auto tax calculator 2007-08-09 bmm

8/8/2019 Auto Tax Calculator 2007-08-09 Bmm

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D.O.B 7/10/1946

for theFinancial Yr 2008-09/ Assessment yr 2009-10 SEX M

BHARAT M. MEHTA PAN-N0 ATPPM5880L

144000 144000

2. Less: Allowances exempt u/s 10(for Service Period) -72000

(I) H.R.A. exemption 24000

City of Residence M

Basic Salary (Basic+DA) 48000 24000

Rent Paid 60000 55200

H.R.A received 48000 48000

(II) Conveyance allowances(Max Rs.800/-p.m) 9600 9600

(iii) Medical Expenses 14400 14400

(iv) LTA 24000 24000

3. Income under the head salaries 72000

4. Add: Any other income from other sources 74439 74439

a. Bank ( Saving /FD /Rec ) 153

b. N.S.C.(accrued/ Recd ) 0

c. Post Ofice M.I.S (6 yrs.) 0

d. Post Office Recring Deposit (5 yrs.) 0

e. Term Deposit (1 to 5 yrs.) 0

f. Saving Bonds (6yrs.) 0

g. Kishan Vikas patra 0

2. Income from Sanaya Communication 48500

3. Interest on Loans Given 25786

5. Income from house property 0

Less: Interest paid on housing loan(max150,000) 0 0 0

6. Gross Total Income

146439

7. Less: Deduction under Sec 80C (Max Rs.1,00,000/-) 0 0

a. PF&VPF Contribution 0

b. Life Insurance premiums 0

c. PPF a/c Contribution 0

d. N.S.C (Investment +accrued Int first five year) 0

e. Housing. Loan (Principal Repayment ) 0

f. Tuition fees for 2 children 0

g. E.L.S.S(Mutual Fund) 0

h. Tax Savings Bonds 0

I. FD (5 Years and above) 0

j. 80 ccc Pension Plan 0

8. Less: Deduction under chapter VI A 0 0b. 80 D Medical Insurance premiums (for Self ) 0 0

C. 80 D Medical Insurance premiums (for Parents) 0 0

d. 80 E Int Paid on Education Loan 0

e. 80G Donation to approved fund 0

f. Any other (Specify)--- 0

9. Total Income

146439

10. Total Taxable Income (Round off to nearest 10 rupees) 146440

11. Tax on Total Income NIL

CALCULATION OF INCOME TAX

1. Gross Annual Income/Salary(include all allowances)

1. Interest received from following Investments


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12. Surcharge on Total Taxable Income

0


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0

14. Add; Edn Cess @ 3% 0

15. Net Tax Payable 0

16. Tax Deduction at Source 0 0

Refundable 0

13. Total Tax Payable

17. Balance Tax Payable/Refundable


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Version 3.1 for Financial year 2008- 09

P L E A S E F O L L O W T H E S E I N S T R U C T I O N S

1. Medicall Reimbersement (Max Rs.15000/- Per annum) 2. L.T.A (as per Rule) 3. Leave Encashment/Leave Salary

4. Vehicle Maintinance allowance 5. Entertaintment allowance 6. Academic Allowance 7. Uniform Allowances

8. Children Education Allowance (Rs.100 P.M.per Child/(Rs.300 for Hostel Expenditure) Max of 2 Children)

9. Newspaper Allowance etc.

1. Withdrawl/Maturity received from PF,PPF,Insurance Co.

2 Long Term Capital Gain

3 Dividend on shares in companies

4. Interest on Post Office & PPF A/C

Annuall Value Annuall Value-NIL

Income from house property

TAX RATES FOR ( F-YR 2008-09) ASSESSMENT OF MALE ASSESSE FOR YEAR 2009-2010

Net Income Range Income Tax Rates

Upto Rs. 1,50,000 NIL

Rs.1,50,000 to Rs.3,00,000 10% of Total Income(-)Rs.1,50,000

Rs.3,00,000 to Rs.5,00,000 Rs. 15,000+20% of Total Income(-)Rs.3,00,000

Rs.5.00,000 to Rs 10,00,000 Rs. 55,000+30% of Total Income(-)Rs.5,00,000

Above Rs.10,00,000 Rs.2,05,000+30% of total Income(-)10,00,000TAX RATES FOR ( F-YR 2008-09) ASSESSMENT OF FEMALE ASSESSE FOR YEAR 2009-2010

Net Income Range Income Tax Rates

Upto Rs. 1,80,000 NIL

Rs.1,80,000 to Rs.3,00,000 10% of Total Income(-) Rs.1,80,000

Rs.3,00,000 to Rs.5,00,000 Rs.12,000+20% of Total Income(-)Rs.3,00,000

Rs.5.00,000 to Rs 10,00,000 Rs. 52,000+30% of Total Income(-)Rs.5,00,000

Above Rs.10,00,000 Rs.2,02,000+30% of total Income-10,00,000

Surcharge is10% of Income Tax if net income is more than Rs.10,00,000 (Also consider marginal relief)

Auto Tax Calculatorby B.P.Choudhary (Tax Consultant)

1. This Calculator will be used to compute the Tax for salariedindividuals only.

2. You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing.

3. Enter the amount in White cells. Other cells in Calculation & Computation Sheets will calculate data automatically.

4. Enter your Name,Sex (M / F only) and PAN No in 1-3 yellow-coloured cells.

5. Enter the Annually amount in B 4-55 White-colored cells.

6. Do not leave any yellow cell blank. This may lead to incorrect calculation. Instead, enter 0

7. Follow the Tax Rules & Instructions(where applicable)

8. HRA Exemption = Least of (40% (50% for metros) of Basic+DA orHRA Receive orRent paid (-)10% of Basic)

9. Some Other Exempted Receipts/allowances are ( For Detail follow the Information & Rules).

10. Interest earned from all sources is to be included. All interest income is fully taxable

11. Some Exempted Income are

12. S.N-4(2),(3) Mention Any other income that does not fall under the above heads of income

13. Computation of Income from house property

1. For Let-out Property 2 .For Self Ocupied Property

Less-Municipal Taxes Less-Interest on Money borrowed

Net Annual Value Net Income(Loss) from Property

Less-Repair & Collection Charges(30% of Net Annuall Value)

Less-Interest on Housing Loan

Net Income from property


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Education Cess is 3% of income tax from all Assesse.


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Union Budget 2008 Main Highlights for Individual Tax Payer.! Threshold limit of exemption from personal income tax in the case of all assesses increased to Rs.150,000.

The slabs and rates of tax are :

Up to Rs.150,000 NIL

Rs.1,50,001 to Rs.3,00,000 10 per cent

Rs.3,00,001 to Rs.5,00,000 20 per cent

Rs.5,00,001 & Above 30 per cent

In case of a woman assessee, the threshold limit increased from Rs.145,000 to Rs. 1,80,000

for a senior citizens, the threshold limit increased from Rs.195,000 to Rs.225,000.

! No change in the rate of Cess & surcharge.

! Senior Citizen Saving Scheme 2004 and the Post Office Time Deposit Account added to the basket of

saving instruments under Section 80C of the Income Tax Act.

! Additional deduction of Rs.15,000 allowed under Section 80D to an individual paying medical insurance

Premium for his/her parent or parents.

! Rate of tax on short term capital gains under Section 111A & Section 115AD increased to 15 per cent.

! Income Tax Act to be amended to provide that reverse mortgage would not amount to "transfer"; and the streamrevenue received by the senior citizen would not be "income".


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D.O.B

for theFinancial Yr 2008-09 Assessment yr 2009-10 SEX - M

BHARAT M. MEHTA PAN-NO ATPPM5880L

144000

2. Less: Allowances exempt u/s 10


(II) Conveyance allowances(Max Rs.800/-p.m) 9600

(iii) Medical Expenses 14400 -72000


4. Add: Any other income from other sources








2. Income from Sanaya Communication 48500

3. Interest on Loans Given 25786 74439


Less: Interest paid on housing loan(max150,000) 0 0

6. Gross Total Income 146439

7. Less: Deduction under Sec 80C






f. Tuition fees for 2 children 0

g. E.L.S.S(Mutual Fund) 0



j. 80 ccc Pension Plan 0 0

8. Less: Deduction under chapter VI A

b. 80 D Medical Insurance premiums 0 0

c. 80 E Int Paid on Education Loan 0

d. 80G Donation to approved fund 0

f. Any other (Specify)--- 0 0

9. Total Income 14643910. Total Taxable Income (Round off to nearest 10 rupees) 146440


12. Surcharge on Total Taxable Income 0

0



16. Tax Deduction at Source 0

17. Balance Tax Payable/Refundable Refundable 0

COMPUTATION OF INCOME TAX for





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Date Of Birth

SEX - M

BHARAT M. MEHTA PAN-NO ATPPM5880L

175000

2. Less: Allowances exempt u/s 10


(II) Conveyance allowances(Max Rs.800/-p.m) 5600

(iii) Medical Expenses 8750 -66535


4. Add: Any other income from other sources








2. Any Other Income (specify)--- 03. Any Other Income (specify)--- 0 0


Less: Interest paid on housing loan(max150,000) 0 0

6. Gross Total Income 108465

7. Less: Deduction under Sec 80C






f. Tuition fees for 2 children 0g. E.L.S.S(Mutual Fund) 0



j. 80 ccc Pension Plan 0 0

8. Less: Deduction under chapter VI A

b. 80 D Medical Insurance premiums 0 0

c. 80 E Int Paid on Education Loan 0

d. 80G Donation to approved fund 0

e. Any other (Specify)--- 0 0

9. Total Income 108465

10. Total Taxable Income (Round off to nearest 10 rupees) 108470


12. Surcharge on Total Taxable Income 0

0



16. Tax Deduction at Source 0

17. Balance Tax Payable/Refundable Refundable 0

COMPUTATION OF INCOME TAX for

for theFinancial Yr 2007-08 Assessment yr 2008-09





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Calculate your Tax in Just 5 Minutes

Easy to understand & similar as form 16.

You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing.

T A X R U L E S & O T H E R U S E F U L I N F O R M A T I O N

If you have rented out your house, enter the total income/loss from the house (after deducting property tax and standard maintenan

Interest earned from all sources is to be included. All interest income is fully taxable

H O W T O G E T A N U P D A T E

Auto Tax Calculatorby B.P.Choudhary (Tax Con

Version 3.0 for the Financial year 2008- 09, Version 2.0 for the Financial year 2007- 08 & Version 1.0

Available free, Mail me at ( [email protected])or ( bpchoudhary

Hello-Dears- I am Bijender Pal Choudhary. I am not a Software Professional, but am a Tax this Auto Tax Calculator with the information I have.

tax calculator may help to calculate the estimated tax payable by you.If you find any inconsistency,correction or amendments, plea

earliest . Please send a detailed e-mail at [email protected]

This Calculator will be used to compute theTax for Common salariedindividuals only.

Once you enter the amount in the blank cells. Other cells in Calculation & Computation Sheets will calculate data & Tax automa

Follow the Tax Rules & Informations (where applicable). Following ready reaconer is for your refference.

HRA exemption = minimum of (40% (50% for metros) of Basic+DA orHRA orrent paid - 10% of Basic+DA)

Transport allowance is exempt upto Rs.800/- per month provided the person is in India during the month. For people having permper month

Vehicle maintenance exemption can be claimed if you use a car for travel to the workplace. In such case, exemption can be claiThe exemption is available to the tune of Rs.1,200/- per month if the engine capacity is less than 1600cc and Rs.1,600/- per monththe amount includes driver's salary, there is an additional exemption of Rs.600/- per month. When this exemption is claimed, transp

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

LTA is exempt to the tune of ecomony class Train/ Air /Recognised public Transport fare for the family to any destination in India,LTA can be claimed twice in a block of 4 calendar years. The current block is from 01.01.2006 to 31.12.2009. For claim, it is must t

u/s 24 There is anExemption for interest on housing loan.(for Self occupiedResidence). If the loan was taken before Apr 1, 199loan 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 This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whethe

u/s 80D Medical Insurance (such as Mediclaim & Critical illness Cover) premium is exempt upto (Rs 10,000/- for 2006-07) Rs.15,0that for a dependent who is above 65 years of age, an extra Rs.5000/- can be claimed( for 2007-08 ) & Rs.15,000/- (for 2007-08 ) p

u/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disabdisability is more than 80%

u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can bebeing treated is a senior citizen, the exemption can go up to Rs.60,000/-

u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely t

u/s 80G Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%.

u/s 80GG If you do not get HRA, but have rented a house, an exemption is available. This will be calculated as minimum of (25% oRs.24,000/- per year)

u/s 80U If you have a permanent physical disability (including blindness), you can take an exemption (subject to maximum of Rs

u/s 80C Investments up to 1 lac in PF, VPF, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, etc. are dedindividual items, for example 1 lac can be invested in Insurance, )


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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

W E P R O V I D E S E R V I C E S F O R

TAX ASSESSMENT(CALCULATION)

IT RETURNS

PAN CARD

CUSTIMISED SAVINGS/INVESTMENTS/ INURANCE SOLUTIONS (LIFE/ NON LIFE)

A D V I S E

C A L L M E F O R P R E S E N T A T I O N : B. P. C H O U D A R Y P h : 9 8 1 1 3 0 2 4 9 7, 9 2 1

You can send an e-mail with your Income details/Salary slip. You will automatically receive the current version of tax calcOnce you send a request for our calculator. In future we will send you an updated version autimatically.whenever I update

Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not save up to last oadvisable to save from start on monthly basis through Bank ECS , Pls. get in touch with me for Tax saving schemes to mconsultancy for Tax assessment and good Customise Security & investment Plans .

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auto tax calculator 2007-08-09 bmm

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