Income tax slabs for FY 2013-14. Excel downloadable Income ax calculator for FY 2013-14. Download excel based Income tax calculator tool. FY 2013-14 (AY 2014-15). But the calculator is showing the income tax on total income is- 32,420. Income tax Calculator in excel format for Assessment Year 2013-14 or Financial year 2012-13 calculates tax payable by you on various source of income. It can calculate tax for all categories of Individuals including senior citizens and very senior citizens. It can calculate tax on all categories of. Hi Beny, Thanks for this. I have following remarks. (1) I just want to make sure how you have arrived at the limit of Rs, 40000 u/s 80D (Medical insurance premium). In my opinion, Rs.35000 is the maximum amount exempted here. 15000 towards premium paid for self & family. 2) Additional deduction of Rs.15000 for premium paid for parents. If parents are Senior citizen, the deduction available is Rs. 20000 instead of Rs.15000. Hence, a salaried employee can claim maximum exemption for Rs. 35000 under section 80 D. Exemption for Rs. 40000 is available only in case when employee himself is a senior citizen (> 60 years of age) but generally in India, this is the retirement age of a salaried employee. (2) Exemption u/s 80CCF for Rs. 20000 is no longer available from F.Y 2012-2013. (3) Investment in Rajiv Gandhi Equity saving scheme need to be included, exemption is available for 50% of investment made up to Rs.50000.( this exemption is available for individuals having annual income below 10 lakhs ). Also additional deduction (u/s 80TTA) up to Rs. 10000 per annum (towards bank interest received) needs to be updated. Thanks From India, Mumbai. I'm new to this as I'm a fresher but please clarify my doubts on this calculation. There are some other allowances that my company is giving and they have told me that even these allowances are tax exemptible. I didn't fine the appropriate cells to fill in these forms in the document you have given. So, I entered these details in the other allowances section. The problem I am facing is that these allowances are not being deducted in the calculations that you have done. Could you please fix this up?! Regards, Rahul. From India, Bangalore. All Section 80 Deductions All these deductions are valid from AY 2012-13 onwards. Section 80C This section has been introduced by the Finance Act 2005. Broadly speaking, this section provides deduction from total income in respect of various investments / expenditures / payments. Remember: The limit for maximum deduction available under Sections 80C, 80CCC and 80CCD (combined together) is Rs. 1,00,000/- (Rs. One lac only). An additional deduction upto a maximum of Rs. 20,000/- will be available from Assessment Year 2011-12 (FY 2010-11) for investment in Infrastructure Bonds. Life Insurance Premium for individuals. The policy must be in the assesse's or spouse's or any child's name. For a HUF, it may be on life of any member of HUF. The 80C deduction is valid on insurance policies purchased after 1st April, 2012 only if the premium is less than 10% of sum assured. Benefits for existing purchased policies continue. Sum paid under contract for deferred annuity for an individual on the life of the assesse, spouse or any child. Sum deducted from salary payable to Govt. Servant for securing deferred annuity for self-spouse or child Payment limited to 20% of salary. Contribution made under Employee's Provident Fund Scheme. Contribution to PPF for individual can be in the name of the assesse, the spouse or any child. For a HUF, it can be in the name of any member of the family. Contribution by employee to a Recognised Provident Fund. Sum deposited in 10/15 year account of Post Office Saving Bank 8. Subscription to any notified securities/notified deposits scheme. Subscription to any notified savings certificate, Unit Linked Savings certificates. NSC VIII issue. Contribution to Unit Linked Insurance Plan of LIC Mutual Fund e.g. Dhanrakhsa 1989 11. Contribution to notified deposit scheme/Pension fund set up by the National Housing Scheme. Payments of instalments or part payments of loan taken for buying or constructing residential house property. However, if the property is transferred before the expiry of 5 years from the end of the financial year in which possession of such property is obtained by him, the aggregate amount of deduction of income so allowed for various years shall be liable to tax in that year. Contribution to notified annuity Plan of LIC (e.g. Jeevan Dhara) or Units of UTI / notified Mutual Funds. Note if in case of such contributions the deduction under Section 80CCC has already been availed, the rebate under Section 88 would not be allowable. Subscription to units of a Mutual Fund notified u/s 10(23D).
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