Please Help Me To Calculate Income Tax - XLS Download

Hello, Everyone,
Seeking your help for Calculation of Tax on Salary of Employees. The Salary component of my company are:
A. 1. Basic
2. HRA = Basic/2
3. Medical
4. Conveyance
B. Reimbursements ( Monthly)
1. Conveyance
2. Mobile
C. Variable Pay
1. Performance Incentive
2. Retention Bonus
Please let me know how to calculate the Income Tax deduction.Waiting for your valuable suggestions.
You can ask if the provided information is not inadequate.
Thanks
Sangeeta
29th July 2009 From India, Calcutta

1. Basic taxable
2. HRA - 50% of basic in Metros or 40% of basic in Non metros - (actual rent paid minus 10% of your basic) is empted from tax.
3. Medical - upto 15000/- p.a. on production of bills is exempted.
4. Conveyance - Rs.9600/-p.a. is exempted from tax.
Reimbursements:
Conveyance, mobile are non taxable
Variable pay:Performance Incentive & retention bonus are taxable.
Regards
R.Ponraj
30th July 2009 From India, Lucknow

Good Morning Ponraj,
Thanks for your reply. I am providing you an example with details salary. Please reply the taxable amount.
1. Basic=15200
2. HRA = 7600
3. Medical=1250
4. Conveyance=800
B. Reimbursements ( Monthly)
1. Conveyance=500
2. Mobile=250
C. Variable Pay
1. Performance Incentive(Yearly)=99760
2. Retention Bonus(Yearly)=30720
Total(Monthly)=25600, CTC=437680
30th July 2009 From India, Calcutta

Pls enter tour salary components in the attached spread sheet. You will know the tax. Regards R.Ponraj
30th July 2009 From India, Lucknow

Attached Files (Download Requires Membership)

Income-Tax-Calculator-FY-2009-10.xls (58.5 KB, 569 views)