Income Tax Calculator 2012-13

V Srinivas 1
Viewed 2051

Dear Pankaj,

I have downloaded and gone through your Excel IT Calculator 2012-13. Some changes that need to be updated have been enlisted below

a. Driver Salary component in the Salary breakup is equal to the Driver Salary receipts submitted which in turn is equal to the Total amount of Tax exemption in the sheet. I think there is a correction required here as there is a cap on the amount allowed for the IT exemption.

b. Similarly Internet Expenses component in the Salary breakup is equal to the Internet Expenses Receipts submitted which in turn is equal to the Total amount of Tax exemption in the sheet. I think there is a correction required here as there is a cap on the amount allowed for the IT exemption.

c. The Salary component related to an Organization giving Laptops / Tabs as a Tax free perk which is part of the CTC may also please be built into your Excel IT Calculator sheet 2012-13.

Please keep up the good work and my Best Wishes to you.

Regds,

V.Srinivas

income-tax-computation driver-salary income-tax-calculator internet-expense income-tax
1 Answers

Driver salary has generally Rs 900 per month non taxable limit. But this may change in some other cases like company provided car etc. So a maximum condition has not been put on this field. However if you see cell C56 is editable and one may put only non taxable figure in it to compute correct taxes.

Similarly for internet expenses, as such there is no maximum limit suggested as per IT rules. So maximum limit would limit to actual component in salary. And thus cell C55 has also been kept editable.

As of now, you may use Row 26 (professional development) for laptop/tablet allowance. Name of these kind of components varies from employer to employer.

Every employer has some different rules and to accommodate most of the them, calculator has been made generic and some of the formulas/fields have been left editable intentionally.

Pankaj Batra5212
Related