Dear All Please help me to calculate tax as per below salary structure... and also please help me how it is ::-
Basic----- 11400
HRA ------ 5700
Conveyance- 800
Variable allowance - 3650
Medical-- 1250.
From India, Delhi
Basic----- 11400
HRA ------ 5700
Conveyance- 800
Variable allowance - 3650
Medical-- 1250.
From India, Delhi
Dear friend,
I shall insert an Excel worksheet for Income Tax Calculation on salary for the Financial Year 2010-11 (Assessment Year 2011-12). Prior to that I wish to explain some details to get an idea to enter the inputs.
On gross salary the following deductions are applicable.
1) Professional Tax
2) House Rent in excess of 1/10th of salary subject to ceiling equivalent to HRA
3) Interest on Housing loan subject to ceiling Rs. 1,50,000.
4) Refund on Housing loan, savings, tution fee to 2 children etc. altogether subject to ceiling Rs.100,000.
5) In addition savings on infrastructure bonds upto Rs. 20,000.
5) Other than the above one lakh, 15000 to 20000 towards medi claim premium, 40000 to 60000 towards treatment on specified diseases like Motor Neuron disease, 75000 to 100,000 towards disabilty etc. are also admissible for deduction.
Now taxable income can be calculated as follows.
Gross salary - total deductions = Taxable income
Tax payee can be categorised into 3.
1) Non Seniors - Male
2) Non Seniors - Female
3) Senior Citizens (65 years old & above)
If the taxable income is Rs. 2,40,000, a Senior Citizen is fully exempted from paying tax. Non Senior Female has to pay in excess of Rs.1,90,000 & Non Senior Male in excess of Rs.1,60,000.
Beyond the above income, one has to pay 10% upto Rs.5,00,000, 20% there after upto Rs.8,00,000 and 30% in excess of Rs.8,00,000. In addition, an education cess @ 3% will be charged on Total Tax.
I shall quote on example.
Gross income of a Non Senior Male - Rs. 12,00,000
Deductions (actual) : Professional Tax - 12000, Housing loan interest - 2,00,000, Total savings/deductions - 2,50,000, Savings on Infrastructure bond - 25,000, other deductions over 1,00,000 - 50,000.
Admissible total deductions (subject to ceiling limits) - 12000+150000+100000+20000+50000 = 332000
Taxable income, 1200000 - 332000 = 868000
For Non Senior Male :
Rs. 1,60,000 is exempted.
For next 340000 (500000-160000), 340000x10% = 34000 -(1)
For next 300000 (800000-500000), 300000x20% = 60000 -(2)
For next 68000 (868000-800000), 68000x30%= 20400 -(3)
Tax - (1)+(2)+(3) = 114400
Also For Non Senior Female Tax is, 114400-3000 = 110400
and Senior Citizens Tax is, 114400-8000 = 106400
Education Cess, 114400*3% = 3432.
Total Tax - Rs. 1,17,832
Now I shall come to your details. HRA upto 50% may be exempted. Balance salary is 11400+800+3650+1250 = 17100 p.m. i.e. Annual income 2,05,200. EPF will be 1368 x 12 =16416 (This may vary subject to your orgnisational policies). Balance taxable income is 1,88,784.00 (You may also deduct professional tax etc., which I don't know).
Upto 1,60,000, no tax. 10% will be charged as tax on 1,88,784 - 1,60,000 = 28,784 i.e 2,878 & cess @ 3% is 86. Total tax = 2,878 + 86 = Rs. 2,964.00
See Excel Sheet. Enter gross salary and deductions/savings applicable in green colour column. Results will be occured in yellow colour. The red colour is used for static datas.
ABBAS.P.S,
Secretary,
ITI Employees' Association ,
ITI Ltd, PALAKKAD - 678 623,
KERALA, INDIA.
Ph. +91 9447 467 667
From India, Bangalore
517I shall insert an Excel worksheet for Income Tax Calculation on salary for the Financial Year 2010-11 (Assessment Year 2011-12). Prior to that I wish to explain some details to get an idea to enter the inputs.
On gross salary the following deductions are applicable.
1) Professional Tax
2) House Rent in excess of 1/10th of salary subject to ceiling equivalent to HRA
3) Interest on Housing loan subject to ceiling Rs. 1,50,000.
4) Refund on Housing loan, savings, tution fee to 2 children etc. altogether subject to ceiling Rs.100,000.
5) In addition savings on infrastructure bonds upto Rs. 20,000.
5) Other than the above one lakh, 15000 to 20000 towards medi claim premium, 40000 to 60000 towards treatment on specified diseases like Motor Neuron disease, 75000 to 100,000 towards disabilty etc. are also admissible for deduction.
Now taxable income can be calculated as follows.
Gross salary - total deductions = Taxable income
Tax payee can be categorised into 3.
1) Non Seniors - Male
2) Non Seniors - Female
3) Senior Citizens (65 years old & above)
If the taxable income is Rs. 2,40,000, a Senior Citizen is fully exempted from paying tax. Non Senior Female has to pay in excess of Rs.1,90,000 & Non Senior Male in excess of Rs.1,60,000.
Beyond the above income, one has to pay 10% upto Rs.5,00,000, 20% there after upto Rs.8,00,000 and 30% in excess of Rs.8,00,000. In addition, an education cess @ 3% will be charged on Total Tax.
I shall quote on example.
Gross income of a Non Senior Male - Rs. 12,00,000
Deductions (actual) : Professional Tax - 12000, Housing loan interest - 2,00,000, Total savings/deductions - 2,50,000, Savings on Infrastructure bond - 25,000, other deductions over 1,00,000 - 50,000.
Admissible total deductions (subject to ceiling limits) - 12000+150000+100000+20000+50000 = 332000
Taxable income, 1200000 - 332000 = 868000
For Non Senior Male :
Rs. 1,60,000 is exempted.
For next 340000 (500000-160000), 340000x10% = 34000 -(1)
For next 300000 (800000-500000), 300000x20% = 60000 -(2)
For next 68000 (868000-800000), 68000x30%= 20400 -(3)
Tax - (1)+(2)+(3) = 114400
Also For Non Senior Female Tax is, 114400-3000 = 110400
and Senior Citizens Tax is, 114400-8000 = 106400
Education Cess, 114400*3% = 3432.
Total Tax - Rs. 1,17,832
Now I shall come to your details. HRA upto 50% may be exempted. Balance salary is 11400+800+3650+1250 = 17100 p.m. i.e. Annual income 2,05,200. EPF will be 1368 x 12 =16416 (This may vary subject to your orgnisational policies). Balance taxable income is 1,88,784.00 (You may also deduct professional tax etc., which I don't know).
Upto 1,60,000, no tax. 10% will be charged as tax on 1,88,784 - 1,60,000 = 28,784 i.e 2,878 & cess @ 3% is 86. Total tax = 2,878 + 86 = Rs. 2,964.00
See Excel Sheet. Enter gross salary and deductions/savings applicable in green colour column. Results will be occured in yellow colour. The red colour is used for static datas.
ABBAS.P.S,
Secretary,
ITI Employees' Association ,
ITI Ltd, PALAKKAD - 678 623,
KERALA, INDIA.
Ph. +91 9447 467 667
From India, Bangalore
Hi Thanks for such a valuable information, but i still did not understand why. HRA upto 50% may be exempted( what is the maximum limit of exclusion suppose if a person'S HRA Is 30,000, then how it will get calculated...
could u please calculate tax as per the below denomination
Basic- 31000
HRA - 15500
Con- 800
Variable Allownce- 13450
Medical- 1250.
Thanks for ur nice help.
From India, Delhi
could u please calculate tax as per the below denomination
Basic- 31000
HRA - 15500
Con- 800
Variable Allownce- 13450
Medical- 1250.
Thanks for ur nice help.
From India, Delhi
Towards house rent the maximum amount to be deducted is equal to HRA upto 50%. Regarding HRA there is a government tariff. Accordingly 50% applicable in Metro cities only. i.e If it is above Govt. tariff, you are not supposed to get. If the rent paid is HRA+10% of gross salary, the amount exempted will be equal to HRA.
To calculate tax on above income, kindly provide the deductions, if any. Other you may depend the above Excel sheet.
Abbas.P.S
From India, Bangalore
To calculate tax on above income, kindly provide the deductions, if any. Other you may depend the above Excel sheet.
Abbas.P.S
From India, Bangalore
Hi,
Can anyone tell me how much Income Tax would be deducted on following salary structure ???
Basic 94297
Provident Fund (a) 11316
Gratuity (b) 5243
Retirals (a+b) 16559
Total 110855
HRA 56578
Meal Voucher 13200
Dom Med 15000
LTA 20000
Conveyance 9600
Education 2400
Balancing Allow 222367
Total- Flexipay 339145
Variable Pay 50000
Total CTC 500000
From India, Delhi
Can anyone tell me how much Income Tax would be deducted on following salary structure ???
Basic 94297
Provident Fund (a) 11316
Gratuity (b) 5243
Retirals (a+b) 16559
Total 110855
HRA 56578
Meal Voucher 13200
Dom Med 15000
LTA 20000
Conveyance 9600
Education 2400
Balancing Allow 222367
Total- Flexipay 339145
Variable Pay 50000
Total CTC 500000
From India, 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.
Tax calculation.xls