Thanks a lot for this tool.
Just had few queries.
1. Treatment of bonus - I wanted to know the treatmen of bonus as in our conpany first tds was deducted on bonus amount, but later the tds effect was nullified and it was taken as an income while calculating tax.
2. Is fixed medical reimbursement different from medical reimbursemnt as in our salary slip it is mentioned as medical reimbursement.
9th May 2008 From India, Bangalore
Bonus is part of income and is considered as taxable head. Normally employer estimate the total income and calculate the IT, monthly estimated tax is to be deducted from salary. At the end employer collect the savings proof and consider the exemptions and deductions, due to these effects, your income tax on bonus may have nullified.
Regarding fixed medical reimbursement or medical reimbursement, it depends upon company policy. If the claim against the medical bills, normally employer considers it as exemptions u/s 10 which is limited to 15000/- (in both situation).
I am not a tax consultant but still I believe on above.
With kind regards,
9th May 2008 From India, Hyderabad
it is a great service you are doing to many, by posting this calculator. While there are many calculators like this, yours differs in the way that it includes the last year also. It is very useful for comparison purposes and for answering any queries later on.
How about considering preparation of a data base and link it to the excel file, so that 5 years data can be accessed, with detailed analysis.
Thank you and standing ovation. Bye
18th May 2008 From India, Madras
Thanks a lot, after looking & using your calculation of income tax programme so easy to understand
again thanks... and if you have any other income tax return filling programm please give me details....
again thanks and best of luck for future...
4th October 2013 From India, Chennai