Calculate Tax as per Pre Budget 2007-2008
SALARY & ALLOWANCES
BASE SALARY
INCOME FROM OTHER SOURCES (BANK INT ETC)
GROSS SALARY
DEDUCTIONS
LESS INTEREST REPAYMENTS OF HOUSE LOANS
LESS PROFFESSIONAL TAX
LESS INTEREST ON EDUCATION LOAN REPAYMENT
LESS PRE TAX DEDUCTIONS U/S 80CCE ( 80C, 80CCC, 80CCD )
LESS PRE TAX DEDUCTION 80D
TOTAL TAXABLE INCOME
A quick ready formula for calculating your income Tax returns
COMPUTATION OF TAX
INCOME TAX ON TOTAL INCOME
(ADD SURCHARGE (B)
TOTAL TAX A+B
ADD EDUCATION CESS (@ 3% O
TOTAL TAX, SURCHARGE & CESS PAYABLE
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