234abc interest calculator for ay 2012-13 online dating
The excel based Income tax calculator can be used for computing income tax on income from salary, pension, gifts, fixed deposit and bank interest, house rent and capital gains(short and long term gains). Like NPS, tax deduction also available for APY (Atal Pension Yojana) This excel calculator supports inclusion of following components, explanation for each is also provided along: House Rent Allowance (HRA): Rent receipts can be shown for taking tax benefit for living in a rented house.
This tool cannot be used for computing income tax from business or profession. Income tax exemption for HRA will be least of following: In some cases, deduction for both HRA and home loan interest (u/s 24) can be taken together in case owned house is not in same city or not at a commutable distance to office.
Gratuity: If amount is received before completion of five years of service with employer, it should be taxable.
Else it would be non-taxable up to Rs 10 lakh in case of non-government servants.
Following relations are covered under non-taxable rule: If gifts received from non-relative persons is worth more than Rs.50000, one is liable to pay the tax on whole value.
Internet Expenses – Employer may also provide reimbursement of internet expenses and thus this would become non taxable.
Following amount would be non-taxable: Leave encashment: Payment by way of leave encashment received by Central & State Govt.
employees at the time of retirement in respect of the period of earned leave at credit is fully exempt.
In such case, the component would become non-taxable.
Telephone reimbursements – In some of the cases, companies may provide a component for telephone bills.