Income Tax Calculator

Version 14.0
1997-2012, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/

email: taxcalc@ynithya.com
PLEASE ENTER YOUR NAME HERE

DISCLAIMER

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 resposible 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

PLEASE

READ

THESE

INSTRUCTIONS

CAREFULLY

This sheet can be used to compute the tax for salaried individuals only

Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells

Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0

The darker yellow colored cells (with green text) constitute the setup parameters, which you may have to set only once. Ensure that all setup
parameters in cells C4 to C20 and AA51 to AA74 are setup prior to using the calculator

Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF

If you are in Delhi, Mumbai, Kolkata or Chennai, change the location to Metro in Cell AA51. If you have moved from a metro to non-metro or
vice-versa during the year, change the cells D47 to O47

Enter the PF deduction percentage in cell AA54 depending on your company policy. In addition, if your company limits the PF to a certain
amount, enter that amount in cell AA55. If there is no PF deduction, enter 0% in cell AA54. If the PF percentage changes during the year (due
to change in employer or otherwise), change cells D48 to O48

If you have opted for VPF (Voluntary Provident Fund), change cell AA58 depending on whether the deduction is done as a percentage of salary
or as a fixed amount. If percentage, enter percentage in cell AA56. This will apply same percentage throughout the year. If percentage changes
month to month, enter the percentage for each month in cells D43 to O43 (If you leave any of these cells at 0, the default percentage from cell
AA56 will be taken for that month). If the deduction is a fixed amount, enter the amount for each month in cells D43 to O43

If the interest rate on PF is other than 8.5%, change the value in cell AA57

10

If you are claiming exemption on housing loan interest, remember to update cells AA60 and AA61 (see below for the rules)

11

If you are claiming exemption for medical insurance that includes premium for a dependent over 65 years, change cell AA63

12

If you are claiming exemption for medical treatment for specific diseases for a dependent over 65 years, change cell AA64

13

If any of your dependents have severe (>80%) permanent physical disability, change cell AA65

14

If you have a permanent physical disability, change cell AA66 and AA67

15

If you are above 60 years of age, change cell AA68. If you are above 80 years, change cell AA69 and the exemption limit is higher

16

If you are a woman, remember to change cell AA70. You will get additional exemption

17

If you live in company-provided house, change cell AA71 and AA72; 15% of salary will be added as perks for cities with more than 25 lacs
population (as per 2001 census), 10% for cities with population of 15 lacs to 25 lacs, and 7.5% for other cities. If rent has been paid (cells D26
to O26), the same will be deducted from this perks amount

18

If you are using company provided car for both official and personal use, update cells D44 to O44. If the company also provides driver, update
cells D45 to O45. If company bears the running and maintenance expenses for the car, update cell AA73. Also update the size of the car in cell
AA74 (in terms of engine cubic capacity)

19

If you have been out of India during the year, update cells D46 to O46 so that conveyance exemption is computed correctly

20

If you have taken company loans at discounted interest rates, please enter the details in the sheet "Perquisites"

21

You can enter the opening balance in your PF account as at the beginning of the year in cell D40 and PF loans/withdrawals in cells D39 to O39
to calculate the closing balance (including employer's contribution) in your account at the end of the year

22

Update the earnings (cells D3 to O20) with expected earnings during the year. On the deductions side, enter the expected rent payment,
Profession Tax and Life Insurance Salary deduction details for all months.

23

Enter expected bonus in Cell R21, if bonus for the year has not been paid yet. If paid, enter the actual amount

24

Enter any other earnings related to salary in cell S21

25

If tax has been deducted outside salary (such as TDS for bank deposit, etc.), enter the amount so deducted in cell G76

26

Enter any capital gains that are taxable at nominal tax rate (Stocks sold outside of registered stock exchanges, for example) in cell G58

27

Enter the remaining months in current financial year in Cell G79, to figure out the tax per month

28

You can change the headings for the 10 "Misc" earnings and the 9 "Oth Ded" deductions columns to suit your salary structure

29

Rent can be entered in cells D26 to O26, if deducted through salary; Otherwise enter annual figure in Q26 to S26. If you enter rent amount
in any cell between D26 to O26, do not enter any amount in cells Q26 to S26 and vice-versa
30 Enter expected investments/savings/expenses information in cells N53 to N82

31

Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered

32

Enter non-salary related other income (such as from interest) in cell N62

33

You can enter the details of NSC's purchased during the last 5 years in the "NSC Accrued Interest" sheet to calculate the accrued interest
automatically. This interest is exempt under sec 80C. This interest is also taxable either on accrual basis every year or when received

34

You can enter details of Stocks sold during the year in the "Capital Gains" sheet to calculate the tax applicable
Page 1 of 12

Income Tax Calculator

Version 14.0
1997-2012, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/

email: taxcalc@ynithya.com
35

HRA exemption is calculated on monthly basis and added up, which may not always be correct if your HRA, Rent or Basic+DA change month
on month. In such cases, and if you have not moved from a metro to non-metro or vice-versa in the middle of the year, enter the rent details
only in cells Q26 to S26 and NOT in cells D26 to O26. This will calculate the exemption on the total basis instead of monthly basis

Page 2 of 12

Income Tax Calculator

Version 14.0
1997-2012, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/

email: taxcalc@ynithya.com

TAX
1

RULES

&

OTHER

USEFUL

INFORMATION

HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
2 Transport allowance is exempt upto Rs.800/- per month provided the person is in India during the month. For people having permanent
physical disability, the exemption is Rs.1,600/- per month

Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum

LTA is exempt to the tune of ecomony class airfare for the family to any destination in India, by the shortest route.
LTA can be claimed twice in a block of 4 calendar years. The current block is from Jan 2010 to Dec 2013
5 Uniform allowance is exempt to the extent of bills produced for purchase of uniforms

Gratuity, VRS and some such amounts are exempt upto certain limits. If you get any such payment, please find out the exact limit for you from
a tax consultant and enter in cell N53

Children's Education allowance is exempt upto Rs.100/- per child per month plus Rs.300/- per child per month for hostel expenses (max of 2
children only)

There is an exemption for interest on housing loan. If the loan was taken before Apr 1, 1999 exemption is limited to Rs.30,000/- per year. If the
loan was taken after Apr 1, 1999 exemption is limited to Rs.1,50,000/- per year if the house is self-occupied; there is no limit if the house is
rented out.
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've
paid it or not. If the loan is taken jointly by two individuals both can claim this exemption
9 If you have rented out your house, enter the total rent income/loss from the house (after deducting property tax and 30% of rent as standard
maintenance expenses) in cell N60

10

Medical Insurance (such as Mediclaim) premium is exempt upto Rs.15,000/- per year for self, spouse & dependent children. An additional
Rs.15,000/- is exempt towards premium for parents (even if they are not dependent). If the parent(s) are above 65 years of age, an extra
Rs.5,000/- can be claimed

11

Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less than 80% and
Rs.1,00,000/- per year if the disability is more than 80%

12

Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed upto Rs.40,000/- per
year. If the person being treated is a senior citizen, the exemption can go up to Rs.60,000/-

13

Interest repayment on education loan (taken for higher education from a university for self, spouse & children) is tax exempt from the 1st year
of repayment up to a maximum of 8 years. There is no exemption for Principal payment

14

Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%. Please enter the actual
amount exempt, in cell N69

15

If you do not get HRA, but have rented a house, an exemption is available. This will be calculated as minimum of (25% of total income or rent
paid - 10% of total income or Rs.24,000/- per year)
16 Donations for certain scientific research and rural development are exempt. Please enter the actual amount exempt in cell N72

17

Interest earned from all sources is to be included in cell N62. All interest income (including Savings bank intererst) is fully taxable

18

If you have a permanent physical disability (including blindness), you can take an exemption of up to Rs.75,000/- per year

19

Investments up to 1 lac in PF, VFP, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, long term bank Fixed Deposit, Post
Office Term Deposit, etc. are deductible from the taxable income under sec 80C. There is no limit on individual items, so all 1 lac can be
invested in NSC, for example. The only exception is PPF where the maximum investment is limited to Rs.70,000/-. An additional Rs.20,000/can be invested in long-term infrastructure bonds, taking total investment exemption to 1.2 lacs

20

As per clarification from IT department, all perquisites such as rent-free accommodation, company provided car, free or concessional
education facilities, employee stock option plan, free club membership, company provided credit card, gift vouchers, meal coupons, hotel stay
beyond 15 days, are fully taxable. This tax calculator calculates the tax incidence for accommodation and car. If you receive any other
perquisite, please include the value of such perquisite in cell S21

21

For the current year, Govt. prescribed rate of interest for PF is 8.5%. If the employer pays interest higher than this, the differential interest
earned is treated as perquisites

22

Residents of Sikkim are exempt from Income Tax

Page 3 of 12

Income Tax Calculator

Version 14.0
1997-2012, Nithyanand Yeswanth

Available for free download at: http://taxcalc.ynithya.com/

email: taxcalc@ynithya.com
HOW

TO

GET

AN

UPDATE

CONTACT

ME

This tax calculator constantly gets updated to fix errors found as well as to add new features

This may also be changed when there are changes in tax rules that affect income tax computation

The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/

Please check back frequently (at least once every 2 months) to see that you have the latest version. You can compare the version number at
the top of this instructions page. However, if you have subscribed, you will automatically receive updates

You can also send a blank e-mail to taxcalc@ynithya.com with only the subject line as "SEND TAXCALC" and the latest version of tax
calculator will be e-mailed to you within a day or two
6 If you want me to send you a new version whenever I update, please send a blank e-mail to taxcalc@ynithya.com with only the subject as
"SUBSCRIBE". There are no charges for subscription
7 If you find any inaccuracy in the calculation or want clarification on some aspect of the tax calculator, please send an e-mail to
taxcalc@ynithya.com with subject as "CLARIFICATION" and I will try to reply within a week
8 If you are already on my list and no longer want to get updates, send a blank e-mail to taxcalc@ynithya.com with only the subject as
"UNSUBSCRIBE"
9 While sending e-mail, please ensure that the subject line is exactly as given here (without the quotes), because the processing is done
automatically. Other mails will be deleted automatically

10

Since I am not a chartered accountant or a tax consultant, I am not in a position to answer specfic queries related to taxation.
You will have to contact a tax consultant for your specific queries

Page 4 of 12

09/14/2016

Income Tax Projections for Financial Year 2011-12

Page 5 of 12

PLEASE ENTER YOUR NAME HERE

Incl PF?

Earnings

Basic

Apr
45000

May
45000

Jun
45000

Jul
45000

Aug
45000

Sep
45000

Oct
45000

Nov
45000

Dec
45000

Jan
45000

Feb
45000

Mar
45000

Perks

Bonus

Others

Gross
540000

DA

Convey

800

800

800

800

800

800

800

800

800

800

800

800

9600

9600
120000

HRA

10000

10000

10000

10000

10000

10000

10000

10000

10000

10000

10000

10000

120000

Ch. Educ

Medical

1250

1250

1250

1250

1250

1250

1250

1250

1250

1250

1250

1250

15000

15000

LTA

Uniform All.

700

700

700

700

700

700

700

700

700

700

700

700

8400

8400

Misc

45535

45535

45535

45535

45535

45535

45535

45535

45535

45535

45535

45535

546420

546420

Misc

Misc

Misc

Misc

Misc

Misc

Misc

Misc

Misc

103285

103285

103285

103285

103285

103285

103285

103285

103285

103285

103285

103285

1239420

Total

0
0

1239420

Prof tax

200

200

200

200

200

200

200

200

200

200

200

200

2400

PF

5400

5400

5400

5400

5400

5400

5400

5400

5400

5400

5400

5400

64800

VPF

IT

Rent
Life Insur.
Deductions

Total
540000

2400
0

64800

Oth Ded

Oth Ded

Oth Ded

Oth Ded

Oth Ded

Oth Ded

Oth Ded

Oth Ded

Oth Ded

Tot Ded

5600

5600

5600

5600

5600

5600

5600

5600

5600

5600

5600

5600

67200

67200

Net

97685

97685

97685

97685

97685

97685

97685

97685

97685

97685

97685

97685

1172220

1172220

Free Download from http://taxcalc.ynithya.com/

(Version 14.0)

1997-2012, Nithyanand Yeswanth (taxcalc@ynithya.com)

09/14/2016

Income Tax Projections for Financial Year 2011-12

Page 6 of 12

PLEASE ENTER YOUR NAME HERE

Tax Computation

Exemptions under section 10 & 17

Gross Salary

1239420

Profession Tax

2400

Exemptions under section 10 & 17

24600

Gross Salary after Section 10 & 17 exemptions

Income chargeable under head 'Capital Gains' at nominal rate

Income chargeable under head 'Other Sources'
Gross Total Income

Children's Education Allowance Exemption (sec 10 (14))

LTA exemption (Sec 10(5))

-230183

Uniform expenses (Sec 10(14))

Total Exempted Allowances

Other income

43916

Deductions under sec 80C

100000

Net taxable income

838320

Other exemptions under Sec 10 (10) (gratuity, etc.)

Medical Bills Exemption (Sec 17(2))

House/property income or loss (enter loss as negative)

Interest on housing loan (for tax exemption)
Deductions under Chapter VI-A

00000 - 180000

Tax rate

Appl Amt

Balance

Tax

0
24600

Produced

Limited

-230183

-230183

Other income (interest, etc.)

Medical Insurance Premium (sec 80D)

Tax Slabs

0
9600
0

982237

Deductions under chapter VI-A

Transport Exemption (Sec 10(14))

Limited

15000

1212420

Income chargeable under head 'House/Property'

0
0

Income chargeable under head 'Salaries'

Produced

15000

1212420

Accommodation & Car Perquisites

HRA Exemption (Sec 10 (13A))

0
Produced

Limited

11000

11000

Medical Insurance Premium for parents (sec 80D)

Medical for handicapped dependents (Sec 80DD)

32916

32916

0%

180000

658320

180001 - 500000

10%

320000

338320

32000

Medical for specified diseases (Sec 80DDB)

500001 - 800000

20%

300000

38320

60000

Higher Education Loan Interest Repayment (Sec 80E)

> 800000

30%

38320

11496

Donation to approved fund and charities (sec 80G)

Rent deduction (sec 80GG) only if HRA not received

Tax on Income
Capital Gains Tax (from Stocks)
Education Cess
Total Tax Liability

103496
0
3105
106601

Deduction for permanent disability (80U)

Any other deductions
Total Deductibles
Deductions under Chapter VI (sec 80C)

Total Income tax paid from salary

Pension scheme (sec 80C)

Tax paid outside of salary

Income tax due

106601

Tax per Month

1997-2012, Nithyanand Yeswanth (taxcalc@ynithya.com)

Free Download from http://taxcalc.ynithya.com/

12

8883

0
43916

Produced

Limited

100000

100000

NSC (sec 80C)

Public Provident Fund (sec 80C)

64800

64800

Children's Education Tuition Fees (sec 80C)

Housing loan principal repayment (sec 80C)

Insurance premium & others (MF, ULIP, FD, etc.) (sec 80C)

Long-term Infrastructure Bonds (sec 80CCF)

Employees Provident Fund & Voluntary PF (sec 80C)

Remaining months in year

0
0

Total Investments

(Version 14.0)

0
100000

1997-2012, Nithyanand Yeswanth (taxcalc@ynithya.com)

09/14/2016

Perquisites Valuation for Income Tax Projections

Page 7 of 12

PLEASE ENTER YOUR NAME HERE

Perquisites Value of Loans Taken from the Company

Housing
Loan

Vehicle
Loan

PC
Loan

Soft
Loan

Salary
Loan

100
0.00%
0

50
4.00%
0

36
0.00%
0

36
4.00%
0

10
0.00%
0

Original Loan Amount

Loan Taken In Month/Year

Education
Phone Loan
Loan

Marriage
Loan

Other
Loan

Other
Loan

36
0.00%
0

15
0.00%
0

36
0.00%
0

50
0.00%
0

36
4.00%
0

Loan Closed Month/Year

No. of instalments
Co. interest rate
EMI

Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below
Original Loan Amount
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments
Co. interest rate
EMI
Prescribed interest rate

100
0.00%
0

50
4.00%
0

36
0.00%
0

36
4.00%
0

10
0.00%
0

36
0.00%
0

15
0.00%
0

36
0.00%
0

50
0.00%
0

36
4.00%
0

10.00%

10.00%

12.00%

12.00%

12.00%

12.00%

12.00%

12.00%

12.00%

12.00%

Total value of Perquisites for the year

Free Download from http://taxcalc.ynithya.com/

(Version 14.0)

1997-2012, Nithyanand Yeswanth (taxcalc@ynithya.com)

09/14/2016

Perquisites Valuation for Income Tax Projections

Page 8 of 12

LEASE ENTER YOUR NAME HERE

lue of Loans Taken from the Company

Other
Loan
0
Year ends:
50
0.00%
0
0

50
0.00%
0
12.00%

Free Download from http://taxcalc.ynithya.com/

(Version 14.0)

1997-2012, Nithyanand Yeswanth (taxcalc@ynithya.com)

09/14/2016

Accrued Interest for NSC

Page 9 of 12

PLEASE ENTER YOUR NAME HERE

NSC Accrued Interest Calculation

Certificate No.

Date of Purchase

Total Accrued Interest

Free Download from http://taxcalc.ynithya.com/

Amount invested

Accrued Interest

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00

0.00
(Version 14.0)

1997-2012, Nithyanand Yeswanth

09/14/2016

Capital Gains Tax Calculation

Page 10 of 12

PLEASE ENTER YOUR NAME HERE

Capital Gains Tax Calculation

(Only for Stocks bought/sold through a Stock Exchange and where STT is paid)

Scrip Name

Nos

Purchase
Price

Selling
Date

Price

Date

Gains

LT/
ST

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Free Download from http://taxcalc.ynithya.com/

(Version 14.0)

1997-2012, Nithyanand Yeswanth

09/14/2016

Capital Gains Tax Calculation

Page 11 of 12

PLEASE ENTER YOUR NAME HERE

Capital Gains Tax Calculation

(Only for Stocks bought/sold through a Stock Exchange and where STT is paid)

Scrip Name

Nos

Purchase
Price

Selling
Date

Price

Date

Gains

LT/
ST

0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Free Download from http://taxcalc.ynithya.com/

(Version 14.0)

1997-2012, Nithyanand Yeswanth

09/14/2016

Capital Gains Tax Calculation

Page 12 of 12

PLEASE ENTER YOUR NAME HERE

Capital Gains Tax Calculation

(Only for Stocks bought/sold through a Stock Exchange and where STT is paid)

Scrip Name

Nos

Purchase
Price

Selling
Date

Price

Date

Gains

LT/
ST

Total Short Term Gains

Total Long Term Gains

Total Capital Gains

Total Capital Gains Tax

Free Download from http://taxcalc.ynithya.com/

(Version 14.0)

1997-2012, Nithyanand Yeswanth