Tax calculation notes
=====================
Copyright (C) Shakthi Kannan 2009
v1.2, August 5, 2009

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Employee details
----------------
First name      : Foo
Last name       : Bar
PAN #           : ABCDE1234F
Date of joining : 10/11/1999
Gender          : M/F

A. Taxable income
-----------------

Earnings\Month		APR MAY JUN JUL AUG SEP OCT NOV DEC Total

Basic			  a ...         ...             ... Basic.Total 
House Rental allowance    b ...         ...             ... HRA.Total
Conveyance allowance	  c ...         ...             ... Conveyance.Total
Mobile allowance	  d ...         ...             ...
Professional pursuites	  e ...         ...             ...
Special allowance	  f ...         ...             ...
Medical allowance	  g ...         ...             ... Medical.Total
Other allowances	  h ...         ...             ...

Sub Total                                                   A.Total

B. Others
---------

Provident Fund            i ...         ...             ... PF.Total
Professional Tax          j ...         ...             ... PTax.Total
TDS (Income Tax)          k ...         ...             ...
Other                     l ...         ...             ...

C. Perquisites
--------------

Perquisite item           Amount

Consumer loan                  0

Total                     C.Total

D. Gross Salary 
---------------

D.Total = A.Total + C.Total

E. Less exemption under Section 10
----------------------------------

1. House Rent Allowance: Section 10 (13A)            Amount
 a. Total rent paid (per annum)                           a
 b. HRA received                                          b
 c. 40% of Basic                                  HRA.Total
 d. Rent paid (1.a.) - 10% of Basic.Total                 d
               (lesser of a, b, c, d)               1.Total

2. Conveyance-Sec-10(14)                   Conveyance.Total
3. Leave encashment exemptions                            f
4. Medical reimbursement-Sec-10               Medical.Total
5. L T A - Sec.1095)                                      h
6. Professional pursuits (special allowance)              i

Total Exemptions                                     E.Total
(1.Total + Conveyance.Total + f + Medical.Total + h + i)

F. Income from previous employer
--------------------------------
					     Amount
Total Income				          a
Income Tax				          b
Professional Tax			          c
Provisional Fund			          d

Total					     F.Total

G. Income after exemption
-------------------------

G.Total = D.Total - E.Total + F.Total

H. Less deduction under Section 16
----------------------------------
					     Amount
Tax on employment: Sec-16(iii) H.Total = PTax.Total

I. Income chargeable under the head salaries
--------------------------------------------

I.Total = G.Total - H.Total

J. Add any other income declared by the employee
------------------------------------------------

J.Total 

K. Gross total income
---------------------

K.Total = I.Total + J.Total

L. Interest on Housing Loan Under Section-24
--------------------------------------------

	Gross	Qualifying	Deductible
1.          a            d      	 x
2.          b            e 	         y
3.          c            f		 z
...

Total                               L.Total

M. Deduction under chapter VI A
------------------------------

		Section	   Gross Qualifying Deductible
Investment	   80-C	       a          d          x
Provident Fund	   80-C	PF.Total          e          y
Life Insurance	   80-C	       c          f	     z
Pension Fund	   80-C	       d          g  	     a
PPF		   80-C	       e          h          b
Tuition Fees	   80-C	       f          i	     c
Housing loan		       g          j	     d
 repayment
 (principal)	
Any other		       h          k          e
 (previous
  employer)

Sub-Total				       M.Total

N. Deduction under Section-80D
------------------------------

			Section Gross Qualifying Deductible
Medical Insurance	   80-D	    a          b   	  c

Total				      		     N.Total

O. Taxable Income
-----------------

O.Total = K.Total - L.Total - M.Total - N.Total

P. Total tax to be paid
-----------------------

		Amount
Tax payable	     slab (O.Total)
Surcharge (10%)	     b
Edu. Cess (3%)	     c
 [(Tax payable+b) * 3/100] 

Total		P.Total

where slab() is for 2008-09:

IF (Gender == Male)
  IF (O.Total<=150000) THEN TAX = 0;
    IF (O.Total<=300000) THEN TAX = (O.Total-150000)*10/100;
      IF (O.Total<=500000) THEN TAX = (O.Total-300000)*20/100+15000;
        IF (O.Total>500000) THEN TAX = (O.Total-500000)*30/100+55000;
ELSE /* Gender == Female */
  IF (O.Total<=180000) THEN TAX = 0;
    IF (O.Total<=300000) THEN TAX = (O.Total-180000)*10/100;
      IF (O.Total<=500000) THEN TAX = (O.Total-300000)*20/100+12000;
        IF (O.Total>500000) THEN TAX = (O.Total-500000)*30/100+52000;

Q. Tax paid till date
---------------------

				Amount
Deduction through payroll	     a
Direct TDS	  		     b
Previous employment		     c

Total			       Q.Total

R. Annual tax balance
---------------------

R.Total = P.Total - Q.Total

S. Tax to be paid per month 
---------------------------

S.Total per month = (R.Total - previous month taxes)/(remaining months)