Jul 16, 2009

Income Tax Calculator: FY 2009-10 (AY 2010-11)

Photo by Phillip

Budget 2009-10 has revised the basic income tax exemption limit and abolished the surcharge for individual tax payers. See the post Income Tax Rates and Slabs FY 2009-10 for the new tax brackets / rates applicable to individuals for the previous year (PY) / financial year (FY) 2009-10 and assessment year (AY) 2010-11.

Due to the aforesaid changes, the Income Tax Calculator is also updated / revised for computing income tax liability for the current financial year (FY) 2009-10 / assessment year (AY) 2010-11. Here’s the new Tax Calculator for PY/FY 2009-10 & AY 2010-11:

INCOME TAX CALCULATOR (FY 2009-10 & AY 2010-11)

Notes / Instructions for Using Tax Calculator:

1.The calculator is meant only for tax calculations of resident individuals. In other words, it is not applicable for non-residents.

2. It is presumed that there is no agricultural income.

3. This calculator is meant to calculate tax provided you know your GTI (i.e. Gross Total Income). GTI includes all your taxable income under various heads of income (Salary, House Property, Income from Business & Profession, Capital gains and Income from other sources) after excluding all your exempt income (i.e. income which is not taxable) and also after set off and carry forward of losses of current year & earlier assessment years.

4. Please note that LTCG on equity shares or equity oriented mutual funds on which securities transaction tax has been paid are exempt from tax u/s 10(38) and therefore doesn't form part of long term capital gains (LTCG). So, ensure that you exclude it from GTI also.

5. Please also note down that "Incomes subject to special rates of tax" is to be included under GTI and also to be mentioned separately under the relevant column in the tax calculator.

6. In the “Tax Payer Status” column, please enter 1 for senior citizens [i.e., if you’re an individual (man / women) above 65 years at any time during the year 2009 – 10 (Apr 2009 – Mar 2010)], 2 for Women and 3 for other individuals.

If you want to calculate your tax liability for the FY / PY 2008-09 (AY 2009-10), check out: Income Tax Calculator FY 2008-09 (AY 2010-11).

Also see:

1 comment:

  1. AnonymousJune 10, 2011

    Hello there,

    Could you please update it for FY 11-12 ?

    Thanks a lot!!


You’re welcome to post a comment if you’d like to air your views, or if you’ve any further question to ask, but please stick to the topic and don’t forget to write your name.