Auto Tax Calculator by B.P.

Choudhary (Tax Consultant)

Calculate your Tax in Just 5 Minutes

Version 3.0 for the Financial year 2008- 09, Version 2.0 for the Financial year 2007- 08 & Version 1.0 for the Financial year 2006- 07
Available free, Mail me at ( bpchoudhary@gmail.com)or ( bpchoudhary@consultant.com)

Hello-Dears- I am Bijender Pal Choudhary. I am not a Software Professional, but am a Tax Consultant. Prepared
this Auto Tax Calculator with the information I have. This
tax calculator may help to calculate the estimated tax payable by you.
If you find any inconsistency,correction or amendments, please let me know, I will try to fix it at the
earliest . Please send a detailed e-mail at bpchoudhary@consultant.com or bpchoudhary@gmail.com

1 This Calculator will be used to compute the Tax for Common salaried individuals only.
2 Easy to understand & similar as form 16.
3 You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing.
4 Once you enter the amount in the blank cells. Other cells in Calculation & Computation Sheets will calculate data & Tax automatically.
5 Follow the Tax Rules & Informations (where applicable). Following ready reaconer is for your refference.
TAX RULES&OTHER USEFUL INFORMATION
1 HRA exemption = minimum of (40% (50% for metros) of Basic+DA or HRA or rent paid - 10% of Basic+DA)
2 Transport allowance is exempt upto Rs.800/- per month provided the person is in India during the month. For people having permanent physical disability, the exemption is Rs.1,600/-
per month
3 Vehicle maintenance exemption can be claimed if you use a car for travel to the workplace. In such case, exemption can be claimed for the petrol and vehicle maintenance amounts.
The exemption is available to the tune of Rs.1,200/- per month if the engine capacity is less than 1600cc and Rs.1,600/- per month if the engine capacity is more than 1600cc. In case
the amount includes driver's salary, there is an additional exemption of Rs.600/- per month. When this exemption is claimed, transport allowance exemption is not available.

4 Medical bills are exempt for self and dependent family, upto Rs.15,000/- per annum
5 LTA is exempt to the tune of ecomony class Train/ Air /Recognised public Transport fare for the family to any destination in India, by the shortest route.
LTA can be claimed twice in a block of 4 calendar years. The current block is from 01.01.2006 to 31.12.2009. For claim, it is must to provide originals tickets etc.
6 u/s 24 There is an Exemption for interest on housing loan.(for Self occupiedResidence). If the loan was taken before Apr 1, 1999 exemption is limited to Rs.30,000/- per year. If the
loan was taken after Apr 1, 1999 exemption is limited to Rs.1,50,000/- per year if the house is self-occupied; There is no limit if the house is rented out
This exemption is available on accrual basis, which means if interest has accrued, you can claim exemption, irrespective of whether you've paid it or not

7 If you have rented out your house, enter the total income/loss from the house (after deducting property tax and standard maintenance expenses).
8 u/s 80D Medical Insurance (such as Mediclaim & Critical illness Cover) premium is exempt upto (Rs 10,000/- for 2006-07) Rs.15,000/- (for 2007-08) per year. If the premium includes
that for a dependent who is above 65 years of age, an extra Rs.5000/- can be claimed( for 2007-08 ) & Rs.15,000/- (for 2007-08 ) per year.
9 u/s 80DD Deduction in respect of medical treatment of handicapped dependents is limited to Rs.50,000/- per year if the disability is less than 80% and Rs.75,000/- per year if the
disability is more than 80%
10 u/s 80DDB Deduction in respect of medical treatment for specified ailments or diseases for the assesse or dependent can be claimed upto Rs.40,000/- per year. If the person
being treated is a senior citizen, the exemption can go up to Rs.60,000/-
11 u/s 80E Interest repayment on education loan (taken for higher education from a university of self & dependents) is completely tax exempt
12 u/s 80G Donations given for certain charities are tax exempt. Some are exempt to the tune of 50%, whereas others are 100%.
13 u/s 80GG If you do not get HRA, but have rented a house, an exemption is available. This will be calculated as minimum of (25% of total income or rent paid - 10% of total income or
Rs.24,000/- per year)
14 Interest earned from all sources is to be included. All interest income is fully taxable
15 u/s 80U If you have a permanent physical disability (including blindness), you can take an exemption (subject to maximum of Rs.75,000/- per year)
16 u/s 80C Investments up to 1 lac in PF, VPF, PPF, Insurance Premium, Housing loan principal repayment, NSC, ELSS, etc. are deductible from the total income (there is no limit on
individual items, for example 1 lac can be invested in Insurance, )

HOW TO GET AN UPDATE

1 This tax calculator constantly gets updated to fix errors found as well as to add new features
2 This may also be changed when there are changes in tax rules that affect income tax computation
3 You can send an e-mail with your Income details/Salary slip. You will automatically receive the current version of tax calculator with your own details within a day or two.
Once you send a request for our calculator. In future we will send you an updated version autimatically.whenever I update,

WE PROVIDE SERVICES FOR

TAX ASSESSMENT(CALCULATION)
IT RETURNS
PAN CARD
CUSTIMISED SAVINGS/INVESTMENTS/ INURANCE SOLUTIONS (LIFE/ NON LIFE)

ADVISE
Mostly people gives estimated declaration at year starting to minimise their Tax Liabilities but could not save up to last or face heavy burden in last months, so it is
advisable to save from start on monthly basis through Bank ECS , Pls. get in touch with me for Tax saving schemes to mininimize your Tax liabilities. I am providing
consultancy for Tax assessment and good Customise Security & investment Plans .
C A L L M E F O R P R E S E N T A T I O N : B. P. C H O U D A R Y P h : 9 8 1 1 3 0 2 4 9 7, 9 2 1 1 1 2 5 5 8 7 or M a i l
1577 SECTOR-5 R.K.PURAM NEW DELHI-110022
 CALCULATION OF INCOME TAX Date Of Birth Auto Tax Calculator by B.P.Choudhary (Tax Consultant) COMPUTATION OF INCOME TAX for Date Of Birth
for theFinancial Yr 2007-08/ Assessment yr 2008-09 M Version 2.1 for Financial year 2007- 08 for theFinancial Yr 2007-08 Assessment yr 2008-09 SEX - M
PAN-N0 0 PAN-NO 0
PLEASE FOLLOW THESE INSTRUCTIONS
1. Gross Annual Income/Salary(include all allowances) 0 0 1. Gross Annual Income/Salary(include all allowances) 0
2. Less: Allowances exempt u/s 10(for Service Period) 0 1. This Calculator will be used to compute the Tax for salaried individuals only. 2. Less: Allowances exempt u/s 10
(I) H.R.A. exemption 0 2. You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing. (I) H.R.A. exemption 0
City of Residence NM 3. Enter the amount in White cells. Other cells in Calculation & Computation Sheets will calculate data automatically. (II) Conveyance allowances(Max Rs.800/-p.m) 0
Basic Salary (Basic+DA) 0 0 4. Enter your Name,Sex (M / F only) and PAN No in 1-3 yellow-coloured cells. (iii) Any Other Exempted Receipts/allowances (specify)---- 0 0
Rent Paid 0 0 5. Enter the Annually amount in B4-52 Light yellow-colored cells. 3. Income under the head salaries 0
H.R.A received 0 0 6. Do not leave any yellow cell blank. This may lead to incorrect calculation. Instead, enter 0 4. Add: Any other income from other sources
(II) Conveyance allowances(Max Rs.800/-p.m) 0 0 7. Follow the Tax Rules & Instructions(where applicable) 1. Interest received from following Investments
(iii) Any Other Exempted Receipts/allowances (specify)---- 0 0 8. HRA Exemption = Least of (40% (50% for metros) of Basic+DA or HRA Receive or Rent paid (-)10% of Basic) a. Bank ( Saving /FD /Rec ) 0
(iv) Professional Tax 0 0 9. Some Other Exempted Receipts/allowances are ( For Detail follow the Information & Rules). b. N.S.C.(accrued/ Recd ) 0
3. Income under the head salaries 0 1. Medicall Reimbersement (Max Rs.15000/- Per annum) 2. L.T.A (as per Rule) 3. Leave Encashment/Leave Salary c. Post Ofice M.I.S (6 yrs.) 0
4. Add: Any other income from other sources 0 0 4. Vehicle Maintinance allowance 5. Entertaintment allowance 6. Academic Allowance 7. Uniform Allowances d. Post Office Recring Deposit (5 yrs.) 0
1. Interest received from following Investments 8. Children Education Allowance (Rs.100 P.M.per Child/(Rs.300 for Hostel Expenditure) Max of 2 Children) e. Term Deposit (1 to 5 yrs.) 0
a. Bank ( Saving /FD /Rec ) 0 9. Newspaper Allowance etc. f. Saving Bonds (6yrs.) 0
b. N.S.C.(accrued/ Recd ) 0 10. Interest earned from all sources is to be included. All interest income is fully taxable g. Kishan Vikas patra 0
c. Post Ofice M.I.S (6 yrs.) 0 11. Some Exempted Income are 2. Any Other Income (specify)--- 0
d. Post Office Recring Deposit (5 yrs.) 0 1. Withdrawl/Maturity received from PF,PPF,Insurance Co. 3. Any Other Income (specify)--- 0 0
e. Term Deposit (1 to 5 yrs.) 0 2 Long Term Capital Gain 5. Income from house property 0
f. Saving Bonds (6yrs.) 0 3 Dividend on shares in companies Less: Interest paid on housing loan(max150,000) 0 0
g. Kishan Vikas patra 0 4. Interest on Post Office & PPF A/C 6. Gross Total Income 0
2. Any Other Income (specify)--- 0 12. S.N-4(2),(3) Mention Any other income that does not fall under the above heads of income 7. Less: Deduction under Sec 80C
3. Any Other Income (specify)--- 0 13. Computation of Income from house property a. PF&VPF Contribution 0
5. Income from house property 0 1. For Let-out Property 2 .For Self Ocupied Property b. Life Insurance premiums 0
Less: Interest paid on housing loan(max150,000) 0 0 0 Annuall Value Annuall Value-NIL c. PPF a/c Contribution 0
6. Gross Total Income 0 Less-Municipal Taxes Less-Interest on Money borrowed d. N.S.C (Investment +accrued Int first five year) 0
7. Less: Deduction under Sec 80C (Max Rs.1,00,000/-) 0 0 Net Annual Value Net Income(Loss) from Property e. Housing. Loan (Principal Repayment ) 0
a. PF & VPF Contribution 0 Less-Repair & Collection Charges(30% of Net Annuall Value) f. Tuition fees for 2 children 0
b. Life Insurance premiums 0 Income from house property g. E.L.S.S(Mutual Fund) 0
c. PPF a/c Contribution 0 Less-Interest on Housing Loan h. Tax Savings Bonds 0
d. N.S.C (Investment +accrued Int first five year) 0 Net Income from property I. FD (5 Years and above) 0
e. Housing. Loan (Principal Repayment ) 0 TAX RATES FOR (F-Yr 2007-08) ASSESSMENT OF MALE ASSESSE FOR YEAR 2008-2009 j. 80 ccc Pension Plan 0 0
f. Tuition fees for 2 children 0 Net Income Range Income Tax Rates 8. Less: Deduction under chapter VI A
g. E.L.S.S(Mutual Fund) 0 Upto Rs. 1,10,000 NIL b. 80 D Medical Insurance premiums 0 0
h. Tax Savings Bonds 0 Rs.1,10,000 to Rs.1,50,000 10% of Total Income(-)Rs.1,10,000 c. 80 E Int Paid on Education Loan 0
I. FD (5 Years and above) 0 Rs.1,50,000 to Rs.2,50,000 Rs. 4,000+20% of Total Income(-)Rs.1,50,000 d. 80G Donation to approved fund 0
j. 80 ccc Pension Plan 0 Rs.2.50,000 to Rs 10,00,000 Rs. 24,000+30% of Total Income(-)Rs.2,50,000 e. Any other (Specify)--- 0 0
8. Less: Deduction under chapter VI A 0 0 Above Rs.10,00,000 Rs.2,49,000+30% of total Income(-)10,00,000 9. Total Income 0
b. 80 D Medical Insurance premiums 0 0 TAX RATES FOR (F-Yr 2007-08) ASSESSMENT OF FEMALE ASSESSE FOR YEAR 2008-2009 10. Total Taxable Income (Round off to nearest 10 rupees) 0
c. 80 E Int Paid on Education Loan 0 Net Income Range Income Tax Rates 11. Tax on Total Income NIL
d. 80G Donation to approved fund 0 Upto Rs. 1,45,000 NIL 12. Surcharge on Total Taxable Income 0
e. Any other (Specify)--- 0 Rs.1,45,000 to Rs.1,50,000 10% of Total Income(-) Rs.1,35,000 13. Total Tax Payable 0
9. Total Income 0 Rs.1,50,000 to Rs.2,50,000 Rs.500+20% of Total Income(-)Rs.1,50,000 14. Add; Edn Cess @ 3% 0
10. Total Taxable Income (Round off to nearest 10 rupees) 0 Rs.2.50,000 to Rs 10,00,000 Rs. 20,500+30% of Total Income(-)Rs.2,50,000 15. Net Tax Payable 0
11. Tax on Total Income NIL Above Rs.10,00,000 Rs.2,45,500+30% of total Income-10,00,000 16. Tax Deduction at Source 0
12. Surcharge on Total Taxable Income 0 Surcharge is10% of Income Tax if net income is more than Rs.10,00,000 (Also consider marginal relief) 17. Balance Tax Payable/Refundable Refundable 0
13. Total Tax Payable 0 Education Cess is 3% of income tax from all Assesse.
14. Add; Edn Cess @ 3% 0
15. Net Tax Payable 0
16. Tax Deduction at Source 0 0
17. Balance Tax Payable/Refundable Refundable 0
 CALCULATION OF INCOME TAX D.O.B
for theFinancial Yr 2008-09/ Assessment yr 2009-10 SEX M
PAN-N0
1. Gross Annual Income/Salary(include all allowances) 240000 240000
2. Less: Allowances exempt u/s 10(for Service Period) 10800
(I) H.R.A. exemption -10800
City of Residence NM
Basic Salary (Basic+DA) 108000 43200
Rent Paid 0 -10800
H.R.A received 0 0
(II) Conveyance allowances(Max Rs.800/-p.m) 0 0
(iii) Any Other Exempted Receipts/ allowances (specify)---- 0 0
(iv) Professional Tax 0 0
3. Income under the head salaries 250800
4. Add: Any other income from other sources 0 0
1. Interest received from following Investments
a. Bank ( Saving /FD /Rec ) 0
b. N.S.C.(accrued/ Recd ) 0
c. Post Ofice M.I.S (6 yrs.) 0
d. Post Office Recring Deposit (5 yrs.) 0
e. Term Deposit (1 to 5 yrs.) 0
f. Saving Bonds (6yrs.) 0
g. Kishan Vikas patra 0
2. Any Other Income (specify)--- 0
3. Any Other Income (specify)--- 0
5. Income from house property 0
Less: Interest paid on housing loan(max150,000) 0 0 0
6. Gross Total Income 250800
7. Less: Deduction under Sec 80C (Max Rs.1,00,000/-) 0 0
a. PF&VPF Contribution 0
b. Life Insurance premiums 0
c. PPF a/c Contribution 0
d. N.S.C (Investment +accrued Int first five year) 0
e. Housing. Loan (Principal Repayment ) 0
f. Tuition fees for 2 children 0
g. E.L.S.S(Mutual Fund) 0
h. Tax Savings Bonds 0
I. FD (5 Years and above) 0
j. 80 ccc Pension Plan 0
8. Less: Deduction under chapter VI A 0 0
b. 80 D Medical Insurance premiums (for Self ) 0 0
C. 80 D Medical Insurance premiums (for Parents) 0 0
d. 80 E Int Paid on Education Loan 0
e. 80G Donation to approved fund 0
f. Any other (Specify)--- 0
 9. Total Income 250800
10. Total Taxable Income (Round off to nearest 10 rupees) 250800
11. Tax on Total Income 10080
12. Surcharge on Total Taxable Income 0
13. Total Tax Payable 10080
14. Add; Edn Cess @ 3% 302
15. Net Tax Payable 10382
16. Tax Deduction at Source 0 0
17. Balance Tax Payable/Refundable Payable 10382
 Auto Tax Calculator by B.P.Choudhary (Tax Consultant)
Version 3.1 for Financial year 2008- 09

PLEASE FOLLOW THESE INSTRUCTIONS

1. This Calculator will be used to compute the Tax for salaried individuals only.
2. You can Calculate your Income Tax in Calculation Sheet & print the Computation Sheet to use with your return filing.
3. Enter the amount in White cells. Other cells in Calculation & Computation Sheets will calculate data automatically.
4. Enter your Name,Sex (M / F only) and PAN No in 1-3 yellow-coloured cells.
5. Enter the Annually amount in B 4-55 White-colored cells.
6. Do not leave any yellow cell blank. This may lead to incorrect calculation. Instead, enter 0
7. Follow the Tax Rules & Instructions(where applicable)
8. HRA Exemption = Least of (40% (50% for metros) of Basic+DA or HRA Receive or Rent paid (-)10% of Basic)
9. Some Other Exempted Receipts/allowances are ( For Detail follow the Information & Rules).
1. Medicall Reimbersement (Max Rs.15000/- Per annum) 2. L.T.A (as per Rule) 3. Leave Encashment/Leave Salary
4. Vehicle Maintinance allowance 5. Entertaintment allowance 6. Academic Allowance 7. Uniform Allowances
8. Children Education Allowance (Rs.100 P.M.per Child/(Rs.300 for Hostel Expenditure) Max of 2 Children)
9. Newspaper Allowance etc.
10. Interest earned from all sources is to be included. All interest income is fully taxable
11. Some Exempted Income are
1. Withdrawl/Maturity received from PF,PPF,Insurance Co.
2 Long Term Capital Gain
3 Dividend on shares in companies
4. Interest on Post Office & PPF A/C
12. S.N-4(2),(3) Mention Any other income that does not fall under the above heads of income
13. Computation of Income from house property
1. For Let-out Property 2 .For Self Ocupied Property
Annuall Value Annuall Value-NIL
Less-Municipal Taxes Less-Interest on Money borrowed
Net Annual Value Net Income(Loss) from Property
Less-Repair & Collection Charges(30% of Net Annuall Value)
Income from house property
Less-Interest on Housing Loan
Net Income from property
TAX RATES FOR ( F-YR 2008-09) ASSESSMENT OF MALE ASSESSE FOR YEAR 2009-2010
Net Income Range Income Tax Rates
Upto Rs. 1,50,000 NIL
Rs.1,50,000 to Rs.3,00,000 10% of Total Income(-)Rs.1,50,000
Rs.3,00,000 to Rs.5,00,000 Rs. 15,000+20% of Total Income(-)Rs.3,00,000
Rs.5.00,000 to Rs 10,00,000 Rs. 55,000+30% of Total Income(-)Rs.5,00,000
Above Rs.10,00,000 Rs.2,05,000+30% of total Income(-)10,00,000
TAX RATES FOR ( F-YR 2008-09) ASSESSMENT OF FEMALE ASSESSE FOR YEAR 2009-2010
Net Income Range Income Tax Rates
Upto Rs. 1,80,000 NIL
Rs.1,80,000 to Rs.3,00,000 10% of Total Income(-) Rs.1,80,000
Rs.3,00,000 to Rs.5,00,000 Rs.12,000+20% of Total Income(-)Rs.3,00,000
 Rs.5.00,000 to Rs 10,00,000 Rs. 52,000+30% of Total Income(-)Rs.5,00,000
Above Rs.10,00,000 Rs.2,02,000+30% of total Income-10,00,000
Surcharge is10% of Income Tax if net income is more than Rs.10,00,000 (Also consider marginal relief)
Education Cess is 3% of income tax from all Assesse.

Union Budget 2008 Main Highlights for Individual Tax Payer.

! Threshold limit of exemption from personal income tax in the case of all assesses increased to Rs.150,000.
The slabs and rates of tax are :
Up to Rs.150,000 NIL
Rs.1,50,001 to Rs.3,00,000 10 per cent
Rs.3,00,001 to Rs.5,00,000 20 per cent
Rs.5,00,001 & Above 30 per cent
In case of a woman assessee, the threshold limit increased from Rs.145,000 to Rs. 1,80,000
for a senior citizens, the threshold limit increased from Rs.195,000 to Rs.225,000.

! No change in the rate of Cess & surcharge.

! Senior Citizen Saving Scheme 2004 and the Post Office Time Deposit Account added to the basket of
saving instruments under Section 80C of the Income Tax Act.

! Additional deduction of Rs.15,000 allowed under Section 80D to an individual paying medical insurance
Premium for his/her parent or parents.

! Income Tax Act to be amended to provide that reverse mortgage would not amount to "transfer"; and the stream o
revenue received by the senior citizen would not be "income".

! Rate of tax on short term capital gains under Section 111A & Section 115AD increased to 15 per cent.
 COMPUTATION OF INCOME TAX for D.O.B
for theFinancial Yr 2008-09 Assessment yr 2009-10 SEX - M
0 PAN-NO 0
1. Gross Annual Income/Salary(include all allowances) 240000
2. Less: Allowances exempt u/s 10
(I) H.R.A. exemption -10800
(II) Conveyance allowances(Max Rs.800/-p.m) 0
(iii) Any Other Exempted Receipts/ allowances (specify)---- 0 10800
3. Income under the head salaries 250800
4. Add: Any other income from other sources
1. Interest received from following Investments
a. Bank ( Saving /FD /Rec ) 0
b. N.S.C.(accrued/ Recd ) 0
c. Post Ofice M.I.S (6 yrs.) 0
ces d. Post Office Recring Deposit (5 yrs.) 0
e. Term Deposit (1 to 5 yrs.) 0
f. Saving Bonds (6yrs.) 0
g. Kishan Vikas patra 0
2. Any Other Income (specify)--- 0
3. Any Other Income (specify)--- 0 0
5. Income from house property 0
Less: Interest paid on housing loan(max150,000) 0 0
6. Gross Total Income 250800
7. Less: Deduction under Sec 80C
a. PF&VPF Contribution 0
b. Life Insurance premiums 0
c. PPF a/c Contribution 0
d. N.S.C (Investment +accrued Int first five year) 0
e. Housing. Loan (Principal Repayment ) 0
f. Tuition fees for 2 children 0
g. E.L.S.S(Mutual Fund) 0
h. Tax Savings Bonds 0
I. FD (5 Years and above) 0
j. 80 ccc Pension Plan 0 0
8. Less: Deduction under chapter VI A
b. 80 D Medical Insurance premiums 0 0
c. 80 E Int Paid on Education Loan 0
d. 80G Donation to approved fund 0
f. Any other (Specify)--- 0 0
9. Total Income 250800
10. Total Taxable Income (Round off to nearest 10 rupees) 250800
11. Tax on Total Income 10080
12. Surcharge on Total Taxable Income 0
13. Total Tax Payable 10080
14. Add; Edn Cess @ 3% 302
15. Net Tax Payable 10382
16. Tax Deduction at Source 0
17. Balance Tax Payable/Refundable Payable 10382