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.

Missing for 2 months

My last post was on 14th February, and today is 14th April. 2 months since I last posted something on my blog, so in case people are wondering where I was, well I was just a bit lazy maybe, and I didn’t find/think much to write about. But just to fill that void, here is the first post in two months. So what did I do all this time? Well pretty much the same old stuff, office, gaming, music, movies, sleep. I’ll start with the movies I saw, so I’ll start off with Race

Race Review
Race was a good movie, I liked the cinematography, the performances of the main starts, and for its music. The plot had too many twists in it, and for once you did feel like what was going on. That said, its a good watch, and worth the penny. The car race in the end of the movie was pretty good. Saif Ali Khan was very good, and Akshaye Khanna was even better. His performance was very impressive. The same can’t be said about the girls though, I felt Bipasha was somewhat off in the film. Didn’t impress me much, neither did Katrina Kaif, infact she rarely does impress me. Sameera Reddy’s role was small, and she was only used for being the center of the jokes from Anil Kapoor, who himself was pretty much ok in the movie. Music was the strength of the movie, and some of the tracks are really very good. Overall a good and entertaining movie with lot of style and substance.
Rating: 7.5/10

Sunday Review
Then I saw Sunday, a little late, it was a ok movie, not great, but the suspense factor with some comic scenes saves the movie. Ajay Devgan gives an ok performance, Ayesha Takia, was good. The plot was main strength of the movie. Arshad Warsi and Irfan also did a good job in their comical roles. Vrajesh Hirjee was also a nice character in the movie. The starting scene of his was pretty awesome. Anjana Sukhani looks very pretty. Music wise, other than the title track not much was there in the movie. So overall its an ok watch.
Rating: 7/10

Shaurya Review
I went to this movie, with no clue whatsoever about the movie. Which is quite rare for me, as I usually have something in mind as to what to expect from a movie, but this was a different case. The movie was good but had some flaws in it, but not that big to make it a disaster. Acting was the main strength here, and Rahul Bose, Kay Kay Menon, Javed Jaffrey and Minissha Lamba all did a good job. Minissha Lamba looks very good, and acts very well too. Kay Kay Menon gives a solid performance, especially in the end. Rahul Bose was ok, Javed Jaffrey was in a different role, much different from the comic roles we have seen him in recently, and was quite fine. Music wise not many songs in the movie, but one song was very good. The guy who played the role of Javed was very good, his expressions were very good and impressive. Overall its a nice movie and delivers the message it wants to give. Flaws wise, the movie could have been better on some occasions, especially the build up to the whole story.
Rating: 7.5/10

Juno Review
Juno is a comedy about a 16 year-old who gets pregnant. Ellen Page plays the role of Juno, with Michael Cera, Jennifer Garner, and Jason Bateman also starring. Its a very fine made movie, and Ellen Page gives a great performance. Its a great performance for a 21 year-old, and she was nearly flawless in the movie. Michael Cera wasn’t much in the movie, but was pretty ok. The direction was pretty good, and I liked the simplicity of things. Overall its a very good movie with Ellen Page taking the center stage and delivering a great performance. A good watch.
Rating: 8/10

So thats all about the movies, now for some music. Well not much to write about in here, but recently I’ve been listening to 2 albums quite a lot: Jannat and Tashan.

Jannat Music Review
Pritam makes another musical hit for Bhatts. After some great music in movies like Gangster, Woh Lamhe and Awarapan for Bhatts Pritam gives another album with great music. The first track, “Zara Sa” is a lovely track with the main tune capturing the mind of the listeners. Its superbly done, and KK always sings such songs beautifully. Then the song “Judai” was another good song in the album. Sung, written and composed by Kamran Ahmed, its a nice song, well sung by Ahmed. ‘Door Naa’ is a somewhat slow paced track, but its pretty good. Lots of areas where the song really grab your attention. The other songs were good as well, but the ones I mentioned were my picks from the album.
Rating: 8/10

I have done music review of Tashan separately. Please click here to read it.
Apart from these two albums, I got some Elvis Presley albums which I’ll listen to. I’m also listening to some old tracks as well for a change.

After music, its time about some gaming. Well pretty much the usual gaming, FIFA 08, Need for Speed: Most Wanted. But I played a new game, Aliens versus Predator 2 and its expansion pack Aliens versus Predator 2: Primal Hunt. I like the AvP franchisee so this game was surely I wanted to play. It lets you play as the Alien, as the predator or as a marine soldier. I completed the Predator levels in the game and its expansion pack. I started the Alien campaign as well and completed some half of it. Its a pretty good FPS and AvP fans will love it. Its kinda old, released in 2001, so the graphics look like of old games, but it still is very good to look.

Now about some sports. I haven’t played much football over the last few weeks, but Manchester United has been putting up some good performances, and so was Ferrari. Manchester United entered the semifinal of the UEFA Champions League and is also comfortably on top of the Barclays Premier League to retain their title this season as well. Ferrari got a 1-2 in Bahrain as Massa took the win after some forgettable first two races.

So that was my update about the last 2 months. Hopefully there won’t be another gap between the next post.

Know your taxes – Income Tax Calculator 2007-2008

Its February, and March is nearby, and most of us salaried employees are going to be fazed by the term “INCOME TAX”. Well most of us really don’t know the real deal when it comes to computing tax, and I was no different, and this being the first year that I was under taxation, so I started some online research as to what and how much tax do we need to pay. So I found this pretty cool tax calculator made my Nithyanand. I’d like to thank this person for making this pretty useful utility. So for those who want to know how much are they going to be taxed, you can go over to the website and download the tax calculator from there. Its in Microsoft Excel format and you just need to fill in the details. It has some sheets in the bottom with first being instructions, which are quite detailed and I’m sure you won’t have much problem in using it. Don’t forget to configure the details on the bottom right in the IT 2007-08 sheet.

Get Nithya’s Tax Calculator http://www.ynithya.com/taxcalc/

Some important points regarding Income Tax for the financial year 2007-08:

Tax Rates
In India, Individual income tax is a progressive tax with three slabs.
* No income tax is applicable on all income up to Rs. 110,000 per year. (Rs. 145,000 for women and Rs. 195,000 for senior citizens)
* From 110,001 to 150,000 : 10% of amount greater than Rs. 110,000 (Lower limit Rs. 145,001 for women and 1,95,000 to senior citizens)
* From 150,001 to 250,000 : 20% of amount greater than Rs. 150,000 & less than Rs.2,50,00(Rs 4,000+20% above amount 1,50,000 for Individual, For women: Rs. 500+20% above Rs 1,50,000 & 20% on above amount 1,95,000 to 2,50,000 For senior citizens, the lower limit is Rs. 195,000)
* Above 250,000 : 30% of amount greater than Rs. 250,000 + Rs. 24,000 (Rs. 20,500 for women and Rs. 11,000 for senior citizens)

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

Source: Wikipedia

Mukesh Ambani, the first Indian trillionaire

Indians are really flying high, I was like shocked when I read this piece of news on rediff.com, its about Mukesh Ambani becoms a trillionaire!!! Really amazing…Indians are gaining a strong foothold amongst the richest people.

“Ambani’s cumulative wealth based on his promoter holding in group companies, led by India’s most valued firm RIL, rose to Rs 2,04,945 crore (Rs 2,049.45 billion) at the close of Tuesday’s trading, consolidating his position as the richest Indian businessman.

His younger brother Anil stood at second position with a net worth of Rs 1,17,710 crore (Rs 1,177.10 billion), taking a marginal lead over realty giant DLF’s K P Singh who has a net worth of Rs 1,15,225 crore (Rs 1,152.25 billion).”

Source: http://www.rediff.com/money/2007/sep/25mukesh.htm

Ford sells Aston Martin

Aston Martin logo

After months of speculations as to whom will the luxury car brand be sold, finally had a new owner. Ford Motor Company sold the firm to a UK based consortium for £479m ($924m). It takes Aston Martin back to Britain, after a two decade of ownership under Ford. The iconic car maker is well known for the Aston Martin Vanquish & Aston Martin DB9 cars and also famous for being the car of the spy James Bond in the series by Ian Fleming. The consortium which bought the controlling stake in the firm is led by David Richards, boss of motorsport firm Prodrive, and some Kuwaiti investors as well. This should do a great deal of help to Ford, who is in deep financial trouble recently. The American car maker reportedly lost more than a whooping $12bn last year. Even for Aston Martin its a good cause as the company is secured, and with David Richards at the cause, the company will be active in motorsports. David Richard’s Prodrive firm won a place in the 2008 Formula One Season, fighting off some other constructors to secure the only seat. Prodrive is also active in the World Rally Championship as the Subaru World Rally Team.

ASTON MARTIN HISTORY
1913: Founded by Lionel Martin and Robert Bamford
1975: Sold to American owners
1987: Ford buys 75% stake
1994: Ford takes full control
2005: Record 4,500 sales
2006 – Ford puts Aston Martin up for sale with price tag of $1bn
2007: Sold by Ford to a UK-led consortium

SportZForumZ is now 2 & SF Awards 2006 announced!

SportZForumZ.com, my sports website/forum turns 2 years old tomorrow, on February the 4th. And it gives me great pleasure to see this happening. It has been a great time, with great support from the members and staff, and I thank all of them for this. Without them it wouldn’t have been possible to do this. And I hope this year will be even greater 😀
And along with this we also announced the winners of the SF Awards for Excellence in Sports for the year 2006.

SF Awards logo

Click on the link to see the winners of the SF Awards for Excellence in Sports 2006.

I saw a F1 car…again!

“Wow! What a car!” were the words when I cried out in amazement when I saw the McLaren MP4-21 this weekend. This was the second time I saw a F1 car right infront of me. Last time it was the Honda, but thanks to Johnnie Walker for briniging this car to town. Johnnie Walker has been marketing agggresivly in India recently using their partnership with Team McLaren Mercedes.Well last time I even managed to touch it, but this time I wasn’t so lucky, the people from the event management didn’t allow me to touch it this time. This time again I didn’t have a camera to get a picture with the car, but luckily the Johnnie Walker people had a cameraman to take the pictures and then give it to us, I chose for the e-mail medium for getting the image, and besides they weren’t giving instant prints at that moment, so I thought I was a good choice, so I got myself clicked with the car. And still I haven’t received the images from them. Tch Tch! So sad really! I’m still hoping that I will get it eventually. So I’m now wondering what will be the next car and when I’m gonna see it. Wait a minute I know!!! Its gonna be a Toyota! Thanks to Vijay Mallya and his Kingfisher Airlines marketing alliance with Toyota Racing, we might be able to see the car here as well like Johnnie Walker. So we are waiting Mr. Vijay Mallya. And yeah I will get a camera this time.

Update: I got the image from Johnnie Walker. See it below. Thanks a ton guys.
Free Image Hosting at www.ImageShack.usClick on the image for a larger view.