Employee Name Designation Age 1 Department Profession 2 Taxable Income For The Year 2010-11 540000 Annually TAX Calculation Annually Tax Credit / Total Annual Taxable Income for the Year 540000 Credits Items Tax Rate for the Year 3.5 Charitable donation Total Tax payable for the Tax year 18900 Investment in Listed Shares AFTER MARGINAL TAX RELIEF Contribution to approved pension Fund Annual contribution Amount on the maximum of the slab 450000 Interest Paid On loans for purchase or construction of House Tax payable on the maximum of the slab 2.50 11250 Withholding Adju marginal increase maximum of the slab 90000 Tax Deducted by Employer Rate of Marginal Relief % 20.0 On telephone bill Tax Payable on Marginal relief 18000 Along with motor vehicle Tax Total Tax Payable 29250 On cash withdrawals from banks Tax Payable Without Marginal Relief 18900 On registration of new Car/Jeep Rebate Less : Rebate for Senior Citizen 0 Tax Calculation For Moto Less : Rebate for Senior Teacher 0 Usage of Motor Vehicle 2 With Holding/Tax Credit Adjustment Cost of Motor Vehicle 1 Less: Withholding Taxes 0 Vehicle used by employee from Less: Tax Credits 0 This amount shell be added employee's taxable inco TAX PAYABLE WITH RETURN 18900 Tax Calculation For Interest Loan Amount Optimistic Law Associate Tax Calculator for Salary Income 2010- 11 þÿUnder60Years þÿOthers þÿOnlyPrivateUse þÿValueofMotorVehicle þÿJuly,2010 þÿ5%
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Sub-Section 2 of Section 12 Income Tax OrSalary means any amount received by an employee from any employcapital nature, including -
(a) any pay, wages or other remuneration provided to an employee, ilieu of leave, overtime payment, bonus, commission, fees, gratuity orcondition supplements (such as for unpleasant or dangerous working (b) any perquisite, whether convertible to money or not;(c) the amount of any allowance provided by an employer to an emplsubsistence, rent, utilities, education, entertainment or travel allowaninclude any allowance solely expended in the performance of the emp(d) the amount of any expenditure incurred by an employee that is paemployer, other than expenditure incurred on behalf of the employer employee’s duties of employment;