Income Tax Calculator 2008-2009

If you are wondering how to calculate your income tax, don’t worry, Nithya has an answer to that, with his superb tax calculator. I made a blog post for the last financial year too about the 2007-2008 Income Tax Calculator, so here is the new version of that for the 2008-2009 financial year. Get Nithya’s Tax Calculator and fill up the excel sheet with the various inputs you need to provide and it will calculate the tax. Its covers all the aspects of it and works great. I was not that aware about income tax last financial year, so I didn’t plan well. This time though, and with the help of this tax calculator, I’ve been able to plan my investments to save tax. Thanks a lot Nithya!

Here are the Income Tax Rates in India:

* No income tax is applicable on all income up to Rs. 1,50,000 per year. (Rs. 1,80,000 for women and Rs. 2,25,000 for senior citizens)
* From 1,50,001 to 3,00,000 : 10% of amount greater than Rs. 1,50,000 (Lower limit changes appropriately for women and senior citizens)
* From 3,00,001 to 5,00,000 : 20% of amount greater than Rs. 3,00,000 + 15,000 (Rs. 12,000 for women and Rs. 7,500 for senior citizens)
* Above 5,00,000 : 30% of amount greater than Rs. 5,00,000 + 55,000 (Rs. 52,000 for women and Rs. 47,500 for senior citizens)

Surcharge

A 10% surcharge (tax on tax) is applicable if the taxable income (taking into consideration all the deductions) is above Rs. 10 lakh (Rs. 1 million). The limit of 10 lacs was increased to Rs. 1 crore (Rs. 10 million) with effect from 1st June 2007 for corporate assessees.

Education Cess

All taxes in India are subject to an education cess, which is 3% of the total tax payable.

Also Read: Tax Saving made easy. Simple guide to save income tax.

Disclaimer: The information on the site is to be used only as a resource. Nothing published on this site should be considered as investment advice.  I advise users to check with certified experts before taking any investment decision. I do not guarantee the accuracy, adequacy or completeness of any information and am not responsible for any errors or omissions or for the results obtained from the use of such information. You are solely responsible for making your own investment decisions.

Author: Rohit

I'm a simple guy, love Formula 1(Ferrari), football (Manchester United), love computers, gaming, learning multimedia.

59 thoughts on “Income Tax Calculator 2008-2009”

  1. Hi Shankar! You can save tax by investing in NSC, PPF, ELSS (Equity Linked Savings Schemes), life insurance, infrastructure bonds and post-office schemes

  2. how can save tax by investing in NSC, PPF, ELSS (Equity Linked Savings Schemes), life insurance, infrastructure bonds and post-office schemes

  3. Suppose i have taken an educational loan, and i pay Rs.10,000 as monthly interest to Bank, and my earning is in the 10% bracket, (supposedly 3 lacs per annum).
    would i b exempted from some Tax.

  4. @aijazahmed786: I don’t know about 24Q, maybe this will help you
    http://sify.com/services/legal/fullstory.php?id=14210023

    @Azlaan: As far as I know educational loan doesn’t help in getting exemption. Only if you pay tution fees for your children (upto 2) only then you can get some exemption for the tution fee paid. However there is some exemption if you are repaying a home loan, not sure how much. I would still suggest you consult an expert.

  5. Will Individual Pensioner attaining the age of 65 years during the assessment year 2008-9 be considered as Senior Citizen?

  6. Can Pensioners claim rebate for House rent? What other rebates are admissible to pensioners apart from Policies, Savings Certificates?

    1. As far as I know, Pensioners and everyone alike are admissible to all possible rebates, so it should be same for everyone. According to Section 80C, you can save upto Rs. 100,000 in any of the tax saving instruments like Provident Fund, Equity Linked Savings schemes (ELSS)

  7. dear sir ,

    my salary is 47,000 pm,
    getting cash in hand rs.40,000

    hwmuch tax aplicable on my… how much money i will pay , if havnt any saving .kindly mail me.

    tnx

    aditya

  8. Hi,

    I am salaried professional working in a company. I am also doing a higher studies course thru correspondance and I pay an amount of INR 35K for the whole year FY08-09. Can I claim this course fee payment for tax emeption?

    1. Under section 80E, you only get deduction for any interest paid on an education loan. Then again there are some criteria to be eligible for the deduction. This should help you:

      Section 80E
      To avail benefits under section 80E, an individual must borrow money from certain financial institutions, banks or approved charitable institutions for the purpose of pursuing a full-time education course. The repayment of the principal amount of this loan and payment of interest should happen from the taxable income of the individual. If the above conditions are met, the individual is eligible for deduction of the entire interest payout made during that year.

      Section 80C
      Under Section 80C, you can avail a deduction if the tuition fees are paid for the full-time education of children. If you do not fall in either of the above categories, there would be no deduction available to you regarding payment of fees.

  9. dear sir ,

    my salary is 30,000 pm,
    getting cash in hand rs.40,000

    hwmuch tax aplicable on my… how much money i will pay , if havnt any saving .kindly mail me.

  10. Under section 80E, one gets deduction for any interest paid on an education loan.But in some articles I read that interest is admissible only if the loan is taken for some perticular courses such as tech, management, medical and science.
    Pl. clearify if the loan deduction would be admissile for graduation in economics for study abroad?
    sk

    1. I’m not too sure about this one. As far as I know, its only admissible for full time courses for graduation and post graduation. Economics isn’t specifically mentioned anywhere, but if its a graduation course from a recognized university and you have a loan for it from a Recognised Indian Bank it should be admissible, I’m not sure though. I still advice you to please consult an Income Tax expert.

  11. iam a teacher paying full fee of my ward studying in another school . what tax rebates will i get for the tution fee paid

    1. According to Section 80C, tution fees for upto 2 children studying in India for full time eduction is qualified for deduction. The total limit under the section is Rs. 100,000 including the other savings options under Section 80C.

  12. I started my job in Jul 2007 , from july 2007 to may 2008 my salary was Rs 8000 per month ( In hand) then I shifted my job from June 2008 to Sep 2008 salary Rs 13000 ..from Sep 08 till now Rs 15000 per month

    I haven’t invested anywhere neither taken life insurance. I have taken a room on rent whose rent is Rs 3300

    Can I file return from Jul 2007 till now?

  13. Hi,
    My wife is a housewife and I have wish to lease out a car which is in her name so that i can claim income tax rebate on the leased out amount.
    Hoever if the amount leased out exceeds 1,80,000 then she has to pay income tax. She currently does not have any insurance etc…can she claim releif under any other sections if the income from lease exceeds RS 180000?

    Thanks
    Sriram

  14. Sir

    For above for 1026000/- lakhs income, income tax for 2008-09 is 241347, i want to know that there is a magrinal relief for above income & as per that tax will be RS. 238650/. is it right? & show how to calculate

  15. Hi,
    A person is born on 25/04/1944. Is he considered as a Senior Citizen for filing of Income Tax returns for the assessment year 2009-10?

    1. I think he/she should be considered as a Senior Citizen, as at the time of the tax submission, the person is of 65 years age. But please confirm it with a taxation expert.

  16. I have an annual income of more than 8 lakhs. I have earned a bank interest of Rs.40000 on my deposits. What is the amount that I have to pay on that as self assessment tax?

  17. I want to get relief under section 89(1) by showing my this years arrear into previous year. While calculating, a question has arised. While calculating Tax without taking the arrera into account, whether the differential P tax and P.F. of the arrear to be deducted from Gross or not.
    Tax with Arrear: Gross (12month’s Salary) + Gross Arrear – P.Tax (arrear) – P Tax (12month’s salary) – 80C savings – std Deduction.

    Tax without arrear:
    Method A
    Gross (12month’s Salary) – P.Tax (arrear) – P Tax (12month’s salary) – 80C savings – std Deduction
    Method B
    Gross (12month’s Salary) – P Tax (12month’s salary) – 80C savings – std Deduction

    I want to know Method A or Method B whichever is correct.
    Please help me with yu rvaluable suggestions.

  18. dear sir my mother is a retired employee age 62 years and total income 140000 coming from bank deposits.she submitted returns when she was in job.for last two years she did not submit any returns.IS is cumpulsary to submit returns.

  19. I am 65 years as on 6-8-2010. Can I calculate the income tax for this financial year 2010-2011(Assessment year 2011-2012) as per the income tax rules related to senior citizens?

  20. I have completed 65 years age in Nov’2010. Can I claim Income tax rebate as Senior Citizen for financial year ending March 2011 ( Assessment yr. 2011-2012 )

  21. I have completed 65 years age in Nov’2010. Can I calculate Income tax rebate as per Senior Citizen during submission of IT return ,for financial year ending March 2011 ( Assessment yr. 2011-2012 )

  22. I have completed 65 years age in Nov’2010. Can I calculate Income tax rebate as per Senior Citizen, during submission of IT return ,for financial year ending March 2011 ( Assessment yr. 2011-2012 )

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