Here is how you can calculate your taxable income.
All the 5 heads of incomes have been shown in a graphical format for easy interpretation. The deduction under various sections like Section 80C and others is also depicted.
The taxable income is the figure on which your final tax is calculated according to the slab rates we have in India. It is incorrect to calculate tax on your total gross income which is what most of the investors do usually.
Let me know via comments whether you like this or need this to improve.
If you cannot see the image clearly, click on it till you see a bigger and better one.
Good one. SEC 80CCF is now discontinued, you may want to update the same.
Also you could include a downloadable version for benefit of members.
Will update eventually, thanks for the feedback.
I think 80CCF is for infra bonds?
Although it was announced in the budget that it will be discontinued there is no official circulation by the government.
My compnay is still allowing to take tax benefits under this category and when I enquired I was told that they are yet to receive the notification from GOI, without which it will not be discontinued.
Ah, so I don’t have to do the rework !
I think no official circulation is required to discontinue 80CCF Infra Bonds as it was eligible only till 2011-12. Official announce is only required if it was intended to extend. Not sure if your company is doing any mistake ;).
I confirmed and got the same info.
80CCF originally proposed in Finance Bill 2010 and extended by only one year in Finance Bill 2011. As there is no clause for extension in Finance Bill 2012 so this deduction is not available for Financial year 2012-13.
Thanks Chirag.
Good one but like Rakesh suggested I think it’d more beneficial if it is converted into an excel tool and also calculates the tax amount for different tax brackets. I hope it is feasible? 🙂
There are already quite a few out there but let me get to the job sir !
Is there any tax rebate for expenses like purchase of laptop , bike
Nopes