,80,000 to Rs.3,00,000
10% of Total Income(-) Rs.1,80,000
Rs.3,00,000 to Rs.5,00,000
Rs.12,000+20% of Total Income(-)Rs.3,00,000
Rs.5.00,000 to Rs 10,00,000
Rs. 52,000+30% of Total Income(-)Rs.5,00,000

Above Rs.10,00,000
Rs.2,02,000+30% of total Income-10,00,000
Surcharge is10% of Income Tax if net income is more than Rs.10,00,000 (Also consider marginal relief)
Education Cess is 3% of income tax from all Assesse.

Union Budget 2008 Main Highlights for Individual Tax Payer.

! Threshold limit of exemption from personal income tax in the case of all assesses increased to Rs.150,000.
The slabs and rates of tax are :
Up to Rs.150,000 NIL
Rs.1,50,001 to Rs.3,00,000 10 per cent
Rs.3,00,001 to Rs.5,00,000 20 per cent
Rs.5,00,001 & Above 30 per cent
In case of a woman assessee, the threshold limit increased from Rs.145,000 to Rs. 1,80,000
for a senior citizens, the threshold limit increased from Rs.195,000 to Rs.225,000.
! No change in the rate of Cess & surcharge.
! Senior Citizen Saving Scheme 2004 and the Post Office Time Deposit Account added to the basket of
saving instruments under Section 80C of the Income Tax Act.
! Additional deduction of Rs.15,000 allowed under Section 80D to an individual paying medical insurance
Premium for his/her parent or parents.

! Income Tax Act to be amended to provide that reverse mortgage would not amount to "transfer"; and the stream o
revenue received by the senior citizen would not be "income".
! Rate of tax on short term capital gains under Section 111A & Section 115AD increased to 15 per cent.

es

COMPUTATION OF INCOME TAX

D.O.B

for

for theFinancial Yr 2008-09 Assessment yr 2009-10

SEX 0

1. Gross Annual Income/Salary(include all allowances)

2. Less: Allowances exempt u/s 10
(I) H.R.A. exemption
(II) Conveyance allowances(Max Rs.800/-p.m)
(iii) Any Other Exempted Receipts/ allowances (specify)---3. Income under the head salaries
4. Add: Any other income from other sources
1. Interest received from following Investments
a. Bank ( Saving /FD /Rec )
b. N.S.C.(accrued/ Recd )
c. Post Ofice M.I.S (6 yrs.)
d. Post Office Recring Deposit (5 yrs.)
e. Term Deposit (1 to 5 yrs.)
f. Saving Bonds (6yrs.)
g. Kishan Vikas patra
2. Any Other Income (specify)--3. Any Other Income (specify)--5. Income from house property
Less: Interest paid on housing loan(max150,000)
6. Gross Total Income
7. Less: Deduction under Sec 80C
a. PF&VPF Contribution
b. Life Insurance premiums
c. PPF a/c Contribution
d. N.S.C (Investment +accrued Int first five year)
e. Housing. Loan (Principal Repayment )
f. Tuition fees for 2 children
g. E.L.S.S(Mutual Fund)
h. Tax Savings Bonds
I. FD (5 Years and above)
j. 80 ccc Pension Plan
8. Less: Deduction under chapter VI A
b. 80 D Medical Insurance premiums
c. 80 E Int Paid on Education Loan
d. 80G Donation to approved fund
f. Any other (Specify)--9. Total Income
10. Total Taxable Income (Round off to nearest 10 rupees)
11. Tax on Total Income
12. Surcharge on Total Taxable Income
13. Total Tax Payable
14. Add; Edn Cess @ 3%
15. Net Tax Payable

PAN-NO

AFDPS2296G
455000

-25200
0
0

0
0
0
0
0
0
0
73476
32000
0
0

36576
25040
1000
0
37000
8000
0
0
0
0
0
0
0
0

22800
477800

105476
0
583276

-100000
0

0
483276
483280
51656
0
51656
1550
53206

16. Tax Deduction at Source

17. Balance Tax Payable/Refundable

Payable

0
53206

COMPUTATION OF INCOME TAX

Date Of Birth
SEX M

for

for theFinancial Yr 2007-08 Assessment yr 2008-09

0

1. Gross Annual Income/Salary(include all allowances)

2. Less: Allowances exempt u/s 10
(I) H.R.A. exemption
(II) Conveyance allowances(Max Rs.800/-p.m)
(iii) Any Other Exempted Receipts/allowances (specify)---3. Income under the head salaries
4. Add: Any other income from other sources
1. Interest received from following Investments
a. Bank ( Saving /FD /Rec )
b. N.S.C.(accrued/ Recd )
c. Post Ofice M.I.S (6 yrs.)
d. Post Office Recring Deposit (5 yrs.)
e. Term Deposit (1 to 5 yrs.)
f. Saving Bonds (6yrs.)
g. Kishan Vikas patra
2. Any Other Income (specify)--3. Any Other Income (specify)--5. Income from house property
Less: Interest paid on housing loan(max150,000)
6. Gross Total Income
7. Less: Deduction under Sec 80C
a. PF&VPF Contribution
b. Life Insurance premiums
c. PPF a/c Contribution
d. N.S.C (Investment +accrued Int first five year)
e. Housing. Loan (Principal Repayment )
f. Tuition fees for 2 children
g. E.L.S.S(Mutual Fund)
h. Tax Savings Bonds
I. FD (5 Years and above)
j. 80 ccc Pension Plan
8. Less: Deduction under chapter VI A
b. 80 D Medical Insurance premiums
c. 80 E Int Paid on Education Loan
d. 80G Donation to approved fund
e. Any other (Specify)--9. Total Income
10. Total Taxable Income (Round off to nearest 10 rupees)
11. Tax on Total Income
12. Surcharge on Total Taxable Income
13. Total Tax Payable
14. Add; Edn Cess @ 3%
15. Net Tax Payable
16. Tax Deduction at Source
17. Balance Tax Payable/Refundable

PAN-NO

0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0

0
0
0
0
0
0
0
0
0
0
0
0
0
0

Refundable

0
0

0
0
0

0
0

0
0
0
NIL
0
0
0
0
0
0

Auto Tax Calculator by B.P.Choudhary (Tax Consu

Calculate your Tax in Just 5 Minutes

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TAX RULES&OTHER USEFUL INFORMATION

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Auto Tax Calculator by B.P.Choudhary (Tax Consultant

Calculate your Tax in Just 5 Minutes
Version 3.0 for the Financial year 2008- 09, Version 2.0 for the Financial year 2007- 08 & Version 1.0 for the

Available free, Mail me at ( bpchoudhary@gmail.com)or ( bpchoudhary@cons

Hello-Dears- I am Bijender Pal Choudhary. I am not a Software Professional, but am a Tax Consu
this Auto Tax Calculator with the information I have.
tax calculator may help to calculate the estimated tax payable by you.
If you find any inconsistency,correction or amendments, please let m
earliest .
Please send a detailed e-mail at bpchoudhary@consultant.com or bp
This Calculator will be used to compute the Tax for Common salaried individuals only.
Easy to understand & similar as form 16.
You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing.
5

Once you enter the amount in the blank cells. Other cells in Calculation & Computation Sheets will calculate data & Tax automatically.
Follow the Tax Rules & Informations (where applicable). Following ready reaconer is for your refference.

TAX RULES&OTHER USEFUL INFORMATION

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 phy
per month

Vehicle maintenance exemption can be claimed if you use a car for travel to the workplace. In such case, exemption can be claimed for th
The exemption is available to the tune of Rs.1,200/- per month if the engine capacity is less than 1600cc and Rs.1,600/- per month if the eng
amount includes driver's salary, there is an additional exemption of Rs.600/- per month. When this exemption is claimed, transport allowance

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

LTA is exempt to the tune of ecomony class Train/ Air /Recognised public Transport fare for the family to any destination in India, by the sho
LTA can be claimed twice in a block of 4 calendar years. The current block is from 01.01.2006 to 31.12.2009. For claim, it is must to provide o

u/s 24 There is an Exemption for interest on housing loan.(for Self occupiedResidence). If the loan was taken before Apr 1, 1999 exempt
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 r
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've p

If you have rented out your house, enter the total income/loss from the house (after deducting property tax and standard maintenance expen

u/s 80D Medical Insurance (such as Mediclaim & Critical illness Cover) premium is exempt upto (Rs 10,000/- for 2006-07) Rs.15,000/- (for 2
that for a dependent who is above 65 years of age, an extra Rs.5000/- can be claimed( for 2007-08 ) & Rs.15,000/- (for 2007-08 ) per year.

u/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less
disability is more than 80%
u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed
being treated is a senior citizen, the exemption can go up to Rs.60,000/-

u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exemp
u/s 80G Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%.
u/s 80GG 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 inc
Rs.24,000/- per year)

Interest earned from all sources is to be included. All interest income is fully taxable
u/s 80U If you have a permanent physical disability (including blindness), you can take an exemption (subject to maximum of Rs.75,000/u/s 80C Investments up to 1 lac in PF, VPF, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, etc. are deductible fro
individual items, for example 1 lac can be invested in Insurance, )
HOW TO GET AN UPDATE

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
You can send an e-mail with your Income details/Salary slip. You will automatically receive the current version of tax calculator wit
Once you send a request for our calculator. In future we will send you an updated version autimatically.whenever I update,
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