The tax on the salary is not the only one that’s payable simply because most individuals usually have other sources of income. In addition, there are indirect taxes. Use the following work sheets to calculate your total tax liability.
| CALCULATING TAXABLE INCOME | |
|---|---|
| Net Salary | YOUR FIGURES |
| Basic Salary | - |
| Commission & Bonuses | - |
| Allowances (HRA, Conveyance...) | - |
| Perquisites (House, Car...) | - |
| Gross Salary | - |
| Less: Deduction From Salary | - |
| Less: Entertainment Allowance | - |
| Salary Income Chargeable To Tax | - |
| Income From Other Sources | |
| Interest On Bank Or Co. Deposits | - |
| Interest On NSCs | - |
| KVP Or Debentures And Bonds | - |
| Interest On Delayed Tax Refunds | - |
| Income From Royalty | - |
| Winnings From Lotteries | - |
| Other Income Chargeable To Tax | - |
| Capital Gains | |
| Sale Value | - |
| Less: Acquisition Cost & Improvement Cost | - |
| Net Sale Value | - |
| Income From House Property | |
| Annual Value | - |
| Less: Municipal Taxes | - |
| Net Annual Value | - |
| Deduction (30% Of Nav) | - |
| Less: Interest On Loan | - |
| Income From House Property | - |
| Business / Profession | |
| Gross Receipts | - |
| Less: Expenses Incurred | - |
| Income Chargeable To Tax | - |
| GROSS TOTAL INCOME | - |
| CALCULATING INCOME TAX | |
| Gross Total Income | - |
| Less: Deductions Under Section 80C | - |
| Income Rounded Off Under Section 288A | - |
| Taxable Income | - |
| Income Tax Payable | - |
| Add: Surcharge | - |
| Add: Education Cess @ 2% | - |
| Add: Higher Education Cess @ 1% | - |
| TOTAL INCOME TAX: | - |
| TAX SLABS AND RATES: (0-Rs 1.5 lakh (Nil); Rs 1.5 lakh-Rs 2.5 lakh (10%); Rs 2.5 lakh-Rs 5 lakh (20%); Over 5 lakh (30%). Concessions to women and senior citizens) | |
INDIRECT TAXES
Indirect taxes are not levied on individuals but on goods and services and are eventually passed on to people as higher prices. Use this worksheet to find out how much indirect tax you pay:
| TAX ON ROUTINE EXPENSES | |||
|---|---|---|---|
| Head | Expenditure | Applicable Taxes | Tax |
| Food | - | Sales Tax, Excise Duty (12.5%*) | - |
| Housing | - | Stamp Duty, Service Tax (7%*) | - |
| Health | - | Excise Duty, Service Tax (8%*) | - |
| Transport | - | Excise, Customs, Surcharge (12.5%*) | - |
| Education | - | Sales Tax (3%*) | - |
| Clothing | - | Sales Tax, Excise Duty (12.5%*) | - |
| Durables | - | Sales Tax, Excise Duty (12.5%*) | - |
| Entertainment | - | Entertainment Tax, Luxury Tax (15%*) | - |
| Others | - | Sales Tax, Service Tax (7%*) | - |
| TAX ON NON-ROUTINE EXPENSES | |||
| Head | Expenditure | Applicable Taxes | Tax |
| Ceremonies | - | Sales Tax, Service Tax (10%*) | - |
| Medical | - | Excise Duty On Medicines (6%*) | - |
| Education | - | Sales Tax (3%*) | - |
| Travel | - | Service Tax, Surcharges (8%*) | - |
| * Estimated average of all applicable taxes | |||
| TOTAL EXPENSES | |||
| TOTAL INDIRECT TAX LIABILITY | |||
APPLICABLE INDIRECT TAXES
Indirect taxes vary from state to state. Here is an estimate of what you pay as indirect taxes on various expenses:
TRANSPORT
12.5% | Toll, taxes (customs, excise, sales tax, VAT, commissions account for 52% of petrol price and 31% of diesel price); service tax (car maintenance 12.5%)
HOUSING
7% | One-time stamp duty (sale price 5-10%); service charge (12.5% on monthly maintenance charges)
HEALTH
8% | Sales tax (medicines 4%); excise duty (medicines 8%); service charge (on gym, beauty parlour etc) 12.36%
FOOD
12.5% | Excise (packaged drinking water and aerated drinks 16%; biscuits 8%, most packaged foods 8%); VAT/sales tax (12.5% on most items)
EDUCATION
3% | Sales tax (stationery items 12.5%)
CLOTHING
12.5% | Excise duty (4%), customs duty (4%) and sales tax (12.5%)
DURABLES
12.5% | Sales tax or VAT (12.5%)
ENTERTAINMENT
15% | Luxury tax (hotels 10-15%), entertainment tax (movie tickets 10-35%); service tax (club membership 12.5%)
TRAVEL
8% | Airport taxes, fuel surcharge, agent’s commission (variable); service tax (car rental 5%)
OTHERS
7% | Service tax (12.36%)
The percentage figures given in bold is the average tax on the heads of expenditure.
