Calculate your tax

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.

     Print Edition: January 22, 2009

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 SalaryYOUR 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)

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