Update : Based on Budget 2010-11 proposals, you are advised to use the new Tax Impact Calculator for Financial Year 2010-11 or Assesment Year 2011-12.

Check the impact of Union Budget 2009-10 on your Personal Income Tax. Enclosed find a simple excel based Tax Calculator applicable for FY 2009-10 or assessment year 2010-11.

Direct Tax Proposals of Union Budget 2009-10

The most important factor that a common man look forward to in any Union Budget is the Direct Tax benefit that the Finance Minister announces. Although, in the Union Budget 2009-10 there were some Tax benefit extended by Finance Minister, Mr. Pranab Mukherjee, such as :

• Increase in personal income tax limit by 15,000 for senior citizens
• Personal income tax exemption for Male and Female assesses hiked by Rs 10,000
• Withdraws fringe benefit tax
• Surcharge of 10% on personal income tax removed
• Limit under section 80DD to be hiked to Rs 1 lakh from 75,000

Whether these Direct Tax proposals are good enough for you, check out yourself.

Although, care has been taken to validate the logic of the calculator by testing it with various scenarios, however, “To err is human, to comment and get the error rectified is divine“.

So, please comment in case you find any error in the calculator so that it can be correct, also if you like the calculator or have suggestions please feel free to comment. This will encourage us to make and share many more useful personal finance tools and calculators with you on PersonalMoney.in

DISCLAIMER : This calculator is to help you find out your personal indecative total tax liability. It may not cover all scenarios of Income, Exemptions, Deductions, etc. You are advised to consult any qualified chartered accountant or tax consultant to know your actual Tax Liability.

Click here Download the Income Tax Calculator for FY 2009-10