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Tax Calculator 2012 - 2013

For Individuals having Income from Salary/ Pension/ family pension and Interest
Category
Gross Salary :
 
Repayment of Education Loan Including Int.(Limited to Rs 40,000.00 U/S 80(E)) :
 
HRA :
 
   
 
Medical Allowance :
 
Coveyance Allowance:
 
Interest on HBA (U/S 24(i) VI)
 
PHC (Max. Rs 50,000 - Not less than 40% upto 79% Max Rs. 75,000-80% or More Disability)
 
Infrastructure Bonds (Limited to 20,000-00) Professional Tax
Mediclaim u/s 80D(Limited to 15000.00) Savings Under u/s 80C (Limited to Rs100,000)
Interest Income Relief Fund
Other Income   Royalti Income
 
 
Income Tax Rates/Slabs 2012-2013 
 
Tax Rates  Senior Citizion  Woman Others
Nil 2,50,000.00 2,00,000.00 2,00,000.00
10% 2,50,000.00-500,000.00 2,00,000.00-500,000.00 200,000.00-500,000.00
 20%  500,000.00-10,00,000.00 500,000.00-10,00,000.00 500,000.00-10,00,000.00
30% 10,00,000-00 & Above 10,00,000 & Above 10,00,000 & Above
How to calculate tax

Example1 :  Let us take a case where the assessee's taxable income for men's is Rs.3,10,000.
  • According to the Income Tax Slab, the first 2,00,000 is not taxable.
  • The next Rs. 1,10,000 is taxable @10%.
  • 10% of Rs. 1,10,000 is Rs. 11,000.
  • Taxable @3% on 11,000 is 330.
  • The net income tax payable is 11,330.00.
Example2 :  Let us take a case where the assessee's taxable income for men's is Rs. 6,40,000.
  • According to the Income Tax Slab, the first 2,00,000 is not taxable.
  • The next Rs. 3,00,000 is taxable @10%.
  • 10% of Rs. 3,00,000 is Rs. 30,000.00.
  • The remaining Rs. 1,40,000 i.e. taxable @20%.
  • 20% of Rs. 1,40,000 is Rs. 28,000.
  • The total of the taxable amount is 58,000.
  • taxable @3% on 58,000 is 1,740.
  • Therefore, the net Income Tax Payable is Rs. 59,740.00.
Example3 :  Let us take a case where the assessee's  taxable income for men's is Rs. 8,90,000.
  • According to the Income Tax Slab, the first 2,00,000 is not taxable.
  • The next Rs. 3,00,000.00 is taxable @10%
  • 10% of Rs. 3,00,000.00 is Rs. 30000
  • The next Rs. 3,90,000  is taxable @20%
  • 20% of Rs. 3,90,000 is Rs. 78,000.
  • The total tax income Rs. 1,08,000.00
  • taxable @3% on total 1,08,000.00 is Rs. 3,240
  • Total net income Tax payable is Rs. 1,11,240.00.
Note :
  • Education cess @ 3% on tax plus surcharge.
 
 
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