Planning Tools

Tax Calculators

  1. This tool helps in calculating the total tax payable on a single figure of total income of the assessee.
  2. This tool helps assessee to determine amount of advance tax payable by him / her. An assessee is required to pay advance tax on income from all the sources. Advance payment is necessary only if tax payable on total income after deducting Tax deducted / deductible at source (TDS) is Rs. 10,000/- or more. The due date for payment of advance tax in case of Individuals, HUF, AOP / BOI is as follows.
On or before September 15 of the financial year
Up to 30 % of advance tax payable
On or before December 15 of the financial year
Up to 60 % of advance tax payable
On or before March 15 of the financial year
100 % of advance tax payable

For eg. If Tax payable on total income of Rs. 4,50,000/- by a male (non senior citizen) assessee; for A.Y. 2010-11 is Rs. 29,870/- and if eligible TDS credit is for Rs. 10,000/-, Advance tax payable shall be as follows.

Particulars
Amount (Rs.)
On or before September 15 of the financial year
Up to Rs. 5,961
On or before December 15 of the financial year
Up to Rs. 11,922
On or before March 15 of the financial year
Up to Rs. 19,870

Failure to pay tax in above proportion within the prescribed time limit attracts penal interest u/s. 234B & 234C.

Cost Inflation Index for computing Capital Gains

This tool helps the assessee to know Cost Inflation Index prescribed under the I. T. Act for different years. Cost Inflation Index is the mark up on the Cost of acquisition / Improvement of the asset prescribed as per law; to match with the current sale price of the asset. This tool helps the assessee to derive the amount of long term capital gain. Long term Capital gain arises when long term capital asset is sold.

Long term capital asset means – If a capital asset is held by an assessee for more than 36 months, then it is known as Long Term Capital Asset.

However in the following cases an asset, held for more than 12 months shall be treated as Long Term Capital Asset.

  • Equity or preference shares in a company whether quoted or not.
  • Securities (like debentures, Government Securities) quoted in a recognized stock exchange in India.
  • Units of UTI whether quoted or not
  • Units of mutual fund specified u/s. 10(23D) whether quoted or not
  • Zero coupon bonds whether quoted or not.

Know your Residential Status

This tool helps the assessee to determine his / her Residential Status under the Income Tax Act, 1961, which is further relevant to see taxability of various income of a Resident / Non Resident, which is provided briefly shown herein below. The tool requires assessee to have details of his physical stay in India during earlier years to determinehis / her Residential Status.

Ready Reckoner

This tool helps the assessee to know following details relating to Income Tax.

  • Tax Structure - Income
  • Interest NSC (on every Rs 1000)
  • Interest on Income Tax

Minor Child Income

This tool helps assessee to determine as to in whose return of income, i.e. mother or father, certain income of the minor child is to be clubbed and what will be the taxable income after clubbing.

More than one residential. house property

If an assessee has more than one property or part thereof (Independent unit) which is occupied for self residential purpose through out the year, then you have to consider any one property or part thereof (Independent unit) as Self Occupied (SO) and other properties as Deemed to be let out (DLO). This tool helps the assessee to decide as to which property is to be considered as SO and which property as DLO. The assessee has to pay the tax on the deemed income of properties considered as DLO.

House Rent Allowance vs.Rent free Accommodation

This tool helps assessee to choose one out of two options of availing House Rent allowance or a Rent free / Concessional Rent accommodation from his / her employer.

Tax Implication of Leave Salary

This tool helps in evaluating the taxable amount of ‘Leave Salary’ received by the assessee.