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Make Entries Only in Yellow Coloured Cells: Income Tax Calculation For The Period 01.04.2008 To 31.03.2009

This document contains an income tax calculation sheet for an employee for the period of April 1, 2008 to March 31, 2009. It includes the employee's name, PAN number, designation, gender, and income and exemption details. The total income is Rs. 756,000 and total exemptions amount to Rs. 240,000, resulting in taxable income of Rs. 516,000. The total tax is calculated as Rs. 18,297 and the tax deducted through payroll is Rs. 18,300, leaving a balance tax of Rs. 0.

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Mohanavelu Palaniswamy
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40 views6 pages

Make Entries Only in Yellow Coloured Cells: Income Tax Calculation For The Period 01.04.2008 To 31.03.2009

This document contains an income tax calculation sheet for an employee for the period of April 1, 2008 to March 31, 2009. It includes the employee's name, PAN number, designation, gender, and income and exemption details. The total income is Rs. 756,000 and total exemptions amount to Rs. 240,000, resulting in taxable income of Rs. 516,000. The total tax is calculated as Rs. 18,297 and the tax deducted through payroll is Rs. 18,300, leaving a balance tax of Rs. 0.

Uploaded by

Mohanavelu Palaniswamy
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLS, PDF, TXT or read online on Scribd
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Make entries only in yellow coloured cells

INCOME TAX CALCULATION FOR THE PERIOD 01.04.2008 TO 31.03.2009


Employee Name

Total Tax

PAN no.

Tax Deducted

Employee Designation

BALANCE TAX

Gender (Enter 1 for Male & 2 for Female)

1
Amount

Exemptions

Salary Income:
Basic

480,000.00

0.00

HRA

276,000.00

240,000.00

Conveyance

0.00

0.00

NSA

0.00

0.00

Attendance Bonus

0.00

0.00

Medical

0.00

0.00

Special allowances

0.00

0.00

APDP

0.00

0.00

Incentive/others
Total
Less:

0.00

0.00

756,000

240,000

Deductions u/s 16(i) and 16(iii)


a. Profession Tax

1,620.00

Interest on Housing Loan

0.00

(Enter 1 for Self Occupied & 2 for Let out property)

Deduction under Chapter VIA


Sections >> 80C to 80U

Gross

a) 80D - Mediclaim Premium

Qualifying

16,000.00

15,000.00

b) 80DD - Dependent Handicapped

0.00

0.00

c) 80DDB - Self Medical Treatment (Specified Diseases)

0.00

0.00

d) 80E - Education Loan

0.00

0.00

0.00

0.00

e) 80U - Handicapped Employee


f) 80C - P F

9,360.00

g) 80C - Public Provident Fund

0.00

i) 80C - LIC - Premium REGULAR


j) 80C - N S C
k) 80CC - Interest on NSC
l) 80C - ULIP / Mutual Funds / UTI
m) 80C - Post Office Savings (CTD)
n) 80C - Principal Repayment on HSG Loan

0.00
Maximum 1,00,000

h) 80C - LIC - Pension (80CCC)

18,000.00
50,000.00
0.00
20,000.00
0.00
0.00

Maximum 1,00,000

o) 80C - Tuition Expenses for Children

12,000.00

p) 80C - Fixed Deposit (Locking period for 5 years)


q) 80C - Infracture Bonds (ICICI / IDBI)

20,000.00
120,000.00

Total Deductions under Chapter VIA


Total Taxable Income
Tax thereon
0

200000

nil

200001

500000

10%

179380

500001

1000000

20%

above

1000000

30%

Add: Surcharge
Add: Education Cess 2% on(IT+SC)
TOTAL TAX

[ A ]

Less: Deducted through payroll

[ B ]
BALANCE TAX

[A-B]

Deducted

To be deducted

April

12

1525

May

11

1525

June

10

1525

July

1525

August

1525

September

1525

October

1525

November

1525

December

1525

January

1525

February

1525

March

1525

18300

Exemptions calculations

HRA Exemption u/s 10(13A)


a. HRA Received

276,000.00

b. Actual Rent Paid (pa)


Less: 10% of Basic Salary

288,000.00
48,000.00

c. 50% of Basic Salary

240,000.00
240,000.00

..
Medical Allowance Rs. 1250/- p.m., if paid

0.00

Conveyance Allowance Rs. 800/- p.m., if paid

0.00

18,297
0
18,297

Total
Apr-08

May-08

Jun-08

Jul-08

Aug-08

Sep-08

480,000

Basic

40,000.00

40,000.00

40,000.00

40,000.00

40,000.00

40,000.00

36,000

HRA

20,000.00

20,000.00

20,000.00

24,000.00

24,000.00

24,000.00

Conveyance

NSA

Attendance Bonus

Medical

Special all

APDP

Incentive/others

516,000

(1,620)
514,380
0
514,380

60,000.00

60,000.00

60,000.00

64,000.00

64,000.00

64,000.00

IT deductions

PF deductions

780.00

780.00

780.00

780.00

780.00

780.00

Professional tax

135.00

135.00

135.00

135.00

135.00

135.00

135,000
379,380
17,938
17,938
0
0
0
359
18,297
0
18,297
Total
1,525

#DIV/0!

1,525

#DIV/0!

1,525

#DIV/0!

1,525

#DIV/0!

1,525

#DIV/0!

1,525

#DIV/0!

1,525

#DIV/0!

1,525

#DIV/0!

1,525

#DIV/0!

1,525

#DIV/0!

1,525

#DIV/0!

1,525

18300

240,000

0
276,000

Oct-08

Nov-08

Dec-08

Jan-09

Feb-09

Mar-09

Total

40,000.00

40,000.00

40,000.00

40,000.00

40,000.00

40,000.00

480,000

24,000.00

24,000.00

24,000.00

24,000.00

24,000.00

24,000.00

276,000

64,000.00

64,000.00

64,000.00

64,000.00

64,000.00

64,000.00

756,000

780.00

780.00

780.00

780.00

780.00

780.00

9,360

135.00

135.00

135.00

135.00

135.00

135.00

1,620

=ROUND(IF(+J23>0,J23,$G$60/D62),0)

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