TaxCalc_2016

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Income Tax CalculatorVersion 18.0

© 1997-2016, Nithyanand Yeswanth

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

Name: PLEASE ENTER YOUR NAME HEREDt. Of birth: 1-Jan-2001

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

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6 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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10 If the interest rate on PF is other than 8.5%, change the value in cell AA57

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

12 If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA63

13 If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA64

14 If any of your dependents have severe (>80%) permanent physical disability, change cell AA65

15 If you have a permanent physical disability, change cell AA66 and AA67

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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"

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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 G79

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

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29 Enter expected investments/savings/expenses information in cells N53 to N85

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 and Savings Bank interest in cell N62

32

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

34 You can enter details of Property and Debt Mutual Funds sold during the year in the "Cap Gains - Property&Debt MF" sheet

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 enter your name and Date of Birth above to calculate taxes correctly (date of birth is required to calculate senior citizenship)

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

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 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)

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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35 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

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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 Transport allowance is exempt upto ₹ 1600/- per month provided the person is in India during the month

3 Medical bills are exempt for self and dependent family, upto ₹ 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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12

13

14 Donations to certain charities are tax exempt to the tune of 50% of donation. Please enter the amount donated in cell N70

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16

17 Interest from Savings bank account is exempt up to ₹ 10,000/- per year

18 If you have a permanent physical disability, you can take an exemption of up to ₹ 75,000/- per year and ₹ 1,25,000 in case of severe disability

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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)

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

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 ₹ 2,00,000/- 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 ₹ 25,000/- per year for self, spouse & dependent children. Within this limit, ₹ 5,000/- could be used for preventive health check expenses. An additional ₹ 25,000/- 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 ₹ 75,000/- per year if the disability is less than 80% and ₹ 1,25,000/- 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 ₹ 80,000/-

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

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

Investments up to 1.5 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, Sukanya Samriddhi Scheme, etc. are deductible from the taxable income under sec 80C. There is no limit on individual items, so all 1.5 lac can be invested in NSC, for example. An additional ₹ 50,000 exemption is available for New Pension Scheme

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

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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 to receive an automatic message whenever a major version is released, 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

04/18/2023 Income Tax Projections for Financial Year 2015-16 of 12

Free Download from http://taxcalc.ynithya.com/ (Version 18.0) © 1997-2016, Nithyanand Yeswanth ([email protected])

PLEASE ENTER YOUR NAME HERE

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

Earn

ing

s

Basic Y 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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

Convey N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

HRA N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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

Medical N 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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 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

Misc N 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

Ded

ucti

on

s

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

PF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

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

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

Net 0 0 0 0 0 0 0 0 0 0 0 0 0 0

04/18/2023 Income Tax Projections for Financial Year 2015-16 of 12



Tax Computation Exemptions under section 10 & 17 Produced Limited

Gross Salary 0 HRA Exemption (sec 10 (13A)) 0 0

Profession Tax 0 Transport Exemption (sec 10(14)) 0

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

Gross Salary after Section 10 & 17 exemptions 0 Medical Bills Exemption (sec 17(2)) 0 0

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

Income chargeable under head 'Salaries' 0 LTA exemption (sec 10(5)) 0 0

Income chargeable under head 'House/Property' 0 Uniform expenses (sec 10(14)) 0 0

Income chargeable under head 'Capital Gains' at nominal rate 0 Total Exempted Allowances 0

Income chargeable under head 'Capital Gains' at nominal rate 0 Other income Produced Limited

Income chargeable under head 'Other Sources' 0 House/property income or loss (enter loss as negative) 0 0

Gross Total Income 0 Interest on housing loan (for tax exemption) 0 0

Deductions under chapter VI-A 0 Savings Bank interest 0 0

Deductions under sec 80C 0 Other income (interest, etc. excluding. SB int) 0 0

Net taxable income 0 Deductions under Chapter VI-A Produced Limited

Medical Insurance Premium / health check (sec 80D) 0 0

Tax Slabs Tax rate Appl Amt Balance Tax Medical Insurance Premium for parents (sec 80D) 0 0

00000 - 250000 0% 0 0 0 Medical for handicapped dependents (sec 80DD) 0 0

250001 - 500000 10% 0 0 0 Medical for specified diseases (sec 80DDB) 0 0

500001 - 1000000 20% 0 0 0 Higher Education Loan Interest Repayment (sec 80E) 0 0

> 1000000 30% 0 0 Donation to approved fund and charities (sec 80G) 0 0

Tax credit (Sec 87A) 0 Rent deduction (sec 80GG) only if HRA not received 0 0

Tax on Income 0 Savings Bank interest exemption (sec 80TTA) 0

Capital Gains Tax (from Stocks & MFs) 0 Deduction for permanent disability (sec 80U) 0

Capital Gains Tax (from Property) 0 Any other deductions (incl. donations u/s 35AC/80GGA) 0 0

Surcharge on Income Tax 0 Total Deductibles 0

Education Cess 0 Deductions under Chapter VI (sec 80C) Produced Limited

Total Tax Liability 0 National Pension scheme (sec 80CCD) 0 0

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 0 Public Provident Fund (sec 80C) 0 0

Remaining months in year 12 Employees Provident Fund & Voluntary PF (sec 80C) 0 0

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

Housing loan principal repayment, regn/stamp duty (sec 80C) 0 0

Balance Tax payable 0 Insurance premium & others (MF, ULIP, FD, SS, etc.) (sec 80C) 0 0

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

N51

Enter rent in D26 to O26

04/18/2023 Perquisites Valuation for Income Tax Projections of 12



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

04/18/2023 Perquisites Valuation for Income Tax Projections of 12



Perquisites Value of Loans Taken from the Company

0

Year ends:

50

0.00%

0

0

50

0.00%

0

12.00%

0

OtherLoan

04/18/2023 Accrued Interest for NSC of 12

Free Download from http://taxcalc.ynithya.com/ (Version 18.0) © 1997-2016, 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

04/18/2023 Capital Gains Tax Calculation of 12



Capital Gains Tax Calculation - Equity

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

Scrip/MF 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

0

0

LT/ST




Capital Gains Tax Calculation - Equity

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

Scrip/MF 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

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0

0

0

0

0

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




Capital Gains Calculation - Property

(For houses, flats, plots, etc.)

Property DetailsPurchase Selling

GainsPrice Date Price Date

0

0

0

0

0

0

Net Short Term Gains - Property 0

Net Long Term Gains - Property 0

Long Term Capital Gains Tax - Property 0

Capital Gains Calculation - Debt Mutual Funds

(For debt mutual funds)

Mutual Fund Details QuantityPurchase Selling

GainsPrice Date Price 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

Net Short Term Gains - Debt 0

Net Long Term Gains - Debt 0

Long Term Capital Gains Tax - Debt 0

LT/ST

LT/ST

TaxCalc_2016

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Transcript of TaxCalc_2016