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income-tax-calculator

License: MIT


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Introduction

This is a simple tool to calculate Income Tax of a salaried person, updated till FY2019-20.

Prerequisite

Java 7+

Usage

Directly double-click on the ClipboardProcessingApp.jar file, if proper java.exe is set as default, else java -jar ClipboardProcessingApp.jar

Supported features

  • Net earning calculation
  • Net taxable income calculation after deducting : EPF, Professional Tax, Other 80C exemptions, HRA, other company benefits, Standard exemptino for salaried person(fixed).
  • Net tax calculation with cess.

Notes to follow

Points to remember while using the calculator: (This is a buttonless calculator, calculates as you provide inputs)

  1. Only digits allowed to be entered in any editable fields of the calculator.
  2. Month 1-12 fields: Should contain net salary of each month, not what you received in hand.
  3. Bonus field: should only be provided if not already included in any of the Month 1-12 fields.
  4. LTA field: should only be provided if not already included in any of the Month 1-12 fields. This indicates the amount you received, not what is to be exempted.
  5. Net other 80c field: should contain the amount you invested in 80 other than epf(deducted by company).
  6. Net HRA field: you need to put at max the amount(annually) which is to be exempted as per your ctc letter.
  7. Net other exempt field: includes flexi bucket(max amount as provided in you ctc slip), LTA to be exempted for your trip, & other exemptions if any.
  8. Std Exempt field: Non-editable. Includes fixed exemption by govt for all salaried employee for medical and other exemptions.
  9. The 3 fields at the bottom are the result fields, non-editable, separated by commas for readability.
  10. From any field if you want to cut(CTRL+X) or copy(CTRL+C), it will automatically copy without the commas if present. If comma is needed to be copied, use cut/copy function via mouse click.

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