Version 3.0 is released with a minor change in the Gifta tax limit computation.
Please do also note that no change has been announced yet about FY2009-10, which means that until then, the same 2008-09 calculator holds good.
Please bookmark this site to use the latest version.
The default parameters are set for a male, salaried employee working in Bangalore. In case you find any discrepancies and/or if you have any suggestions, please leave a coment on this blog.
57 comments:
Thanks - it does help a lot...
Thanks for the calculator... this is a big help...
Is there any change in this new version - was there any error in the old one?
Hello Ramanathan,
Yes - the NSC computation was erroneous-the version linked now is updated with the correct calculations.
Regards.
Prasanth
Dear Prasanth
I could download your xls file without any problem. thanks. With your program I can also calculate the STCG for my shares
Venkat
That is nice to hear.
Regards.
Prasanth
Version 2.1 of the coming FY, FY2008-09 is now published. This is only a dot revision with two suggestions implemented (one is the information about the accumulated PF of previous years and the second is the round-off factor on the PF by the employer.
Regards.
Prasanth
Please note that a revised v2.2 of the IT Calculator for FY2008-09 is now available in the link clickable above. Please note that this is only a look-and-feel change and nothing on the computation front.
Regards.
Prasanth
Hi all,
Please bookmark this page to download the tax calculator since all revisions (if and when they happen) are pointed from this very page itself.
Regards.
Prasanth
Released now is also the version 2.3 which gives more clarity in choice of the parametes especially in the medically handicapped, treatment and disability - pertaining to 80DDB, 80DD and 80U. This is an enhancement and not a error correction.
Regards.
Prasanth
Dear Prasant
I have just downloaded the tax Calculator. It is really a great help. But Deductions under Chapter VI (sec 80C)is not picking PF from P21. Please check. Murthy from Mumbai
Dear Mr. Murthy,
I have seen your mail also in this regard and have mailed you the update. As mentioned, there seems to be some corrupted columns in the file and they are now sorted out. I am unable to load the file right now, but will do so tomorrow morning.
Thanks a ton.
Regards.
Prasanth
Hi all,
The update is now available - please click at the relevant areas in the blog above to download.
Regards.
Prasanth
hi, indeed a helpful software, please let me know how i can i get rid of Provident fund, as we do avail this benefit. I believe this is an automated feature in your tax calculator.
In reponse to "hi, indeed a helpful software, please let me know how i can i get rid of Provident fund, as we do avail this benefit. I believe this is an automated feature in your tax calculator."
-----------------------------------
Hi,
Could you be more specific - by default the PF is calculated at 12% of basic + LTA (the PF-linked options can be chosen in Column C of the "Tax 2008-09" sheet). Yet, if the query is that the 12% is already computed and a bulk pay is being looked at, you could change the cell B7 in the "Parameters" tab from 12.00% to 0. Please let me know if you need further information.
Regards.
Prasanth
Hi Prasanth,
Thx for the tax calculator. I have been using the calculator of one 'ynithya' for the past three yrs bu this time the updated calculator is not yet posted on the site. Your tax calculator looks very similar to his. Do you know him by any chance?
Regards,
Vishal
Hi Vishal,
Nope - I do not personally know him. I have also been using the same calculator until last year and it is from the calculator that I liked the use of MS-Excel for this trial. My study started once I knew I was going to use MS-Excel. I did borrow the layout of the cells etc from the ynithya calculator since it was very pleasing and easy to use as you would also agree.
I am also waiting for his calculator since I can compare the calculated values. All said and done, I have quite a few CA colleagues who have given a "Yes" to the values computed here.
Regards.
Prasanth
Hi - this calculator is good and easy to understand. I was wondering if you could have the Parameters tab in the tax calculation sheet itself since it is easy to navigate.
Thanks for your efforts.
TSS
Dear Mr. Murthy,
I did try this after this suggestion from few of the users but when I actually tried this and gave it to my friends for trial, I was not encouraged since it is more tough to contonuously navigate with the mouse on the same sheet since I cannot even go down on thr fony size...
Regards.
Prasanth
what is the password to unprotect sheet?
Hi Mahendra,
I cannot divulge that since I have spent quite some time on this. Do let me know why you need it - so that I could prune it for you and send by e-mail.
Regards.
Prasanth
sir, I want to use this tax calculation, but whenever I put my basic pay in Tax calculation sheet, a message pop-up & ask unprotect the sheet & ask for password
Hi Mahendra,
1. Please download the calculator again from the blog.
2. In MS-Excel -> Tools -> Macro -> Security, change the 'Security Level" to "Medium"
Do let me know if it works.
Regards.
Prasanth
I am going back to v2.3 since DIvidendsi in all cases are non-taxable.
thanx..for the calculator..
Hi - I have updated the "Parameters" tab to give more transparency to calculation of Children's education allowance exemption.
Regards.
Prasanth
Hi Prasanth,
Vishal again. With regard to your calculator, I think there is some calculation issue with the donations. Could you please look into it.
Regards,
Vishal
Hi Vishal - yes I see - it gives a negetive values also in the limiting tab - is this what you meant? I will upload v2.4 shortly. Meanwhile - it would help if you could mail me if the issue is something else at pr_rajan123@yahoo.com
Thanks.
Prasanth
Vishal and everyone else - please note that v2.4 is now in place on the blog; the charities limit amount is corrected.
Regards
Prasanth
Hi Dear,
I wish i could calculate my tax with it as well being a afemale,let me know if it supports my equations as well.
Regards
Hi,
Of course you can. You will 6 worksheets in the Excel file. In the Parameters tab, change the cell B22 from M to N (drop down) to suit the calculator for women. You need to see if the Parameters tab reflect your parameters correctly and then use the Tax 2008-09 tab for details.
Prashant, i have a query regarding tax on the PF.Will you be able to help?
Hi Vinnu,
Shoot a mail to pr_rajan123@yahoo.com
Regards.
Prasanth
hi
The tax exemption limit has increased to 150,000.
whats does 150,000 consitutes of. I understand that under 80C you can invest max of Rs 150,000.
But in your tax calculator we are not able to show investment beyond Rs 100,000
Can you please clarify by earliest
regards
80C does not have a 150000 cap - it remains 100000. In addition to this, parental medical insurance has been increased by 15000 but this comes comes under Chapter VI A. There is no change in 80C.
This looks like a copy of existing excel calculator by one Nithya. Don't know who created it originally.
The look is certainly a copy - the formulaes are protected on both sheets - hence they might or might not be different.
FYI - Nithya's was certainly the first.
Dear Prashanth,
Can it be used for the FY 2009 - 10?
Please revert.
Thanks
Prashant
Hi Prashant_hicons,
FY2009-10??? I guess there is a misunderstanding...
When we say FY2008-09, it means the financial year starting April 1, 2008 and ending on March 31, 2009 ofor which we file our returns only in 2009. This calculator helps to calculate the IT for this year ending March 31, 2009 which is what we need.
FY2009-10 is far off since we do not yet know how the taxation slabs and / or norms will change. What you need for this FY in progress is what is in this blog.
You may contact me at pr_rajan123@yahoo.com in case you wish to know anything else.
Dear Prasanth,
In the investments sheet, 80C deductions coloured brown cannot be filled.
Exemptions u/s 10&17 does not have a slot for meal coupons, in the investments sheet ... what should be done?
In the charts sheet, the Medical Ins Prem.(self) picks up the Total Medical Ins Prem (self+parents) from the investments sheet
I tried changing the macros to medium but it does not seem to work
Prasanth's Incometax related blog: Indian IncomeTaxCalculator for FY2008-09
Please help
thanks
bharati
Thanks Bharati,
The corrections are complete and version 2.8 is now available at http://www.freewebs.com/rajanpras/itcalcfy2009.htm.
Thanks a ton for the Ver2.8, Prasanth.
Sorry, for not bringing this to your notice earlier.....
1.Tax caln are the same for male, Female & Sr. Citizen ?
2.How is the remaining months in FY in Tax caln sheet calculated?
Please help.
Thanks
Bharati
Hi Prasanth,
I got your tax calculator & I must say .. it is amazing.
Thanks a ton for sharing.
I have 1 question.
As mentioned by you on your website, the default parameters is for person living in a non-metro … what do I change in this workbook, to make it compute for a person working in a metro.
Thanks in advance.
Take care.
Regards,
Vishal.
Hi Vishal,
Thanks for your post. I hope you are using version 2.8. In row# 30 of the "Income" sheet of the calculator, please choose "Y" from the drop-down instead of the "N". This needs to be done for all moths (or simply copy-paste).
Regards.
Prasanth
good job.very useful tool.
Hi,
This is Lalit
The Excel tool is giving message of being read-only.
Can you please help is using this tool.
Thanks
Lalit
lkmittal@in.com
Hi Prashant your tax calculator for 08-09 was wonderful, But the budget has brought a few changes in the tax slabs as well as deductions. It will be really nice if you incorporate these changes in the calculator. Will be waiting for the newer version....
Praveen K Rai
The Calculator Home Page at calculator.org is a collection of resources related to Pocket calculators, online calculators, calculator software and units conversions. You can download the free version of Calc98 now, view the product documentation online, or Pocket PC version screenshots.
Hi Prashants, greetings!
yr 08-09 IT calc was very useful & waiting for the next version i.e. 09-10. All the best!
Hi Santhosh,
The calculator for FY2009-10 is already published at http://rajanpras.webs.com/itcalcfy2010.htm
Regards.
Prasanth
DEAR PRASANTH
I AM USING YR TAX CALCULATOR FOR THE PAST 3 YEARS. PLS PROVIDE 11-12 CALCULATOR. THANKS. s rajesh
We will be in the 28% 2013 tax brackets. I'm happy because we are skating close to the edge and the 2014 changes will keep us in the same tax bracket.605
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