Most of people like me (employed in different organizations) need to know how much tax will be deducted every month as TDS (Tax deducted as source) by their employer.
To help all of us, I have create a small but powerful income tax calculator using which one can find out how much In hand he will get, how much HRA proof he needs to provide make HRA non-taxable, whats the total tax he will have to pay for a year. After you calculate your taxes, you should also read How to file income tax return online.
2010 Budget Update (26 Feb 2010): As per budget presented on 26th Feb, 2010, Pranav Mukherjee proposed changes for income tax rate slabs as per below. Also apart from current one lakh investment, additional 20,000 Rs will be non-taxable, if same has been invested in long term infrastructure bonds.
Income Tax Calculator for Financial Year 2010-2011 (76.5 KiB, 44,499 hits)
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Income Tax Rates for financial year 2010-2011
| For Men | |
| Upto Rs. 1,60,000/- | Nil |
| Rs. 1,60,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For Women | |
| Upto Rs. 1,90,000/- | Nil |
| Rs. 1,90,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
| For resident individual of 65 years or above | |
| Upto Rs. 2,40,000/- | Nil |
| Rs. 2,40,001/- to Rs. 5,00,000/- | 10 per cent |
| Rs. 5,00,001/- to Rs. 8,00,000 | 20 per cent |
| Above Rs. 8,00,000/- | 30 per cent |
2009 Budget Update: As per budget presented on 6th July, 2009, Pranav Mukherjee increased the personal income tax exemption limit by Rs 10,000 for men and women. The limit for senior citizens was raised by Rs 15,000. Besides this, the 10% surcharge on personal income tax on income over Rs 10 lakh has been abolished. The changes have been updated in income tax calculator below.
Income Tax Calculator for Financial Year 2009-2010 (72.0 KiB, 53,307 hits)
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Income Tax Rates for financial year 2009-2010
| For Men | |
| Upto Rs. 1,60,000/- | Nil |
| Rs. 1,60,001/- to Rs. 3,00,000/- | 10 per cent |
| Rs. 3,00,001/- to Rs. 5,00,000 | 20 per cent |
| Above Rs. 5,00,000/- | 30 per cent |
| For Women | |
| Upto Rs. 1,90,000/- | Nil |
| Rs. 1,90,001/- to Rs. 3,00,000/- | 10 per cent |
| Rs. 3,00,001/- to Rs. 5,00,000 | 20 per cent |
| Above Rs. 5,00,000/- | 30 per cent |
| For resident individual of 65 years or above | |
| Upto Rs. 2,40,000/- | Nil |
| Rs. 2,40,001/- to Rs. 3,00,000/- | 10 per cent |
| Rs. 3,00,001/- to Rs. 5,00,000 | 20 per cent |
| Above Rs. 5,00,000/- | 30 per cent |
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HI SIR,
I AM GETTING 27000/- P.M. CTC. EVERYTHING IN 27000/- CAN I CLAIM LEAVE TRAVELLING ALLOWANCE IF YES THEN HOW MUCH.
@Sanjay,
Please download income tax calculator from this link and use same for calculations.
http://www.pankajbatra.com/india/income-tax-calculator-financial-year-2010-2011/
Hello sir, in ur tax calculator leave encashment & medical reimbursement is showing per month. But we are claiming once in a year. so how to feed amt per month.
@Sunil
You can put the amount on a single month (Say, in march), instead of monthly.
Hi
Bonus paid in 2010 pertaining to 2008. But the employee left in Aug 2009.
What is the TDS take effect on bonus amount of Rs.100000/-
Kindly Advice on the same.
Thanks,
@Thiru
It depends on Form-16 provided by employer.
If the employee had booked this amount in any previous years, they must have deposited TDS for the same in that year only.
Else, you have to pay tax on same year in which the amount was received.
wat is the password to unprotect the sheet
Regarding Tution Fees
I am working as an Junior accounts manager in a private firm. I am also doing CS & CWA inter 2nd group. I have also joined coaching classes. can i claim any exemption for such tution fees. what are the conditions for tution fees.
Regards
Sunil Nair
@Sunil
Tuition fees reimbursements can only be availed, if you have school going children.
hi this is Dr Naveen kumar working as a Professor in a private B School
I get 30000 pm in that 200 is professsional tax deducted by the college.
how much saving should be there to get exemption
@Naveen
Please download and use income tax calculator from this url: http://www.pankajbatra.com/india/income-tax-calculator-india-2008-2009-2010/
Hello Sir , There was a news tht over 1 lakh, we can save IT if we invest Rs30000 in some kind of Infrastructure bonds etc. is tht tru ,if yes thn please specify those …
Sachin
@Sachin
Yes, apart from current one lakh investment, additional 20,000 Rs will be non-taxable, if same has been invested in long term infrastructure bonds.
Dear Sir,
I have a urgent querry?
i m accounts officer and i want to know that how much should i deduct incometax from propreitorship firm (ABC associates) w.r.t. 194 c
plz reply
@Rajeev
Sorry, But I have little idea about taxation rules for businesses.
Whatever I know, is from my experience and I don’t have any formal education in finance or taxation. I know whats useful for common service class man.