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    Income Tax Calculator

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    saty_76
    1) This document provides a tax calculation for an individual with an annual salary of 372,000 INR living in Mumbai. 2) The individual's tax deductions include 100,640 INR invested under Section 80C and a net tax payable of 31,467 INR. 3) Key components of the individual's salary are listed, including a basic salary of 31,000 INR per month with no HRA received.

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    Income Tax Calculator

    Uploaded by

    saty_76
    197 views11 pages
    1) This document provides a tax calculation for an individual with an annual salary of 372,000 INR living in Mumbai. 2) The individual's tax deductions include 100,640 INR invested under Section 80C and a net tax payable of 31,467 INR. 3) Key components of the individual's salary are listed, including a basic salary of 31,000 INR per month with no HRA received.

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    1) This document provides a tax calculation for an individual with an annual salary of 372,000 INR living in Mumbai. 2) The individual's tax deductions include 100,640 INR invested under Section 80C and a net tax payable of 31,467 INR. 3) Key components of the individual's salary are listed, including a basic salary of 31,000 INR per month with no HRA received.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    197 views11 pages

    Income Tax Calculator

    Uploaded by

    saty_76
    1) This document provides a tax calculation for an individual with an annual salary of 372,000 INR living in Mumbai. 2) The individual's tax deductions include 100,640 INR invested under Section 80C and a net tax payable of 31,467 INR. 3) Key components of the individual's salary are listed, including a basic salary of 31,000 INR per month with no HRA received.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    of 11

    Credit Debit

    basic 12775 DSOP 7000


    rank 1200 IT 2500
    netbasic 13975 AGIF 1500
    0.5 dpay 6987.5 LT 1000
    grossbasic 20962.5 LF 500
    0.41 DA 8594.625 PCA 850
    tech 2500 CA 4100
    kma 200
    tpt 400
    Misc

    Total 32657.13 17450


    Net 15207.13

    Year 391885.5
    Tax Calculation for th
    ASSUMING THERE IS NO CHANGE IN INVESTMENT AND INCOME

    Name Gender (M / F)
    LOCATION MUMBAI Emp. No.:
    CITY NON-METRO

    Salary Components P.M.


    BASIC 31,000.00
    CONVEYANCE ALLOWANCE 0.00
    OTHER ALLOW II(MED) 0.00
    HMA 0.00
    HOUSE RENT ALLOW. 0.00
    BONUS 0.00
    SPECIAL ALLOWANCE 0.00
    VARIABLE PAY 0.00
    OTHER ALLOW I(LTA) 0.00
    OTHER ALLOW III(PETR) 0.00
    OTHER ALLOW III(DRIV) 0.00

    Total Gross Salary 31,000.00

    Total Gross Annual Income

    Less EXEMPTION
    MEDICAL EXEMPTION
    LTA EXEMPTION
    HRA EXEMPTION
    CONVEYANCE EXEMPTION
    Total Exemptions

    Gross Taxable Income

    Less OTHER DEDUCTION ALLOWED


    Profession Tax
    INTERST ON HOUSING LOAN
    Total Other Deductions
    Net Annual Income

    Less Deductions under Chapter VI A

    Total investment under section 80C (as detailed in Table - I) Max. Benefit
    available under section 80C is Rs 1,00,000/-
    Other Investments (as detailed in Table - II)

    Total Deductions under Chapter VI A (I)

    Net Taxable Income Rounded

    Net Tax Payable

    Surcharge @ 10% on (Net Tax)


    Education Cess @ 2% on (Net Tax + Surcharge)
    Total Tax Payable for the Year

    Tiket no. 0 Name

    Month Basic HRA


    Apr-06 31,000.00 0.00
    May-06 31,000.00 0.00
    Jun-06 31,000.00 0.00
    Jul-06 31,000.00 0.00
    Aug-06 31,000.00 0.00
    Sep-06 31,000.00 0.00
    Oct-06 31,000.00 0.00
    Nov-06 31,000.00 0.00
    Dec-06 31,000.00 0.00
    Jan-07 31,000.00 0.00
    Feb-07 31,000.00 0.00
    Mar-07 31,000.00 0.00

    TOTAL 372000 0
    Tax Calculation for the Financial Year 2006-2007

    M INVESTMENT

    P.A.
    372,000.00
    0.00
    0.00
    0.00
    0.00
    0.00
    0.00
    0.00
    0.00
    0.00
    0.00
    0.00
    0.00

    372,000.00

    372,000.00

    0.00

    0.00 as detailed below


    0.00
    0.00

    372,000.00

    2,500.00 MAXIMUM LIMIT


    0.00
    2,500.00
    369,500.00

    100,000.00
    0.00

    100,000.00

    269,500.00

    30,850.00

    0.00
    617.00
    31,467.00

    50% OR 40% OF
    Rent ACTUAL HRA
    BASIC
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00
    0.00 - 12,400.00

    0 0 148800
    2006-2007

    Date ###
    Table - I

    U/s 80 C
    PROVIDENT FUND 44,640.00
    LIFE INSURANCE PREMIUM 56,000.00
    VPF 0.00
    PPF 0.00
    ELSS 0.00
    PENSION FUND (80CCC) 0.00
    ULIP 0.00
    NSC 0.00
    CTD 0.00
    PRINCIPLE AMOUNT OF HSG LOAN 0.00
    STAMP DUTY AND REGISTRATION CHARGES 0.00
    FIXED DEPOSIT IN SCHEDULED BANK 0.00
    EDUCATION EXPENDITURE 0.00
    INFRASTRUCTURE BONDS 0.00
    INTEREST ON HOUSING LOAN 0.00
    Total 100,640.00
    HRE
    RENT per month

    Table - II

    Mediclaim Premium u/s 80D (max Rs 10,000/-) 0.00


    Handicapped Dependent u/s 80DD (max Rs 50,000/-) 0.00
    Dependent's Medical treatment u/s 80DDB (max Rs 40,000/-) 0.00
    Interest repayment for Education Loan u/s 80E 0.00
    Person with disability u/s 80U (max Rs 50,000/-) 0.00

    TOTAL 0.00

    City 2

    RENT PAID - 10% OF BASIC. HRE


    (3,100.00) -
    (3,100.00) -
    (3,100.00) -
    (3,100.00) -
    (3,100.00) -
    (3,100.00) -
    (3,100.00) -
    (3,100.00) -
    (3,100.00) -
    (3,100.00) -
    (3,100.00) -
    (3,100.00) -

    -37200 0
    M
    F

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