Jan 12, 2011

Tax Calculator: FY 2010-11 (PY 2010-2011)

Budget 2010 has made significant changes in the tax slabs and has also introduced section 80CCF for claiming deduction up to a maximum amount of Rs 20,000 by investing in infrastructure bonds. This is in addition to section 80C limit. Hence, your tax liability stands reduced up to a maximum of Rs 57,680 as compared to tax outgo for FY 2009-2010. Accordingly, I’ve revised the income tax calculator for FY-2009-10 by incorporating the above changes. Here’s the new tax calculator
for FY 2010-2011:

INCOME TAX CALCULATOR (FY 2010-11 & AY 2011-12)

Notes / Instructions for Using Tax Calculator FY 2010-11:

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 FY 2010 – 11 (Apr 2010 – Mar 2011)], 2 for Women and 3 for other individuals.

If you want to calculate your tax liability for the FY 2009-10 (AY 2010-2011), check out: Income Tax Calculator FY 2009-2010.

Also see:

1. Income Tax Rates for FY 2010-11

2. Budget 2010: Impact on Individuals

3. HRA Tax Calculator

4. Tax Saving Options under Section 80C

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