Dear Friends,
In response to queries and requirement from the readers, I am
pleased to upload a combined excel file containing income tax
calculator FY 2007-08 and 2008-09. The file is compatible
with MS Excel 2002 and later versions. The creation aimed to
help the needy. The calculator gives an idea about income tax
on salary and it's planning. There are validation and auto checks
set at various cell levels with informative tips. You can change
the parameters at various cells for varied auto calculations.
I am sure this will serve the purpose of most extent salaried
individuals. Every care taken to minimize errors still I invite and
shall feel thankful on your suggestions for the improvement.
With warm regards,
vijay
From India, Hyderabad
16In response to queries and requirement from the readers, I am
pleased to upload a combined excel file containing income tax
calculator FY 2007-08 and 2008-09. The file is compatible
with MS Excel 2002 and later versions. The creation aimed to
help the needy. The calculator gives an idea about income tax
on salary and it's planning. There are validation and auto checks
set at various cell levels with informative tips. You can change
the parameters at various cells for varied auto calculations.
I am sure this will serve the purpose of most extent salaried
individuals. Every care taken to minimize errors still I invite and
shall feel thankful on your suggestions for the improvement.
With warm regards,
vijay
From India, Hyderabad
Dear Vijaya, I hope the most common particulars of salary components are covered in the calc. I got correctly? or please throw more light on. Best regards, vijay vyas
From India, Hyderabad
From India, Hyderabad
Hi,
Thanks a lot for this tool.
Just had few queries.
1. Treatment of bonus - I wanted to know the treatmen of bonus as in our conpany first tds was deducted on bonus amount, but later the tds effect was nullified and it was taken as an income while calculating tax.
2. Is fixed medical reimbursement different from medical reimbursemnt as in our salary slip it is mentioned as medical reimbursement.
Swati
From India, Bangalore
Thanks a lot for this tool.
Just had few queries.
1. Treatment of bonus - I wanted to know the treatmen of bonus as in our conpany first tds was deducted on bonus amount, but later the tds effect was nullified and it was taken as an income while calculating tax.
2. Is fixed medical reimbursement different from medical reimbursemnt as in our salary slip it is mentioned as medical reimbursement.
Swati
From India, Bangalore
Madam,
Bonus is part of income and is considered as taxable head. Normally employer estimate the total income and calculate the IT, monthly estimated tax is to be deducted from salary. At the end employer collect the savings proof and consider the exemptions and deductions, due to these effects, your income tax on bonus may have nullified.
Regarding fixed medical reimbursement or medical reimbursement, it depends upon company policy. If the claim against the medical bills, normally employer considers it as exemptions u/s 10 which is limited to 15000/- (in both situation).
I am not a tax consultant but still I believe on above.
With kind regards,
Vijay
From India, Hyderabad
Bonus is part of income and is considered as taxable head. Normally employer estimate the total income and calculate the IT, monthly estimated tax is to be deducted from salary. At the end employer collect the savings proof and consider the exemptions and deductions, due to these effects, your income tax on bonus may have nullified.
Regarding fixed medical reimbursement or medical reimbursement, it depends upon company policy. If the claim against the medical bills, normally employer considers it as exemptions u/s 10 which is limited to 15000/- (in both situation).
I am not a tax consultant but still I believe on above.
With kind regards,
Vijay
From India, Hyderabad
It is not like that if you using the file with Excel ver 2002
and later. In case of file protection removal then it will
ask the password. You can drop mail to
for more clarification required to this regard.
From India, Hyderabad
and later. In case of file protection removal then it will
ask the password. You can drop mail to
for more clarification required to this regard.
From India, Hyderabad
Hi vijay,
it is a great service you are doing to many, by posting this calculator. While there are many calculators like this, yours differs in the way that it includes the last year also. It is very useful for comparison purposes and for answering any queries later on.
How about considering preparation of a data base and link it to the excel file, so that 5 years data can be accessed, with detailed analysis.
Thank you and standing ovation. Bye
From India, Madras
it is a great service you are doing to many, by posting this calculator. While there are many calculators like this, yours differs in the way that it includes the last year also. It is very useful for comparison purposes and for answering any queries later on.
How about considering preparation of a data base and link it to the excel file, so that 5 years data can be accessed, with detailed analysis.
Thank you and standing ovation. Bye
From India, Madras
Nice calculator.
also check out www.personalmoney.in for related articles and investment and tax related tips, tricks and tools.
From India, New Delhi
also check out www.personalmoney.in for related articles and investment and tax related tips, tricks and tools.
From India, New Delhi
Community Support and Knowledge-base on business, career and organisational prospects and issues - Register and Log In to CiteHR and post your query, download formats and be part of a fostered community of professionals.
Income Tax Calculator.xls