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Income tax calculator 10 11 Document Transcript

  • 1. Income Tax Calculator version 13 updated on 11.06.2010 corrected by :simpletaxindia.org http://www.simpletaxindia.org/ © 1997-2009, Nithyanand Yeswanth Available for free download at: http://www.ynithya.com/taxcalc/ email: taxcalc@ynithya.com PLEASE ENTER YOUR NAME HERE Check updated version from here or comment any error : updated version latest D I S C L A I M E R This tax calculator can be used to calculate the approximate tax payable by salaried individuals. This should NOT be used tocompute 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 P L E A S E R E A D T H E S E I N S T R U C T I O N S C A R E F U L L Y 1 This sheet can be used to compute the tax for salaried individuals only 2 Enter the numbers only in the yellow-colored cells. You will not be able to enter data in other cells 3 Do not leave any yellow cell (that expects numbers) blank. This may lead to incorrect calculation. Instead, enter 0 4 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 AA71 are setup prior to using the calculator 5 Depending on your company policy, change cells C4 to C20 to select elements of your salary that count towards calculation of PF 6 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 7 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 8 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 it is done as a percentage, enter the percentage in cell AA56. This will apply the same percentage throughout the year. If the 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 9 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 you have a permanent physical disability, change cell AA65 14 If you are above 65 years of age, change cell AA66. You will get additional exemption 15 If you are a woman, remember to change cell AA67. You will get additional exemption 16 If you live in company-provided house, change cell AA68 and AA69; 20% of salary will be added as perks for cities with more than 4 lacs population and 7.5% for other cities. If rent has been paid (cells D26 to O26), the same will be deducted from this perks amount 17 If you are claiming vehicle maintenance exemption update cells D44 to O44 to reflect the months in which you had the car 18 If you are claiming vehicle maintenance exemption and if you include drivers salary in the exemption, change cells D45 to O45 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 any company loans at interest rates lower than that prescribed by the Government, 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 employers 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. As and when salary is received, update all the earnings and deductions for that month 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 G77 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 G80, to figure out the tax per month 28 You can change the headings for the 11 "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 Page 1 of 13
  • 2. Income Tax Calculator version 13 updated on 11.06.2010 corrected by :simpletaxindia.org http://www.simpletaxindia.org/ © 1997-2009, Nithyanand Yeswanth Available for free download at: http://www.ynithya.com/taxcalc/ email: taxcalc@ynithya.com30 Enter expected investments/savings/expenses information in cells N53 to N8231 Other exemptions entered in cell N53 is not validated. So, please be sure about the amount entered32 Enter non-salary related other income (such as from interest) in cell N6233 You can enter the details of NSCs purchased during the last 5 years in the "NSC Accrued Interest" sheet to calculate the accrued interest automatically. This interest is exempt under sec 80C34 You can enter details of Stocks sold during the year in the "Capital Gains" sheet to calculate the tax applicable Page 2 of 13
  • 3. Income Tax Calculator version 13 updated on 11.06.2010 corrected by :simpletaxindia.org http://www.simpletaxindia.org/ © 1997-2009, Nithyanand Yeswanth Available for free download at: http://www.ynithya.com/taxcalc/ email: taxcalc@ynithya.com 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 1 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 3 Vehicle maintenance exemption can be claimed if you use a car for travel to the workplace. In such case, exemption can be claimed for the petrol and vehicle maintenance amounts. The exemption is available to the tune of Rs.1,800/- per month if the engine capacity is less than 1600cc and Rs.1,800/- per month if the engine capacity is more than 1600cc. In case the amount includes drivers salary, there is an additional exemption of Rs.900/- per month. When this exemption is claimed, transport allowance exemption is not available. 4 Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum 5 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 2006 to 2009 6 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 7 Childrens 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) 8 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 youve 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 income/loss from the house (after deducting property tax and standard maintenance expenses) in cell N6010 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 claimed11 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.100,000/- 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 of self & dependents) is completely tax exempt14 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 N6915 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 N7217 Interest earned from all sources is to be included in cell N62. All interest income is fully taxable (except interest from Savings account)18 If you have a permanent physical disability (including blindness), you can take an exemption of Rs.50,000/- per year19 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/-20 Surcharge is not applicable now21 Education cess is calculated at 3% on total tax payable22 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 perquisites23 Residents of Sikkim are exempt from Income Tax for the current year Page 3 of 13
  • 4. Income Tax Calculator version 13 updated on 11.06.2010 corrected by :simpletaxindia.org http://www.simpletaxindia.org/ © 1997-2009, Nithyanand Yeswanth Available for free download at: http://www.ynithya.com/taxcalc/ email: taxcalc@ynithya.com H O W T O G E T A N U P D A T E / C O N T A C T M E 1 This tax calculator constantly gets updated to fix errors found as well as to add new features 2 This may also be changed when there are changes in tax rules that affect income tax computation 3 The latest version of this tool is available for free download from the Internet at http://taxcalc.ynithya.com/ 4 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 5 You can also send a blank e-mail to taxcalc@ynithya.com with only the subject line as "SEN D TAXCALC" and you will automatically receive the current version of tax calculator within a day or two 6 If you want me to send you an updated version automatically, whenever I update, please send a blank e-mail to taxcalc@ynithya.com with only the subject as "SUBSCRIBE" 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 "CLARIF ICATION" 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 automatically10 Since I am not a chartered acco untant or a tax consultant, I am not in a position to answer specfic queries re lated to taxation. Yo u will have to contact a tax consultant for your spe cific queries Page 4 of 13
  • 5. 01/27/2011 Income T ax Project ions for Financial Year 2 008-09 Page 5 of 13 PLEASE ENTER YOUR NAME HERE Incl PF? Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Total Perks Bonus Others Gross Basic Y 8700 9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 9000 107700 107700 DA N 0 0 0 0 0 0 0 0 0 0 0 0 0 Convey N 800 800 800 800 800 800 800 800 800 800 800 800 9600 9600 HRA N 4500 4500 4500 4500 4500 4500 4500 4500 4500 4500 4500 4500 54000 54000 Ch. Educ N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Medical N 1250 1250 1250 1250 1250 1250 1250 1250 1250 1250 1250 1250 15000 15000 LTA N 2250 4450 4450 4450 4450 4450 4450 4450 4450 4450 4450 4450 51200 51200 Misc N 0 0 0 0 0 0 10000 0 0 0 0 0 10000 10000Earnings Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Misc N 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Total 17500 20000 20000 20000 20000 20000 30000 20000 20000 20000 20000 20000 247500 0 0 0 247500 Prof tax 0 0 0 0 0 0 0 0 0 0 0 0 0 0 PF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 VPF 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 IT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Rent 6500 6500 6500 6500 6500 6500 6500 6500 6500 6500 6500 6500 78000 0 0 0 78000 Life Insur. 0 0 0 0 0 10990 0 0 0 0 0 0 10990 10990Deductions Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Oth Ded 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Tot Ded 6500 6500 6500 6500 6500 17490 6500 6500 6500 6500 6500 6500 88990 88990 Net 11000 13500 13500 13500 13500 2510 23500 13500 13500 13500 13500 13500 158510 158510 Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
  • 6. 01/27/2011 Income T ax Project ions for Financial Year 2 008-09 Page 6 of 13 PLEASE ENTER YOUR NAME HERETax Computation Exemptions under section 10 & 17 Produced LimitedGross Salary 247500 HRA Exemption (Sec 10 (13A)) 78000 53850Profession Tax 0 Transport Exemption (Sec 10(14)) 9600Exemptions under section 10 & 17 71450 Other exemptions under Sec 10 (10) (gratuity, etc.) 0 0Gross Salary after Section 10 & 17 exemptions 176050 Medical Bills Exemption (Sec 17(2)) 8000 8000Car perquisites 0 Accommodation Perquisites 0 Childrens Education Allowance Exemption (sec 10 (14)) 0 0Income chargeable under head Salaries 176050 LTA exemption (Sec 10(5)) 0 0Income chargeable under head House/Property 0 Vehicle Maintenance (petrol/maint. Bills) (Sec 10 (14)) 0 0Capital Gains short term 0 Total Exempted Allowances 71450Income chargeable under head Other Sources 0 Other income Produced LimitedGross Total Income 176050 House/property income or loss (enter loss as negative) 0 0Deductions under chapter VI-A 5480 Interest on housing loan (for tax exemption) 0 0Deductions under sec 80C 10990 Other income (interest, etc.) 0 0Net taxable income 159580 Deductions under Chapter VI-A Produced Limited Medical Insurance Premium (sec 80D) 5480 5480Tax Slabs Tax rate Appl Amt Balance Tax Medical Insurance Premium for parents (sec 80D) 0 000000 - 160000 0% 0 159580 0 Medical for handicapped dependents (Sec 80DD) 0 0160001 - 500000 10% 1 159579 0 Medical for specified diseases (Sec 80DDB) 0 0500001 - 800000 20% 1 159578 0 Higher Education Loan Interest Repayment (Sec 80E) 0 0> 800000 30% 159578 47873 Donation to approved fund and charities (sec 80G) 0 0Tax on Income 47874 Rent deduction (sec 80GG) only if HRA not received 0 0Short term Capital Gains (from Stocks)(from capital gain sheet) 0 Deduction for permanent disability (80U) 0Capital gain tax on STCG on stock 15% 0 Any other deductions 0 0Education Cess 1436 Total Deductibles 5480Total Tax Liability 49310 Deductions under Chapter VI (sec 80C) Produced Limited Pension scheme (sec 80C) 0 0Total Income tax paid from salary 0 NSC (sec 80C) 0 0Tax paid/deducted income other then salary 0 Public Provident Fund (sec 80C) 0 0Income tax due 49310 Employees Provident Fund & Voluntary PF (sec 80C) 0 0 Childrens Education (sec 80C) 0 0Remaining months in year 1 Housing loan principal repayment (sec 80C) 0 0 Insurance premium (sec 80C) 0 10990 others (MF, ULIP, FD, etc.) (sec 80C) 0 0Balance Tax payable 49310 Total Investments 10990 Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
  • 7. 01/27/2011 Perquisites Valuation for Income Tax Projections PLEASE ENTER YOUR NAME HERE Perquisites Value of Loans Taken from the Company Housing Vehicle PC Soft Salary Education Marriage Other Other Other Phone Loan Loan Loan Loan Loan Loan Loan Loan Loan Loan Loan Original Loan Amount 0 0 0 0 0 0 0 0 0 0 0 Loan Taken In Month/Year Loan Closed Month/Year No. of instalments 100 50 36 36 10 36 15 36 50 36 50 Co. interest rate 0.00% 4.00% 0.00% 4.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.00% 0.00% EMI 0 0 0 0 0 0 0 0 0 0 0 Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below Original Loan Amount 0 0 0 0 0 0 0 0 0 0 0 Loan Taken In Month/Year Loan Closed Month/Year No. of instalments 100 50 36 36 10 36 15 36 50 36 50 Co. interest rate 0.00% 4.00% 0.00% 4.00% 0.00% 0.00% 0.00% 0.00% 0.00% 4.00% 0.00% EMI 0 0 0 0 0 0 0 0 0 0 0 Prescribed interest rate 10.00% 10.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% 12.00% Differential int - Loan 1 10.00% 6.00% 12.00% 8.00% 12.00% 12.00% 12.00% 12.00% 12.00% 8.00% 12.00% Differential int - Loan 2 10.00% 6.00% 12.00% 8.00% 12.00% 12.00% 12.00% 12.00% 12.00% 8.00% 12.00% First Loan April 0 0 0 0 0 0 0 0 0 0 0 May 0 0 0 0 0 0 0 0 0 0 0 June 0 0 0 0 0 0 0 0 0 0 0 July 0 0 0 0 0 0 0 0 0 0 0 August 0 0 0 0 0 0 0 0 0 0 0 September 0 0 0 0 0 0 0 0 0 0 0 October 0 0 0 0 0 0 0 0 0 0 0 November 0 0 0 0 0 0 0 0 0 0 0 December 0 0 0 0 0 0 0 0 0 0 0 January 0 0 0 0 0 0 0 0 0 0 0 February 0 0 0 0 0 0 0 0 0 0 0 March 0 0 0 0 0 0 0 0 0 0 0 Second Loan April 0 0 0 0 0 0 0 0 0 0 0 May 0 0 0 0 0 0 0 0 0 0 0 June 0 0 0 0 0 0 0 0 0 0 0Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
  • 8. 01/27/2011 Perquisites Valuation for Income Tax Projections July 0 0 0 0 0 0 0 0 0 0 0 August 0 0 0 0 0 0 0 0 0 0 0 September 0 0 0 0 0 0 0 0 0 0 0 October 0 0 0 0 0 0 0 0 0 0 0 November 0 0 0 0 0 0 0 0 0 0 0 December 0 0 0 0 0 0 0 0 0 0 0 January 0 0 0 0 0 0 0 0 0 0 0 February 0 0 0 0 0 0 0 0 0 0 0 March 0 0 0 0 0 0 0 0 0 0 0 Total value of Perquisites for the year 0Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
  • 9. 01/27/2011 Accrued Interest for NSC PLEASE ENTER YOUR NAME HERE NSC Accrued Interest Calculation Certificate No. Date of Purchase Amount invested Accrued Interest 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 0 0.00 Total Accrued Interest 0.00Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
  • 10. 01/27/2011 Capital Gains Tax Calculation Capital Gains YOUR Calculation PLEASE ENTER Tax NAME HERE (Only for Stocks bought/sold through a Stock Exchange and where STT is paid) Purchase Selling LT/ taxableScrip Name Nos Gains Price Date Price Date ST income 0 10,000.00 25-Apr-2010 12,000.00 30-Dec-2010 0 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 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 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0Total taxable short term capital gain 0 Free Download from http://taxcalc.ynithya.com/ (Version 11.0) © 1997-2009, Nithyanand Yeswanth (taxcalc@ynithya.com)
  • 11. 1. Income From salary (complete TDS circular 1/2010 with all details about tax rates deduction ,house property income ) 2. Income Tax Calculator for Salaried Person Fy 2009-10 3. Taxable and non taxable allowance 1. List of taxable and Non taxable allowance 2. Calculator for House rent allowance exemption. 3. Leave travel allowance/assistance/concession exemption(LTC/LTA) 4. HRA & House loan both can be claimed at the same time 4. Valuation of perquisites 1. Valuation of perquisites New rule as on 18.12.2009 2. Valuation of Motor car perquisites 3. Valuation of concessional loan Interest 4. Valuation of rent free House accommodation Furnished /unfurnished 5. Valuation of Medical reimbursement facility 6. Pick up & drop facility from home to office and Back 7. Petrol reimbursement charges valuation. 8. Inequity in new valuation rules 9. Tax paid on perquisites u/s 192(1A) tax treatment and etds return 5. Leave salary exemption calculation 6. Deduction of profession tax . 1. Deduction of profession tax under section 16(iii) 7. Deduction Available to Individuals 1. Deduction under section 80 C 1. savings in whose name can be done 2. Life Insurance Policy 1. Life Insurance premium on wife policy 2. Life insurance FAQ 3. Life Insurance Policy new Direct tax Code 4. ULIP(lint linked insurance Plan ) 3. Mutual Funds 1. Why should Invest in Mutual funds 2. Mutual fund Faq 3. Mutual Funds Your rights 4. How to invest In Mutual funds. 5. How Much You should Invest in Mutual funds 6. Types of Mutual funds 4. Tuition fees 5. house loan and section 80C 6. 80 C benefit is to be reversed if House sold before 5 years 2. Deduction under section 80D 3. Deduction under 80DDB 4. Deduction u/s 80E Higer Education Loan 5. Deduction under section 80GG (house rent paid where no hra received) 8. Relief under section 89(1) salary in arrears and advance calculator. 9. Income Tax Return 10. Form 16 & 16A rules and issue and forms in Excel 11. Salary Allowances Tax issue -Direct Tax Code 12. House Property Adjustment of Let Out House/Self occupied house is available while calculating TDS under section 19213>. Download Income Tax ITR-1(Ay 2010-11)13>. Download Income Tax ITR-1(Ay 2010-11)13>. Download Income Tax ITR-1(Ay 2010-11)
  • 12. 1. Interest On house Loan and Income tax2. Interest on Pre-Construction period on house loan -calculation and deduction available in income tax.3. Interest In case of Self occupied House-Limit 150000/300004. House Loan Repayment and Savings under section 80C5. House Loan and HRA both benefit available.6. House property income and House Loan7. House Property Income From More Than one house,Loan taken on More than one houses8. House Property income and Direct Tax code.9. Employer can adjust Loss From house Property Income where House is let out10. Sale of House with In 5Years ,80C benefits is to be reversed11. Set off and carry forward of Loss
  • 13. 1. Capital Gain index 1981-20102. Exemption on capital Gain Tax 1. Exemption on Purchase/construction of New house on Long term Capital gain U/s 54 2. Exemption on Purchase of agriculture Land u/s 54B 3. Exemption on purchase of Capital gain bonds from REC /NABARD section 54EC 4. Exemption of purchase/construction of new house u/s 54F 5. Section 54B,54EC,54F combined can be claimed3. Section 54 F is available even you already have another house4. Section 54EC How you can save one crore instead of 50 Lakhs5. Indexation benefit for gifted asset from year of acquisition by previous owner6. Capital Gain tax and repayment of Loan7. Free e book on calculation of capital gain tax8. Capital Gain on Sale of Agriculture Land9. Save capital gain tax Vs investment in Capital gain tax bonds10. Forfeit advance in sale of house how to calculate capital gain11. House loan repayment is also Eligible under section 54,54F etc subject to Normal time Limit Given in the setion12. Subsidy from NABARD how to treat in books of accounts13. Long term capital Gain,advance payment,possession,registration relation14. Income from Shares -How to calculate Capital Gain15. Save Long Term capital Gain from Loss from shares Loss16. House Sold Before 5 years :Section 80 C benefit will be reversed