Thank you for all the comments and requests for the calculator. I have sent the calculator to many requesters, however with time constraints it is not always possible to reply to each and every one of you. So, I have put this simple excel based calculator on my blog PersonalMoney.in. You can download and use to calculate your personal income tax liability from my blog.
Regards
Manish
From India, New Delhi
Regards
Manish
From India, New Delhi
Question 1: The laws for HRA calculation are least of the following:
1. 40% (50% for metros) of (Basic + DA)
2. HRA Received
3. Rent paid - 10% of Basic
In the third case, does basic also include incentives received?
Question 2: Is Entertainment allowance exempt from tax? To what extent?
From India, Pune
1. 40% (50% for metros) of (Basic + DA)
2. HRA Received
3. Rent paid - 10% of Basic
In the third case, does basic also include incentives received?
Question 2: Is Entertainment allowance exempt from tax? To what extent?
From India, Pune
Answer 1 : no
Answer 2 : Entertainment allowance is taxable, however business expenses is not.
Check out PersonalMoney.in for details. In case you have doubts, feel free to post your queries there.
From India, New Delhi
Answer 2 : Entertainment allowance is taxable, however business expenses is not.
Check out PersonalMoney.in for details. In case you have doubts, feel free to post your queries there.
From India, New Delhi
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Circular No 1-2018 Processing of income-tax returns under section 143(1) of the Income-tax Act .pdf
Income Tax Calculator.xls