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Income tax calculator india 2011-12 excel

income tax calculator india 2011-12 excel

It is fairly easy to use the quick tax calculator.
Income Tax Slabs for 2010-11 Tax slabs for men : in 2010-11 the tax exemption limit for men was INR 160,000.For people earning between 5000000 the tax rate is 20 percent.10 surcharge on income tax i f the total income exceeds Rs 50 Lakhs but less than Rs 1 crore.If one finds any issue, they can report same to us through contact us page and we would try to fix the problem as soon as possible.Bank/Fixed deposit/Post Office/NSC/scss interest: Interest earned on bank account, fixed deposits, post office, debt mutual funds/fixed maturity plans(kept less than one year) would be added to taxable income and taxed as per slab rates.The allowed dedudtion if for Rs 75,000.Amount can be invested in: Tax saving mutual funds (elss) with three years lock-in Five year tax-saver bank Fixed deposits Public provident fund (PPF) National Savings Certificate (NSC) or National Service Scheme (NSS) Employer contribution airtel prepaid recharge plans in delhi 2014 into New Pension Scheme (NPS) (Section 80CCD) Life insurance/Unit Linked.Driver salary If employee pays driver salary for self owned or company owned car, Rs 900 per month may become non-taxable if employer provides component for.If the disability is severe, the deduction amount will be 125,000.State the gender, state if a senior citizen or not.
Step 3 : Work Out your Savings It takes into consideration all your savings and investments that are included in the sections under Income Tax Rebates.5,00,000 5 per cent.The agents normally digitize the data and then transmit them to the Income Tax Department's e-filing server using their digital signatures.If their yearly income is between 250000 the applicable tax rate is 10 percent.Tax slabs for senior citizens: For senior citizens the tax exemption limit in 2011-12 fiscal was INR 250,000.If the total income for a year is more than INR 1000000 then a tax rate of 30 is applied.The Union Finance Minister has made several proposals for changes in the rates of income tax slabs: From now on an additional tax exemption of INR 50 thousand will be provided in case of investments in retail equity.