Click me
Transcribed

Income tax calculator for India

A Learn & Keep 20 The Economic Times Wealth, July 4-10, 2011 CALCULATE YOUR INCOME & TAX Who needs to file returns? There is a lot of confusion after the CBDT announcement that salaried people with income up to 5 lakh don't have to file tax. However, the YOUR INCOME IS FROM 5 BROAD SOURCES conditions are impractical and nobody will be able to claim exemption from filing. This is your income too To be on the safe side, file your tax return if you are a... A taxpayer has to pay tax on certain income even if he has not earned it. This includes: Income from Income from Income from Capital gains Income from I Income earned through ..male with income of salary house property business or Profit from sale of other sources investments in the name profession Any income from an employer, including value of perks, bonuses and special an asset (property, jewellery, shares, mutual fund units, car, machinery). Any income other than the ones Rent earned from Net profit from any business or profession. of a minor child (below 18 years). In this case, the minor's income is clubbed over 1.6 lakh a year. property. given above is classified under with that of the parent who Deductions this head. earns more. available: allowances. I Income from investments made from the taxpayer's income in spouse's name. ..female with income of over 1.9 lakh a year. Standard Deductions Deductions available: available: Deductions deduction (30% of income), house tax and interest paid on loan for buying the property. Deductions available: Expenditure for business or Depend on asset, holding term, indexation, losses available: Dividends are tax- Income deemed to be HRA, medical allowance, LTA and conveyance profession and losses from free. So are gifts from specified earned from letting out a second property even if it is lying vacant. carried forward ...senior citizen previous years. and investment in relatives and on with income of allowance. specified options. certain occasions. over 2.4 lakh a TEXT: BABAR ZAIDI GRAPHIC: CHANDER year. C. Find out your taxable income (A-B) and calculate your tax A. Calculate your gross income D. Add up the taxes paid B. Add your deductions Your figures Your figures Your figures Tax deducted from salary TAX RATES Advance tax paid Income from salary Sections Maximum deduction NIL 10% 20% 30% TDS on fixed deposits/bonds Pension 80C, 80CCC, 80CCD Tax savings 1 lakh Other taxes Interest (FDs, bonds, savings bank) 80CCF Infrastructure bonds 20,000 MALE Total Rent from property (less 30% deduction) 80D Medical insurance 35,000* Up to 1.6 lakh Next 73.4 lakh Next 33 lakh Above 78 lakh Long-term capital gains* 10 (13A) House rent Linked to HRA** D-C= Refund / Tax dues FEMALE Short-term capital gains* 24 (b) Home loan interest 71.5 lakh*** If total tax payable (C) is more than the tax paid (D), pay the additional tax at any bank branch. Add penalty of 1% per month of delay. *There is Up to 1.9 lakh also a 3% education Next 3.1 lakh Next 3 lakh Above 78 lakh Income from business or profession 80E Interest on education loan No limit cess payable on the total tax payable. Other sources (dividends, gifts, lottery winnings) 80DD, 80DDB, 80U Other deductions Depends on illness SENIOR CITIZENS Total 80G Donations 50-100% of donation Up to 2.4 lakh Next 2.6 lakh Next 3 lakh Above 78 lakh If the taxes paid exceed the liability, you are eligible for a refund. This amount will only be paid if you file Total * Short-term gains from non-equity assets added to income, short-term gains from equity taxed at 15%. Long-term gains from non-equity assets taxed at 10%. Total Tax **15,000 for self and family, additional 15,000 for parents, and5,000 more for senior citizens. ** Least of HRA received; rent paid minus 10% basic; and 50% of salary (40% in non-metros). *** No limit if house is rented out. Your figures your return. THE ECONOMIC TIMES wealth A Learn & Keep 20 The Economic Times Wealth, July 4-10, 2011 CALCULATE YOUR INCOME & TAX Who needs to file returns? There is a lot of confusion after the CBDT announcement that salaried people with income up to 5 lakh don't have to file tax. However, the YOUR INCOME IS FROM 5 BROAD SOURCES conditions are impractical and nobody will be able to claim exemption from filing. This is your income too To be on the safe side, file your tax return if you are a... A taxpayer has to pay tax on certain income even if he has not earned it. This includes: Income from Income from Income from Capital gains Income from I Income earned through ..male with income of salary house property business or Profit from sale of other sources investments in the name profession Any income from an employer, including value of perks, bonuses and special an asset (property, jewellery, shares, mutual fund units, car, machinery). Any income other than the ones Rent earned from Net profit from any business or profession. of a minor child (below 18 years). In this case, the minor's income is clubbed over 1.6 lakh a year. property. given above is classified under with that of the parent who Deductions this head. earns more. available: allowances. I Income from investments made from the taxpayer's income in spouse's name. ..female with income of over 1.9 lakh a year. Standard Deductions Deductions available: available: Deductions deduction (30% of income), house tax and interest paid on loan for buying the property. Deductions available: Expenditure for business or Depend on asset, holding term, indexation, losses available: Dividends are tax- Income deemed to be HRA, medical allowance, LTA and conveyance profession and losses from free. So are gifts from specified earned from letting out a second property even if it is lying vacant. carried forward ...senior citizen previous years. and investment in relatives and on with income of allowance. specified options. certain occasions. over 2.4 lakh a TEXT: BABAR ZAIDI GRAPHIC: CHANDER year. C. Find out your taxable income (A-B) and calculate your tax A. Calculate your gross income D. Add up the taxes paid B. Add your deductions Your figures Your figures Your figures Tax deducted from salary TAX RATES Advance tax paid Income from salary Sections Maximum deduction NIL 10% 20% 30% TDS on fixed deposits/bonds Pension 80C, 80CCC, 80CCD Tax savings 1 lakh Other taxes Interest (FDs, bonds, savings bank) 80CCF Infrastructure bonds 20,000 MALE Total Rent from property (less 30% deduction) 80D Medical insurance 35,000* Up to 1.6 lakh Next 73.4 lakh Next 33 lakh Above 78 lakh Long-term capital gains* 10 (13A) House rent Linked to HRA** D-C= Refund / Tax dues FEMALE Short-term capital gains* 24 (b) Home loan interest 71.5 lakh*** If total tax payable (C) is more than the tax paid (D), pay the additional tax at any bank branch. Add penalty of 1% per month of delay. *There is Up to 1.9 lakh also a 3% education Next 3.1 lakh Next 3 lakh Above 78 lakh Income from business or profession 80E Interest on education loan No limit cess payable on the total tax payable. Other sources (dividends, gifts, lottery winnings) 80DD, 80DDB, 80U Other deductions Depends on illness SENIOR CITIZENS Total 80G Donations 50-100% of donation Up to 2.4 lakh Next 2.6 lakh Next 3 lakh Above 78 lakh If the taxes paid exceed the liability, you are eligible for a refund. This amount will only be paid if you file Total * Short-term gains from non-equity assets added to income, short-term gains from equity taxed at 15%. Long-term gains from non-equity assets taxed at 10%. Total Tax **15,000 for self and family, additional 15,000 for parents, and5,000 more for senior citizens. ** Least of HRA received; rent paid minus 10% basic; and 50% of salary (40% in non-metros). *** No limit if house is rented out. Your figures your return. THE ECONOMIC TIMES wealth

Income tax calculator for India

shared by chander.shekhar on Mar 12
1,276 views
1 shares
0 comments
The income from different sources are taxable here is a tool by which you can calculate your tax liability in India

Source

Unknown. Add a source

Category

Economy
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size