Simple Income Tax Calculator for the salaries employees.
From India, Bangalore
Acknowledge(0)
Amend(0)
4From India, Bangalore
Acknowledge(0)Amend(0)
Dear Himadri, Thanks for the feedback, restriction of the PPF limit removed, attching the revised Tax Calculator. Thanks, Benny Thadathil
From India, Bangalore
Acknowledge(0)Amend(0)
From India, Bangalore
Acknowledge(0)Amend(0)
Hi... i am new with u... Why investment in long term infrastructure bond(up to 20,000/-) is not considered in the calculation sheet????????????? Regards, Vinayak Patel HRD 9727734621
From India, Vadodara
Acknowledge(0)Amend(0)
From India, Vadodara
Acknowledge(0)Amend(0)
Hi Benny, Can you plz confirm that Children Education Allowance (Rs.100 per child per month) is being deducted from Gross Salary in the calculator? Thanks.
From India, Mumbai
Acknowledge(0)Amend(0)
From India, Mumbai
Acknowledge(0)Amend(0)
Hi Benny, thanks for this.
I have the following remarks.
Medical Insurance Premium Exemption
I just want to make sure how you have arrived at the limit of Rs. 40,000 under section 80D (Medical insurance premium). In my opinion, Rs. 35,000 is the maximum amount exempted here.
1. Rs. 15,000 towards premium paid for self and family.
2. Additional deduction of Rs. 15,000 for premium paid for parents. If parents are senior citizens, the deduction available is Rs. 20,000 instead of Rs. 15,000.
Hence, a salaried employee can claim a maximum exemption of Rs. 35,000 under section 80D. Exemption for Rs. 40,000 is available only in cases when the employee himself is a senior citizen (over 60 years of age), but generally in India, this is the retirement age of a salaried employee.
Exemption Under Section 80CCF
Exemption under section 80CCF for Rs. 20,000 is no longer available from F.Y. 2012-2013.
Rajiv Gandhi Equity Saving Scheme
Investment in the Rajiv Gandhi Equity Saving Scheme needs to be included; an exemption is available for 50% of the investment made up to Rs. 50,000 (this exemption is available for individuals having an annual income below 10 lakhs).
Also, an additional deduction (under section 80TTA) up to Rs. 10,000 per annum (towards bank interest received) needs to be updated.
Thanks
From India, Mumbai
Acknowledge(1)Amend(0)
I have the following remarks.
Medical Insurance Premium Exemption
I just want to make sure how you have arrived at the limit of Rs. 40,000 under section 80D (Medical insurance premium). In my opinion, Rs. 35,000 is the maximum amount exempted here.
1. Rs. 15,000 towards premium paid for self and family.
2. Additional deduction of Rs. 15,000 for premium paid for parents. If parents are senior citizens, the deduction available is Rs. 20,000 instead of Rs. 15,000.
Hence, a salaried employee can claim a maximum exemption of Rs. 35,000 under section 80D. Exemption for Rs. 40,000 is available only in cases when the employee himself is a senior citizen (over 60 years of age), but generally in India, this is the retirement age of a salaried employee.
Exemption Under Section 80CCF
Exemption under section 80CCF for Rs. 20,000 is no longer available from F.Y. 2012-2013.
Rajiv Gandhi Equity Saving Scheme
Investment in the Rajiv Gandhi Equity Saving Scheme needs to be included; an exemption is available for 50% of the investment made up to Rs. 50,000 (this exemption is available for individuals having an annual income below 10 lakhs).
Also, an additional deduction (under section 80TTA) up to Rs. 10,000 per annum (towards bank interest received) needs to be updated.
Thanks
From India, Mumbai
Acknowledge(1)Amend(0)
I'm new to this as I'm a fresher, but please clarify my doubts on this calculation. There are some other allowances that my company is giving, and they have told me that even these allowances are tax-exempt. I didn't find the appropriate cells to fill in these forms in the document you have provided. So, I entered these details in the other allowances section. The problem I am facing is that these allowances are not being deducted in the calculations that you have done. Could you please fix this up?!
Thanks!
Regards, Rahul.
From India, Bangalore
Acknowledge(0)Amend(0)
Thanks!
Regards, Rahul.
From India, Bangalore
Acknowledge(0)Amend(0)CiteHR is an AI-augmented HR knowledge and collaboration platform, enabling HR professionals to solve real-world challenges, validate decisions, and stay ahead through collective intelligence and machine-enhanced guidance. Join Our Platform.
Income Tax Calculator.xls