Income Tax Calculation sheet for salaried individuals

zubairk · #1 (**permalink**) 22-02-2008, 05:58 PM

Hi,

Please refer to the attachment (excel sheet) showing income tax calculation for the salaried individuals.

ZK

rohitsg · #2 (**permalink**) 30-06-2008, 03:58 PM

Hi Vijay,

I am very happy that I came across your tax calculator in the site, www.citehr.com I have clarification regarding my income tax computation. Please clarify the same.
I was working for my previous company (Say ‘X’) from April 2007 to October 2007. Now I am working in a company say ‘Y’ from October 2007 to till date. I got the Form 16 of Both the companies.
Main issue is while I was joining ‘Y’ (New) company I did not disclose the income of my previous company. Also, I have shown my savings (Around 1 lakh) in my previous company as well as in new company. Since the income was less in my new company in my new company, less tax got deducted (around 4k)

Since I have shown the Savings in both the companies, it is as good as showing savings twice in a financial Year right? Means for Ex: 1 lakh in my previous company and 1 lakh here too. So I am claiming for a 2 lakh tax exemption from my taxable income right?

In these scenarios how the tax will be calculated.

Eagerly waiting for your reply.

regards,
Rohit

SPREMKR05 · #3 (**permalink**) 08-07-2008, 05:21 PM

Collect the form 16 of both the company and file a single I.T.return. You can't claim two lakhs exemption in a single year. In case after computing both the income, if Tax payable is there, then do pay the tax before 31st July positively.

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