Income Tax Impact Calculator - Budget 2010-11 1

Income Tax Impact Calculator – Budget 2010-11

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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. In the Budget 2010-11, the Finance Minister, didn’t dissappoint the common salaried class in terms of Income Tax benefits.

He quoted Kautilya’s following words :

“Thus, a wise Collector General shall conduct the work of revenue collection…. in a manner that production and consumption should not be injuriously affected…. financial prosperity depends on public prosperity, abundance of harvest and prosperity of commerce among other things.”

Following the essence of these words Mr. Pranab Mukharjee announced  Direct Tax Proposals, such as :

Direct Tax Proposals of Union Budget 2010-11

  • Broadened the Income Tax Slabs (see the revised tax slabs below).
  • Income tax return form, SARAL-II, to be made simple and user friendly for individual salaried taxpayers for the coming assessment year.
  • Allowed a deduction of an additional amount of Rs.20,000 for investment in long-term infrastructure bonds as notified by the Central Government.  This would be over and above the existing limit of Rs.1 lakh on tax savings.
  • Extended the provisions of Section 80D, that allows deduction under the Income-tax Act for contributions to health insurance schemes, to include contributions to the Central Government Health Scheme also as a deduction under the same provision.

Tax Slabs for Financial Year 2010-11

Assesee Type From To Slab%
Male Upto 160000 0%
160001 500000 10%
500001 800000 20%
800001 and above 30%
Female Upto 190000
190001 500000 10%
500001 800000 20%
800001 and above 30%
Sr. Citizen Upto 240000
240001 500000 10%
500001 800000 20%
800001 and above 30%

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

Download Income Tax Calculator FY 2010-11 Download Income Tax Calculator FY 2010-11

 

Instructions for using Income Tax Calculator

  1. Please download the XLS Calculator
  2. After downloading, open the XLS file
  3. Enter gross annual figures in respective cells only.
  4. Please enter values in Yellow colored cells only.

 

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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.

36 thoughts on “Income Tax Impact Calculator – Budget 2010-11”

  2. Hi Manish,
    Budget have good points as for as share market is concern, only the negative point is increase in MAT, which will be bad for smaller IT companies.
    In Personal Income Tax area, no change in minimum level of 160 is not good, finance minister should have increase it to some whwre 250 level.

  5. hi,
    Nice calculator… but cud u please clarify
    a. whether PF is accounted in the gross salary (because it is deducted later)?
    b. How to include Professional pursuit and sodexho components?

    • Hi Kiran!

      Thanks for your comment.

      a) Employers include their contribution to the Provident Fund in your Cost-to-company. However, your contribution to Provident Fund is deducted from the salary and is deposited in your PF account. The PF is instrument for your retirement savings. So, even if it is deducted from your salary, it is your money being deposited in your retirement savings account. There are some rules and regulations on withdrawals from this account, ofcourse, which we will cover in one of our future posts.

      b) By professional pursuit is assume its a reimbursement for upgrading your educational qualification / professional skills. so it is not taxable in your hand. So no need to include it in the tax calculator. For Sodexho component, exemption has been granted completely for paid vouchers (such as Sodexho) provided to the employees. Further, even the employer is not levied any Fringe Benefit Tax on Sodexho Pass meal vouchers given to employees.

      Hope this clarifies your queries. In case you need any other clarification please feel free to respond.

  11. When are you uploading the TAX Calculator FY 2011-12?
    if ,possible pls. send Tax Calculator FY 2011-2012.

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  24. please send thplease send the download income tax calculate for FY 2011-12 e download income tax calculate for FY 2011-12

  25. Please Send the Income tax Impact Calculator F.Y. 2010-11, A.Y. 2011-12, And Please Sned HRA Calculation Details

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