Income Tax Calculator

venkkat_r (n/a) 30 July 2007

dear member

income tax calculation for individuals is as under

up to 1,00,000 tax is nil

1,00,000 to 1,50,000 is 10%

1,50,000 to 2,50,000 is 20%

above 2,50,000 is 30%

this is basic tax and education cess is to be added

to arive taxable income we have give decutions under chapeter VIA from the gross salary received fromthe employer

raomohan (n/a) 23 August 2007

Reddy wants a 'calculator' - not the formula, i suppose ;-)

Shambasiv (n/a) 18 September 2007

[align=left][color=#cc9900]                                   [color=darkred]COMPUTATION OF INCOME[/color][/color][color=darkred] [/color][/align]
[font=""Verdana, Arial, Helvetica, sans-serif""]Income-tax is charged on the Total Income of a Previous Year at the rates prescribed for the Assessment Year. 'Assessment Year' means the period of 12 months commencing on April 1, every year. 'Previous Year' is the financial year immediately preceding the assessment year.[/font]

[font=""Verdana, Arial, Helvetica, sans-serif""]A 'resident' tax payer is charged to income-tax on his global income, subject to a double taxation relief in respect of foreign incomes taxed abroad. In the case of a 'nonresident', income-tax is charged only on incomes received, accruing or arising in India or which are deemed to be received, accrued or arisen in India.[/font]

[font=""Verdana, Arial, Helvetica, sans-serif""]For the purpose of computing total income and charging tax thereon, income from various sources is classified under the following heads:[/font]

[indent][font=""Verdana, Arial, Helvetica, sans-serif""]A.   Salaries
[/font][font=""Verdana, Arial, Helvetica, sans-serif""]B.   Income from House Property
[/font][font=""Verdana, Arial, Helvetica, sans-serif""]C.   Profits and Gains of business or profession
[/font][font=""Verdana, Arial, Helvetica, sans-serif""]D.   Capital Gains
[/font][font=""Verdana, Arial, Helvetica, sans-serif""]E.   Income from Other Sources[/font]
[/indent][font=""Verdana, Arial, Helvetica, sans-serif""]These five heads of income are mutually exclusive. If any income falls under one head, it cannot be considered under any other head. Income under each head has to be computed as per the provisions under that head. Then, subject to provisions of set off of losses between the heads of income, the income under various heads has to be added to arrive at a gross total income. From this gross total income, deductions under Chapter VIA are to be allowed to arrive at the total income.[/font]

[font=""Verdana, Arial, Helvetica, sans-serif""]On this total income tax is calculated at the rates specified in the relevant Finance Act or the rates given in the Income Tax Act itself [as in the case of long term capital gains]. From this tax, rebates and reliefs, if any, allowable under Chapter VIII are allowed to arrive at the total tax payable by the assessee. The above procedure is summarized below:[/font]

[font=""Verdana, Arial, Helvetica, sans-serif""]Gross Total Income [/font]= [font=""Verdana, Arial, Helvetica, sans-serif""]A + B + C + D + E[/font]

[font=""Verdana, Arial, Helvetica, sans-serif""]Total Income [/font]= [font=""Verdana, Arial, Helvetica, sans-serif""]Gross Total Income ΓÇö Deductions [/font][font=""Verdana, Arial, Helvetica, sans-serif""]under chapter VIA[/font]

[font=""Verdana, Arial, Helvetica, sans-serif""]Total Tax Payable [/font]= [font=""Verdana, Arial, Helvetica, sans-serif""]Tax on Total   Income ΓÇö Rebates [/font][font=""Verdana, Arial, Helvetica, sans-serif""]and reliefs under Chapter VIII[/font]

Sowmya Pillai (HR Executive) 21 November 2007

Hello Folks,

Am very new to this forum. I have a tax calculator.. Am attaching that here.. Hope it will be useful......

Cheers,
Sowmya

Harsheeta (n/a) 19 January 2008

Hi Yedul,

Thanks for this tax calculator but that I am already having. I am very new in this area and do not know about the concept of the tax so I do not know what to put in Miscllenious expenses. on which component of the salary break we will get rebate. Could you please help me in this and give me some simple tool.

Thanks

Sowmya Pillai (HR Executive) 21 January 2008

Hi Harsheetha,

I'm attaching another tax calculator, which i found an easiest way to calculate tax. Dunno whether you are already using it, ifnot hope it will be useful for you.

Cheers,
Sowmya

Harsheeta (n/a) 21 January 2008

Thanks Sowmya,

It is very easy.

pondy.queen (n/a) 25 January 2008

[font=""courier new""]Hello Members,

Income tax calculation for individuals is as under [/font]

[font=""courier new""][color=blue]Men [/color][/font]

[font=""courier new""]up to 1,10,000 tax is nil

1,10,000 to 1,50,000 is 10%

1,50,000 to 2,50,000 is 20%

Above 2,50,000 is 30%[/font]

[font=""courier new""][color=#0000ff]Women[/color][/font]

[font=""courier new""]up to 1,45,000 tax is nil

1,45,000 to 1,50,000[/font][font=""courier new""] is 10%

1,50,000 to 2,50,000 is 20%

Above 2,50,000 is 30%[/font]

[font=""courier new""]This is basic tax and education cess is to be added 3 % to arive taxable income we have give decutions under chapeter VIA from the gross salary received fromthe employer.[/font]

[font=""courier new""]Thanks & Regards,[/font]

[url=mailto:pondy.queen@gmail.com][font=""courier new""]pondy.queen@gmail.com[/font][/url]