TAX CALCULATOR -WITH REVISED RATES IN BUDGET

In Budget 2008 personal income tax rates has been slashed by the Finance Minister and all Individual and Huf will gain from 4120 to 49852 (including surcharge)in relation to their income.We have Created a small calculator in which u calculate tax for individual as general,huf,Senior citizen,Women.In this calculator u will also know how much benefit u will get from budget.new Rates of Income tax for Previous Year 2008-09 is given hereunder.
For the AY 2008-09 (FY 2007-08) for an individual, HUF (other than woman or senior citizen)
Upto Rs. 110,000
Nil
Rs. 110,001 to Rs. 150,000
10% of income above Rs. 110,000
Rs. 150,001 to Rs. 250,000
Rs. 4,000 plus 20% of income above Rs. 150,000
Above Rs. 250,000
Rs. 25,000 plus 30% of income above Rs. 250,000
For women, the minimum limit of Rs. 110,000 is to be increased to Rs. 145,000 and for senior citizens to Rs. 195,000.
A surcharge of 10% of the total tax liability is applicable where the total income exceeds Rs. 10 lacs.
For persons, other than individuals and HUFs, the tax rates are as follows:
In case of a cooperative society:
Upto Rs. 10,000
10% of the total income
Rs. 10,001 to Rs. 20,000
Rs. 1,000 plus 20 % of the amount by which the total income exceeds Rs. 10,000
Above Rs. 20,000
Rs. 3,000 plus 30 % of the amount by which the total income exceeds Rs. 20,000
In case of every firm: - 30%*
In case of a domestic company:- 30%*
In case of a foreign company:- 40%**
*In case the income of a domestic company or a firm exceeds Rs. 1 Crore, surcharge @ 10% is applicable.
** In case the income of a foreign company exceeds Rs. 1 crore, surcharge @ 2.5% is applicable.
The tax and surcharge, as mentioned above, is to be increased by 3% education cess.There is no change in tax rates in other type of assessee except Individual or Huf.so u can use tax calculation of other persons from old Tax calculators .Features of calculator.
tax calculator for individual/Huf for previous year 2008-09
tax calculator for individual/Huf for previous year 2007-08
benefit from budget to individual .
Calculation fo woman,senior citizen ,general
Inbuilt calculator for Hra
excel Sheets Protected without any password means you can customised according to ur need