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Guidelines

1. Enter the amount in the yellow background cells.


2. Incase of amount per annum, enter the entire amount in any month.(for monthly calculation
sheet)
3. You could add any income/investment, those are missing in the sheet.
4. Calculcations are not for senior citizens and not for metro cities.

Incase of any suggestions/corrections/errors mail me @ mskumarz@live.com


TAX WORKING SHEET
Tax Cycle (April 20__ - March 20__ )
Categories
Basic
HRA
Conveyance
LTA
Medical Reimburse
Earnings/Income

Special Allowance
City Compensatory Allowance
Dearness Allowance
Food Coupons
Other Allowances
Interim Bonus
Leave Encashment- Taxable
Leave Encashment- Exempted

Bonus/Exgratia
Income from House Property
Income from any Other Sources
Income from Previous Employer
Interest Accrued (Bank Acounts/NSC)

Total Income as per bank statement


Investments/Deductions/Allowa

Allowances
PT
Conveyance (Rs.1600/month)
Medical Reimburse
LTA
Sec 80 C(1.5Lacs limit)
EPF
LIC
nces

Housing loan Principal

Total - Based on limit


Sec 80D, Medical Insurance(25K Max for Self/family; 30K Max for Seni

Total - Based on limit


Sec 24(2 Lacs limit)
Housing loan interest
Total - Based on limit
Sec 80G - Donations to Charities/Orphanage
Total Deductions- B
Total Taxable Income- (A-B)
Tax on Income
After Tax rebate of Rs 2000
Edu Cess(3%)

Total Tax/year
Tax

If Taxable income < 5LPA, then rebate of Rs 2000)

Tax Deducted at Source/year

Remaining Tax to be paid/Tax Return


X WORKING SHEET
Tax Cycle (April 20__ - March 20__ )
Amount (Per
Remarks
Annum)

0.00

Allowances

Sec 80 C(1.5Lacs limit)

0.00
r Self/family; 30K Max for Senior Citizens; 5K Max for Health Checkup)

0.00
Sec 24(2 Lacs limit)

0.00

0.00
0.00
0.00
-2000.00
-60.00

-2060.00
0.00

[If the value is positive then its tax to be


-2060.00
paid, If negative then its tax return]
TAX WORKING SHEET
Tax Cycle (April 20__ - March 20__ ) Amount (Per
Categories Remarks
April May June July August September October November December January February March Annum)
Basic
HRA
Conveyance
LTA
Medical Reimburse
Earnings/Income

Special Allowance
City Compensatory Allowance
Dearness Allowance
Food Coupons
Other Allowances
Interim Bonus
Leave Encashment- Taxable
Leave Encashment- Exempted

Bonus/Exgratia
Income from House Property
Income from any Other Sources
Income from Previous Employer
Interest Accrued (Bank Acounts/NSC)

Total Income(Gross)- A 0.00

Rent Paid
Allowances
HRA
PT
Conveyance (Rs.1600/month)
Medical Reimburse
Food Coupons
LTA
Leave Encashment- Exempted
Labour Welfare Fund
Investments/Deductions/Allowances

Sec 80 C(1.5Lacs limit)


EPF
LIC
NSC
Housing loan Principal
Public Provident Fund
Mutual Funds
Child Tuiton Fee(Max 2 children)
Fixed Deposits
ULIPS
Pension plans
LIC

Total - Based on limit 0.00


Sec 80D, Medical Insurance(25K Max for Self/family; 30K Max for Senior Citizens; 5K Max for Health Checkup)

Total - Based on limit 0.00


Sec 24(2 Lacs limit)
Housing loan interest

Total - Based on limit 0.00


Sec 80G - Donations to Charities/Orphanage

Sec 80E - Educ loan

Total Deductions- B 0.00


Total Taxable Income- (A-B) 0.00
Tax on Income 0.00
Edu Cess(3%)
Tax

Total Tax/year 0.00


Tax Deducted at Source/year
Tax

[If the value is positive then its tax to


Remaining Tax to be paid/Tax Return be paid, If negative then its tax
return]
Ways of Reducing Tax for Salaried Individual
1. By claiming the various Allowances provided in the salary

2. By the way of saving money in various investments where we can get the tax benefit

1. Allowances
i) HRA
If House Rent Allowance (HRA) is included in the salary structure then salaried individuals can benefit
them for residential lodging. This benefit is available under Section 80GG and the deduction amount i

40% of Salary (Basic + Dearness Allowance), 50% in case of Metros


Actual HRA received

Surplus of housing charge paid over 10% Basic ( ie Rent - 10 % of Salary (Basic + Dearness)

ii) Food Coupons (Like Sodexho Pass) can be availed up to Rs 60,000 per year

iii) Medical Expenses which are compensated by the employer up to Rs.15,000 per year.

iv) Transport Allowance up to Rs 1600 per month.

v) Child Education Allowance Rs.100 Per child for two Childs

vi) LTA (Leave Travel Assistance) Can be claimed 2 years in span of 4 Yrs

vii) Professional Attire Allowance (Purchase of Dress Material and Shoes)

viii)Professional Pursuit Allowance (Purchase of Books and periodicals)

ix) Entertainment Allowance

x) Telephone and Internet Charges

xi) Vehicle Maintenance Expenses


2. Tax Saving Instruments
i) Sec 80-C In this one can save up to Rs 1,50,000 - by making the following investment in any of
Life Insurance Premium
ULIPS
Pension Plans (Pure Pension as well as with life Coverage)
ELSS Mutual Funds
Provident Fund deducted by the company (EPF and Voluntary PF)
Public Provident Fund (PPF)
National Saving Certificate (NSC)
Tuition fees paid for children's Education (Maximum 2 children)
Principal component of Home Loan repayment
5-Year fixed deposits with banks and Post Office

ii) Other Major Sections


Sec-80D - Medical Claim/Health Insurance (Up to Rs.25000) Sec 80D, parents up to Rs. 30000. Healt
Rs.5000
Sec 24 - Home Loan Interest payment (Up to Rs.2,00,000)
Sec 80G - Donations to Charities or Orphanage
Sec 80E - Higher Education loan Interest repayment.
Income Level / Slabs
i. Where the total income does not exceed Rs. 2,50,000/-.
ii. Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.

iii. Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.

iv. Where the total income exceeds Rs. 10,00,000/-.

Education Cess: 3% of the Income-tax.

Particulars

Surcharge on taxable income exceeding Rs. 1 Crore for Individuals, Senior Citizens,
Very Senior Citizens, HUFs, AOPs, BOIs, artificial juridical persons, firms, cooperative
societies and local authorities
Comparison of Benefits under various IT Sections
Exempted amount of transport allowance
Section 80D - Deduction for Health Insurance premium

Section 80D - Deduction for Health Insurance premium for Senior Citizens
Investment in Sukanya Samriddhi Scheme
Section 80DDB - Deduction in case of very senior citizens on expenditure on account
of specified diseases
Section 80DD - Maintenance, including medical treatment of a dependent who is a
person with disability
Section 80DD - Maintenance, including medical treatment of a dependent who is a
person with severe disability
Section 80U - Person with disability
Section 80U - Person with severe disability

Section 80CCC - Contribution to provident fund of LIC or IRDA approved insurer

Section 80CCD - Contribution by the employee to National Pension Scheme (NPS)


Income Tax Rate
NIL
10% of amount by which the total income exceeds Rs. 2,50,000/-

Rs. 25,000(10% of Rs 2,50,000) + 20% of the amount by which the total


income exceeds Rs. 5,00,000/-.
Rs. 130,000(10% of Rs 2,50,000 + 20% of Rs 5,00,000) + 30% of the amount
by which the total income exceeds Rs. 10,00,000/-.

Proposed Changes in Budget for FY 2015-16

OR

AY 2016-17

12% of Income Tax


efits under various IT Sections
Rs. 1,600/- per month
Rs. 25,000/-

Eligible for deduction u/s 80CRs.


and30,000/-
any payment from the scheme shall
not be liable to tax.

Rs. 80,000/-

Rs. 75,000/-

Rs. 1,25,000/-
Rs. 75,000/-
Rs. 1,25,000/-

Rs. 1,50,000/-
Rs. 1,50,000/-

The budget also proposes to provide a deduction of upto Rs. 50,000 over and above
the limit of Rs. 1.50 lakh in respect of contributions made to NPS.