Easy use of calculator- Key in the salary details and investment/tax saving details yellow colored cell to compute the tax.
All Sec 10 exemptions computes on updating the tax saving details based on the income tax criteria. Chapter VI deduction allowed for the salaried employee, which can be approved by employer included.
Sec 80EE- un-availed tax benefit of FY 2013-2014 can be carry forwarded to FY 2014-2015.
Employees who are not getting House rent allowance can claim deduction towards Rent payment u/s 80GG.
Full amount of Employer’s contribution to NPS is tax free, which will be added to income and deducted u/s 80CCD(2).
It allows the user to plan your net take home of every month, with very easy and simple steps, tax calculator is prepared in lines with major payroll vendors process.
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 responsible 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.
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11th April 2014 From India, Bangalore
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