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Federal Income Tax Calculator
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IT 2007_08
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Perquisites
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NSC Accrued Interest
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Capital Gains
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Incl PF?
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
Jan
Feb
Mar
Total
Perks
Bonus
Others
Gross
E
A
R
N
I
N
G
S
Basic
Y
DA
Y
N
Convey
Y
N
HRA
Y
N
Ch. Educ
Y
N
Medical
Y
N
LTA
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Total
D
E
D
U
C
T
I
O
N
S
Prof tax
PF
VPF
IT
Rent
Life Insur.
Tot Ded
Net
PF
Loan/Wdwl
OB
Int
CB
Car used?
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Driver used?
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
In India?
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Y
N
Metro/non?
M
N
M
N
M
N
M
N
M
N
M
N
M
N
M
N
M
N
M
N
M
N
M
N
PF%
Tax Computation
Exemptions under section 10 & 17
Produced
Limited
SETUP PARAMETERS
Conv Exmpt:
Gross Salary
HRA Exemption (Sec 10 (13A))
M
etro/
N
on-metro (M or N)
M
N
PF Limit:
Profession Tax
Transport Exemption (Sec 10(14))
Exempt limit (of Basic+DA)
Govt. Prescribed PF int rate:
9%
Exemptions under section 10 & 17
Other exemptions under Sec 10 (10) (gratuity, etc.)
PF/VPF deductions
Gross Salary after Section 10 & 17 exemptions
Medical Bills Exemption (Sec 17(2))
PF as a percentage of "Salary"
0
Accommodation Perquisites
Children's E
ducation Allowance Exemption (sec 10 (14))
PF limited to Rs. (if there is a max. limit for deduction)
Income chargeable under head 'Salaries'
LTA exemption (Sec 10(5))
VPF as a percentage of "Salary"
250000
Income chargeable under head 'House/Property'
Vehicle Maintenance (petrol/maint. Bills) (Sec 10 (14))
Interest rate on PF/VPF
250001
10000000000
Income chargeable under head 'Capital Gains' at nominal rate
Total Exempted Allowances
VPF as "
P
ercentage of salary" or "
F
ixed amount"? (P or F)
P
F
Income chargeable under head 'Other Sources'
Other income
Produced
Limited
For Housing Loan
Gross Total Income
House/property income or loss (enter loss as negative)
House self-occupied? (Y or N)
Y
N
Deductions under chapter VI-A
Interest on housing loan (for tax exemption)
Loan taken after Apr 1, 1999?
Y
N
Deductions under sec 80C
Other income (interest, etc.)
Miscellaneous
Net taxable income
Deductions under Chapter VI-A
Produced
Limited
Sr. citizen included in medical insurance premium? (Y or N)
Y
N
Tax
Slabs
Tax rate
Appl Amt
Balance
Tax
Medical Insurance Premium (sec 80D)
Sr. citizen included in medical treatment u/s 80DDB? (Y or N)
Y
N
0%
Medical for handicapped dependents (Sec 80DD)
Have permanent physical disability? (Y or N)
Y
N
10%
Medical for specified diseases (Sec 80DDB)
Are you a senior citizen (age above 65 years)? (Y or N)
Y
N
20%
Higher Education Loan Interest Repayment (Sec 80E)
M
ale or
F
emale
M
F
30%
Donation to approved fund and charities (sec 80G)
Do you live in Company provided accommodation? (Y or N)
Y
N
Tax on Income
Rent deduction (sec 80GG) only if HRA not received
If living in Co. acco, is population of your city > 4 lacs? (Y or N)
Y
N
Capital Gains Tax (from Stocks)
Deduction for permanent disability (80U)
Using company provided car? (Y or N)
Y
N
Surcharge on Tax
Any other deductions
Vehicle cubic capacity > 1600cc? (Y or N)
Y
N
Education Cess
Total Deductibles
Total Tax Liability
Deductions under Chapter VI (sec 80C)
Produced
Limited
Dedn under Pension scheme (sec 80C)
Total Income tax paid from salary
NSC (sec 80C)
Tax paid outside of salary
Public Provident Fund (sec 80C)
Income tax due
Employees Provident Fund & Voluntary PF (sec 80C)
Children's Education (sec 80C)
Remaining months in year
Housing loan principal repayment (sec 80C)
Insurance premium (sec 80C)
""
"0"
Infrastructure Bonds & others (MF, ULIP, etc.) (sec 80C)
Total Investments
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IT 2007_08
|
Perquisites
|
NSC Accrued Interest
|
Capital Gains
|
Perquisites Value of Loans Taken from the Company
Original Loan Amount
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments
Co. interest rate
EMI
Second Loan Details (if loan of same type is taken again during the year) -- see Instructions below
Original Loan Amount
Loan Taken In Month/Year
Loan Closed Month/Year
No. of instalments
Co. interest rate
EMI
Prescribed interest rate
Total value of Perquisites for the year
Instructions:
1. Enter the original loan amount, the month in which the loan was taken (e.g., DEC-2001), number of instalments and company interest rate in rows 5, 6, 10 and 11 respectively
2. If the loan was pre-closed, enter the month in which it was pre-closed (e.g., SEP-2002) in row 7. Otherwise leave blank
3. If you have taken another loan of same type, enter similar details in rows 14 through 20. For example, a Soft Loan taken in JUN-2004 may have
completed its term (or pre-closed) in JUN-2007. These details can be entered in rows 5 through 11. Suppose another Soft Loan is taken in SEP-2007, those details
may be entered in rows 14 through 20
4. You can change the headings of the loans, if required. However, remember to change the corresponding "prescribed interest rate" in Row 23 as well
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IT 2007_08
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Perquisites
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NSC Accrued Interest
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Capital Gains
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NSC Accrued Interest Calculation
Certificate No.
Date of Purchase
Amount invested
Accrued Interest
Total Accrued Interest
Instructions:
1. Enter details of all NSCs purchased between 1-Apr-2001 and 31-Mar-2007
2. NSCs purchased before or after this date do not accrue interest for this financial year
3. Entry of certificate number is optional
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IT 2007_08
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Perquisites
|
NSC Accrued Interest
|
Capital Gains
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Capital Gains Tax Calculation
(Only for Stocks bought/sold through a Stock Exchange and where STT is paid)
Scrip Name
Nos
Purchase
Selling
Gains
LT/
ST
Tax
Rate
Tax
Price
Date
Price
Date
Total Accrued Interest
Instructions:
1. Enter details of all stocks sold during the current financial year
2. Only stocks sold through a recognized stock exchange and where the Securities Transaction Tax (STT) is paid should be entered here
