• Feb
  • 04
  • 2013

Income Tax Calculator for Salaried FY 2012-13 / AY 2013-14

Posted In Income Tax | , | 29 Comments » Print Friendly and PDF

Benny ThadathilBangalore

This tax calculator can be used to calculate the approximate tax payable by salaried individuals for the Assessment year 2013-14 or Financial Year 2012-13. This should NOT be used to compute the actual taxes to be paid to the Government.  We have outlined Below the Instructions to Be Followed for Use of Calculators and tax Rules.   

DOWNLOAD INCOME TAX CALCULATOR FOR SALARIED EMPLOYEES FOR FY 2012-13  

P L E A S E   R E A D   T H E S E   I N S T R U C T I O N S   C A R E F U L L Y

(Section 1-Salary details, Section 2-Investment Declaration, Section 3-Income from let-out property)

1              Enter the numbers in the yellow-colored cells.

2              Enter your date of birth in cell D11

3              Enter the VPF contribution in row  37 against each month (if any)

4              Please enter the professional tax deducted in row  38 against each month.

5              Please enter the tax deducted in row  39 against each month.

6              Please enter the Rent payment in row 41 against each month. Please note the HRA exemption is calculated on a monthly basis.

7              If you are staying in a Metro City  Please update row 42 as M (Metro) else N (Non Metro)

8              If you are using company-provided/Leased car for office and personal use or availing Vehicle maintenance or petrol reimbursements please update  (Y (Yes) or N (no)) in Row  43

9              Enter the amount of medical bills submitted in the cell E49

10           Enter the amount of LTA bills submitted in the cell E50

11           Enter the housing loan interest paid amount in Cell E51, if the house is self occupied. If the house is let-out, please enter the annual rent received in Cell E78, Interest on loan in cell E79 and Municipal tax paid ( ( if paid) in cell E80.

12           Enter the number of remaining months in current financial year in Cell P85, to find out the tax per month

13           Please don’t update the amount allocated towards towards reimbursements, like medical, LTA, Vehicle reimbursement etc. in this calculator, as they are non taxable components.

14           If you are availaing any non-monitory benefits (perquisites) from the company, the taxable amount needs to be updated in Cell O31

T A X   R U L E S   &   O T H E R   U S E F U L   I N F O R M A T I O N

1              HRA exemption is  minimum of (40% (50% for metros) of Basic+DA, or HRA received, or rent paid – 10% of Basic+DA)

2              Conveyance (Transport) allowance is exempt upto Rs.800/- per month.

3              Medical expenditure is exempted to the extend of bills submitted and maximum upto Rs.15000/- pa.

4              “LTA is exempt to the tune of economy class airfare 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 2010 to 2013″

5              Loss on house property- ( Interest on Housing Loan). If the house is self-occupied and if the loan was taken before Apr 1, 1999 deduction is limited to Rs.30,000/- per year. If the loan is taken after 01-Apr-1999, maximum allowed is Rs.1.5 lakh.

6              Deduction form total income will be available for Investments made in LIC, Pension Plans, FD with Scheduled Bank with term of 5 yrs, PPF, PF, VPF, Mutual Funds, NSC, Repayment of Housing Loan Principal, Children Education Exp.,etc  upto rs.1 lakh. Sec 80C

7              Medical Insurance premium is allowed as deduction upto Rs.15,000/- per year. An additional deduction upto Rs.20,000/- ( for Sr. citizen) else Rs.15,000/- will be allowed for the medical insurance taken on dependant parents.

8              Repayment of interest on Education loan (taken for higher education from a university  for self, Spouse and Children) is deductible U/s 80E.

9              Tax rates- Taxable Income up to 2.0 lakh is exempted for men and women and   From 2.0 lakh to 5.0 lakh 10% , 5.0 lakh to 10.0 lakh 20% and 10.0 lakh and above 30%. Senior citizen (60 Years and above) the base exemption limit is Rs.2.5 lakh and for Super Senior Citizens (80 Years and above) the base limit is Rs.5.0lakh

10           Education Cess @ 3%  will be charged on Total Tax Payable

11           CLA Perquisite- If the accommodation provided is taken on lease/ rent by the employer , 15% of your total income (Total income reduced by Sec 10 exemptions and other perquisite values) or rent paid by the company should be considered as perquisite. If the accommodation provided is owned by the employer – 10% of ‘salary’ in cities having population exceeding twenty five lakh as per the 2001 census. For other places, the perquisite value is 7.5% of salary.

12           If the company is provided any hard-furnishing facilities 10% of the actual cost should be considered as Hard Furnishing Perquisite.

13           If you are availing company provided/Leased car, and if the car cc is less than 1.6,  Rs.1800/-pm and if the car cc is greater than 1.6  Rs.2400/-pm to be considered as taxable perquisite. Driver salary need to be taken Rs.900/- pm

14           “If the car is owned by you, and if you are availing any reimbursement of the running and maintenance of the car, the total amount reimbursed reduced by Rs.1800/- pm (if car is less than 1.6cc) or Rs.2400/-pm (if the car is greater than 1.6cc) need to be taken as perquisite.

If driver salary also reimbursed, total driver salary reduced by Rs.900/- pm to be added to the car perquisite.”


29 Responses to “Income Tax Calculator for Salaried FY 2012-13 / AY 2013-14”

  1. Venkatesalu Naidu says:

    Sir, Please let me know whether the co applicant of home loan is eligible for tax exemptions on the home loan interest, even though he is not holding any share on the property. This case refers to my son, who is co-applicant for my home loan. The property is in my name.Please clarify the same. with thanks, venkatesalu naidu

  2. ishtkhar khan says:

    sir i purchase 200 sq land for 500000 lac and i sale 5 years ago 2500000 lac but service tax sent to me notice

  3. preeti says:

    Hi m Preeti My Current Salary is 21000 my firm is not deducting my pf or Tds What should be deduction to get salary certificate as m working in pvt firm please help me

  4. christian sandra lalenoh says:

    I need help,

    I worked at a shipping company searight Ltd..
    I worked for 5 months
    with a monthly income of $ 800 singapore
    and dismissed by the company because the ship is sold
    after returning to Indonesia cut my pay $ 1100 singapore
    I please where I had to report my true and taxed at that in singapore.

  5. anand says:

    hi,
    I am working out side of the India, I will send the money to my personal saving account, this account operate my parents. this ICICI India account. For me is there any tax Applicable am transferring the money through Exchanges. Let me know the details.

  6. VIJAY KUMAR says:

    How do calaculate income tax on salary income for 20% & 30% slab.

  7. Boopal says:

    currently i am unemployed
    but i worked for two companies in the FY2012-2013
    1st company – 5months salary 40000 TDS deducted -1500/month
    2nd company – 2months salary 75000 TDS dedcuted – 3500/month
    Now I have no income from November 2012 to till date
    Pls clarify how to file my Tax and get my IT returns

  8. sudhangsusarkar says:

    Incentive to employee is added in CTC to employee and status in Income Tax Act

  9. Raju Srinivasan says:

    Can an employer reduce the Gross and in turn gives a reimbursement on production of fuel bills? This will reduce the IT liability for an employee. Please comment on this.

  10. ngd says:

    i am sr citizen and i am getting rent from builder is rs 23000/ monthly on account of redevelopmet issue so pl advise me for rent how much i will get rebate and what will be tax on that thank you

  11. Kiran says:

    Sir,

    I am Sr Citizen (61Yrs), I am getting Rs 42000 PM as interest on Bank FD’s. I am paying Rs 10000 PM as house rent. Rs 100000 is saved u/s 80C. Rs 2600 paid towards Medical Insurance Premium u/s 80D. What’s the IT to be paid for the FY 2012-13.

  12. Ramesh says:

    Dear Sir,

    I am totally confused about the calculation of perquisites. B coz everybody is also confused. i furnish below my details and request you to show me the exact calculation.
    1. My leased accomodation rent Rs. 3500/-(which i am getting from the organisation)
    2. If i calculate 15 % of my salary, it is more than Rs.3500/- so i just didnot mention my salary details.
    3. My actual rent i am paying is Rs.4500/-
    4. My rent recovery from my salary Rs.174/-

    How much will the taxable perquisite in the above case.

    Please advise

    Regards

    Ramesh Kumar

  13. Hitesh Bari says:

    Sir,
    For the salary of March 2013 ( Paid in April 2013) the tax will be calculated on next fi.year. But few employees get Over time allowance, incentive for extra work in the March 2013( Paid in March 2013)and we cant deduct the tax on that extra payment paid other than salary to employee in this fi. year. Kindly guide that can we consider these payment for tax calculation in next fi. year i.e. 2013-2014.

  14. BHUWAN CHANDRA says:

    WHAT IS THE RULE FOR CPSN DEDUCTION.IS THE WHOLE AMOUNT DEDUCTED OR ONLY EMPLOYEE CONTRIBUTION WILL BE DEDUCTED

  15. BHUWAN says:

    sir,
    i m a govt employee under cpsn scheme. So what is the rule for cpsn deduction.Is it whole amount deducted or only employee contribution would be deducted.

  16. ABC says:

    IF SOME EMPLOYER AGRRE TO PAY A PROSPECT EMPLOYEE A TOTAL OF RS. 90,000/- PER MONTH AND TELL THE EMPLOYEE THAT WE WILL PAY THIS TO YOU IN ALL. YOU TELL US IN WHAT HEAD YOU WANT TO TAKE.

    PLZ ADVISE ECONOMICALLY SO MAX CAN BE SAVED.

    THIS IS AN EXAMPLE IF PERSON WISH TO START EMPLOYMENT BY 15TH MARCH, 2013.

    URGENT ADVISE REQUIRED.

  17. sujata says:

    Can I get rebate for the arrears wefrom 1996 to 2012 under section 89(1). please guide me.

  18. ishan says:

    what should i consider for calcualting my tax ??

    My salary that is credited to me in my accouint after deducting PF and other things like income tax

    or

    My salary which includes PF, income tax,

  19. vinaya.k says:

    whetherthe IT Returns filing is necessarry when total income exceeds Rs.5lakhs or total taxable income exceeds Rs.5lakhs?

  20. vinaya.k says:

    The Income-Tax filing of Returns are mandatory whether on exceeding Total Income or Taxable Inocme of Rs.5lakhs? Please clarify.

  21. Raj says:

    Can we consider both HRA and Housing loan interests for Investment declaration?

    Please Clarify

  22. s.kumar says:

    Sir,
    My total salary with arear is Rs. 520000. I paid house rent Rs. 5000/pm and receivd HRA Rs. 1350/pm . I paid tuition fee my three child with rs. (30000+2000+2000) and Rs. 35000 hostel fee . I take loan from Bank. How I calculate my tax for financial year 2012-13 AY 2013-14 . I saved above Rs. 1 lacs as PPF/GPF .

    S.Kumar

  23. Srikanth says:

    I proceeded on leave and taken advance salary for a period of one month during the financial year 2011-12 and the above period was regularized and claimed salary during the financial year 2012-13 duly deducting advance already taken during the financial year 2011-12. Hence i request kindly inform from which section I have to deduct the already advance salary taken FY 2011-12 in the current tax assessment.

  24. subhashchandrapodder says:

    Good. Efforts
    CA. Subhash Chandrapodder , FCA
    Kolkata
    05/02/2013

  25. J MOHANA REDDY says:

    You have not considered Children Education Allowance i.e., per month 100/- for 2 childrens.

    Please add.

  26. satyanarayana says:

    what is the latest on bank interest for FY2012-13 for calculation of IT?

  27. Anil Hingane says:

    Sir,
    I am an ex service men and re join in state gove. in curent FY i got my differance pay from 10/06/2010 of Rs 2,50,000/- and two month my privious year payment of Rs 50,000/- As total my gross income is Rs. 552715/- please guide about tx calculation.

  28. H.Prajapati says:

    please send the any changes for income tax to the sir of salary month of increment or not ,yes

  29. D.N.MITTAL says:

    9 percent SR citizen Scheme is covered or not under Section80c in the Budget for FY 2012-13
    Please clarify.

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