Income Tax Calculator 2009-2010

The new budget didn’t change much in tax computation, the slabs were raised by 10,000, so after the change, the new slabs are Rs.240,000 for senior citizens, Rs.190,000 for women and Rs.160,000 for others. Surcharge of 10% on personal tax has been removed.

“Plan early and start early”. That’s the saving mantra. So download Nithya’s Tax Calculator and figure out how much you will need to pay as taxes, and how much can you save.

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.

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.

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