This calculator allows to calculate the Total Income and Tax thereon alongwith interest under section 234 A/B/C
This calculator allows you to calculate the provisions required to be made for deferred tax as per provisions of AS 22
This calculator allows you to compute your tax liability on mere input of your taxable income
This calculator enables estimation of advance tax installments on the basis of taxable income of a tax payer
This calculator enables calculation of TDS to be deducted from specified payments being made to resident/non-resident
This calculator enables calculation of taxable and exempt portion of Transport allowance given to an employee by his employer
This calculator enables calculation of taxable and exempt portion of Children Education and Hostel Allowance given to an employee by his employer
This calculator enables calculation of taxable value of perquisites in case the employer provided rent free accomodation to its employees
House rent allowance received by an employee is taxable. However exemption is available under section 10(13A). This calculator enables calculation of taxable and exempt portion of HRA
Levy of income tax is depends on the
residential status of a person. Residential status of a taxpayer is
determined in accordance with Section 6 of the Income-tax Act which can
be a NRI, a RNOR or an Ordinary Resident in India.
Leave encashment may be received by an employee during employment or on
retirement. Its taxability depends upon various factors like employer
type, period of employment, etc.
Gratuity receive by an employee from his employer is exempt up to
certain limit if some conditions are satisfied. Gratuity received by a
Government employee is fully exempt from tax.
Employees taking interest free loan or
at concessional rates from the employer are taxable on the perquisite
value of such benefits. The taxable perquisite is computed at rate of
interest charged by SBI for similar loan.
Use of own car or employer’s car for
personal purposes or partly for personal and partly for official
purposes is a taxable perquisite. The valuation of such perquisite is
dependent on certain factors, i.e., capacity of car, usage of car, etc.
This relief is allowed when an
employee receives past dues in current year. As amount is taxable in
current year, Section 89(1) aims to provide relief from additional tax
paid in the current year on past years income.
Income earned by a taxpayer from
letting out his house property is taxable under this head. A house, even
if not let out, can be charged to tax if it is deemed to be let-out.
Tangible and Intangible assets used
for purpose of business is subject to depreciation at specified rates.
An additional depreciation is also allowed to certain entities on
certain tangible assets subject to fulfilment of some conditions.
To give relief to small assessees,
Income-tax Actallows them to compute their income from business on
presumptive basis. An assessee opting for presumptive scheme is
notrequired to maintain regular books of account and is also exempt from
getting the books of account audited.
give relief to small transporter, Income-tax Act allows them to compute
their income from business of plying, hiring or leasing of goods
carriages on presumptive basis. An assessee opting for presumptive
scheme is not required to maintain regular books of account and is also
exempt from getting the books of account audited.
earning commission up to Rs. 60,000, who are not maintaining detailed accounts,
can claim ad-hoc deduction.
Taxability of capital gains depends on
the nature of a capital asset which can be either long-term or
short-term. Nature of a capital asset is determined on basis of its
period of holding since date of acquisition.
A partnership firm is allowed to pay
remuneration to its partner. Such remuneration can be paid within an
overall limit specified under Section 40(b). Any payment above this
limit is disallowed.
Deduction under Section 80C is allowed
to an individual for investment made by him in life insurance plans,
tuition fees, housing loan repayments, etc. Maximum deduction of Rs.
1,50,000 is allowed to a taxpayer under this provision.
To promote health insurance plans, a
deduction is allowed under Section 80D in respect of premiums paid
towards health insurance policies.
This deduction is allowed to a
taxpayer if he incurs some expenditure to support his disabled family
members who is dependent on him for support and maintenance.
Almost all taxpayers earn some
interest from their saving bank deposits. An assessee can claim
deduction up to Rs. 10,000 from such interest income.
This deduction is available to a resident individual who is certified by the medical authority that he/she is a disable person.