Payroll Tax Software

TAX CALCULATOR
TaxbasePersonal XL is an easy to use free Income Tax Calculator for individuals to prepare Income Tax return and print Form 2D and 2E.

    Features of TaxbasePersonal XL
  • Computes Income Tax for Assessment Year 2011-2012
  • It Covers Following Chapter of Income
  • Salary
  • House Property
  • Business Profession
  • Capital Gains
  • Income From Other Sources
  • Deductions Under Chapter VI-A
  • Exemptions under Chapter VIII-A
  • Interest u/s 234 - A,B,C.

    Forms available For Printing are
  • Form 2D
  • Form 2E

    Other Features
  • Advance Tax Paid
  • Self Assessment Tax Paid

According to the government rules, Some of the important calculations on the employees salary's formulae, is mentioned below:

Leave Encashment:
Leave Encashment is provided to those employees who do not want leaves, of the monthly Sundays, even though there were total 21 yearly holidays.
Formula = ((total earned salary /26-working days)/12-months)*21-yearly holidays
i.e. The total earned salary of the employee is divided by 26 (working days), then divided with 12(months), then multiplied by 21(yearly holidays)

Bonus:
Bonus of the employee depends upon employee's salary. According to the government's rule if the employee's salary is more than Rs 2500/ then the bonus- will be calculated on Rs 2500/, the remaining amount will get transferred to exgratia account. And if the salary is less than Rs 2500/ then, it will be calculated on the earned salary of the employee
Formula = (If (the total earned salary is >2500,2500*8.33%))
i.e. If the employee's total earned salary is more than Rs 2500, then Rs 2500 is multiplied by 8.33 percentage, the rest gets transferred to exgratia account.

Exgratia:
According to the government's rule, if the total earned salary of the employee is more than Rs 2500/ than remaining amount is transferred to Exgratia account, then that remaining amount is calculated with 8.33%.
Formula = (The total earned salary - Bonus) *8.33%
i.e. The total earned salary of the employee minus the bonus amount, then multiplied by 8.33%( government rule)

Gratuity:
The government gives Gratuity, if the employee has not taken continuous holidays up to 5 years.
Formula = ((Total earned salary /26-working days)/12 mnths)*15
i.e. The total earned salary is divided by 26 (working days), then divided by 12 (months), then multiplied by 15 (government rule).

Provident Fund:
According to the government rule, employees Provident Fund is calculated to the employees total earned salary* 12%.
Formula = (the total earned salary * 12%)
i.e. The employee's total earned salary multiplied by 12 %(government rule)

Employee's State Insurance Coporation (E.S.I.C):
E.S.I.C means insurance covered by the company to the employee. If addition, to the total earned salary, with all the other allowances like meal allowance, special allowance conveyance, incentive, over time, other allowance up to city allowance is more than Rs 7000/-, then E.S.I.C is not given to the employee.( If it is greater then 7500 it should take 0 & in salary slip should show exempted.
Formula= If (the total earned salary + all the allowances up to city allowance >7500,0))*1.75%
i.e. The total earned salary plus all the other allowances up to city allowance is more than 7500 then employee gets 0(nothing).

T.D.S:
According to the government rule, employees T.D.S is calculated to the employees total gross salary* 2.5%
Formula = (the total gross salary * 2.5%)
i.e. The employee's total gross salary multiplied by 2.5 %(government rule)

Labour Welfare Fund:
According to the government, Labour Welfare fund is provided Rs 2 if the gross salary is more than Rs 3000 else it is Rs 1 to the employee.
Formula = If (Gross salary>3000,2, 1)
i.e. If gross salary of the employee is more than Rs 3000, then he gets Rs 2 else he gets Rs 1(in Maharashtra)

Professional Tax (P.T):
According to the government rule, employees P.T is calculated to the employees site slab. Every state has different slab, Sum of Gross Salary of 12 months, divided by 12 will give Average Monthly Gross Salary which You have to compare with that sites- states slab. You are provided with an Option for Category Wise / State wise

Slab Wise Clubbing:
Eg. In Maharashtra the site slab is calculated like this:
P.T. Slab:
0 To 2000 - Rs. 0
(2001 to 2500) - Rs.30
(2500 to 3500) - Rs.60
(3500 to 5000) - Rs.120
(5000 to 10000) - Rs.175
(7501 and above)-Rs.200

Formula =
IF (gross salary>10000,200,
IF (gross salary >5000,175,
IF (gross salary >3500,120,
IF (gross salary >2500,60,
IF (gross salary >2000,30,
IF (gross salary <2000,0))))))

i.e.
If gross salary is more than Rs 10,000/- then Rs 200/ is provided
If gross salary is more than Rs 5,000/- then Rs 175/ is provided
If gross salary is more than Rs3,500/- then Rs 120/ is provided
If gross salary is more than Rs2,500/- then Rs 60/ is provided
If gross salary is more than Rs 2,000/- then Rs 30/ is provided
If gross salary is less than Rs 2,000/- then 0 (nothing) is provided

According to the government rules, The Employee & The Employer has to contribute to the government. The Employees contributions to the government are deducted in the "Gross Salary", which then becomes the Employees ,"Take Home Salary".

Total Employer Contribution Is As Follows:
Provident Fund Calculation :
For Register- P.F will be calculated on (Basic + DA) @12%. (Employee Contribution)
For Billing- P.F will be calculated on (Basic + DA) @13.61% (Employer Contribution)
4.75% E.S.I.C
13.61% is further bifurcated as follows,
Shown Separately
3.666666666667% on Basic
8.3333.333333333% on Basic(Basic+DA) employer Contribution as F.P(Family Pension)
1.1% P.F Admin Charges on basic
0.5% E.D.L.I Charges on Basic.
0.01% E.D.L.I Admin. Charges on Basic.

T.D.S Calculation:
if Gross Salary is <=100000 then nil.
if gross Salary is above 100000 and <=150000 then 20% of gross salary +1000.
if Gross Salary is >150000 then 30% of gross Salary + 1000.

L.W.F Calculation:
L.W.F will be calculated as per state wise.

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