How Do You Calculate Income Tax for Salaried Individuals? Let's Discuss Your Methods

Hi,

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

ZK

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

Collect the Form 16 of both the company and file a single IT return. You can't claim a two lakh exemption in a single year. In case, after computing both incomes, if tax payable is due, then do pay the tax before 31st July positively.

Hi Zubarik,

The Excel sheet is not opening. Please email me this file at [IMG]https://www.citehr.com/misc.php?do=email_dev&email=YWxhbV9qYXdlZE BpbmRpYXRpbWVzLmNvbQ==[/IMG].

Regards,
Jawed