IncomeTaxProjec onGuide

Version1.0

DISCLAIMER

ThisExcelsheetisnotthetaxcalculator.
ThisisapplicabletoIndiaSalaryonly
ThisisnotaForm16document.ThisdocumentcannotbeusedforIncomeTaxFiling.

FEATURES
ITprojectionreportinExcelformatiscompatiblewithalltheexcelreaders.Compactstatementof
your IT projection i.e., the probable earnings and deductions components are depicted in different
color combinations to give you a clearer picture, Easy download of IT projection statement. The
reportcanbetriggeredtotheemployeesmailbox.

PLEASEREADTHESEINSTRUCTIONSCAREFULLY
This IT Projection Sheet has two parts, Part one represents Pay code wise Taxable
Earnings/ProjectedEarningsandDeductions.
ParttworepresentsProjectedTaxLiabilityfortheFinancialYear
AllthetitlesareshowninBoldBlackfontwithGreenbackgroundinboththeparts
PART1
Thetableisrepresentedinpaycodevs.monthformatwheremonthstartsfromApriltoMarch
accordingtothefinancialyear.
AllEarninganddeductionpaycomponentsareshowninBrownfont
AlltheearnedvaluestillcurrentmonthareinBlueFont
AllthedeductedvaluesareintheBlackFont
TotalearningsisshowninBoldBluefont
TotalDeductionsisshowninBoldBlackfont
AlltheProjectedearningsforthefuturemonthsareinGreenFont
AlltheProjecteddeductionsforthefuturemonthsareinGreenFont
Ifearningsarenotpaidforaparticularcomponentinamonth,willbeshowninBluecolored
Dash/Hyphen()
NonprojectedEarningcomponentsarerepresentedasGreendash/hyphen.()
Forexample,QPLC,VariablePayetc
PART2
AlltheearningsdetailsarerepresentedinBluefont
Undergrossearnings,grosssalarydisplayedisexclusiveofbusdeductions
AllthedeductiondetailsarerepresentedinBlackfont
Total for earnings is represented in Bold Blue font and total deduction details are shown in Bold
Blackfont.
ThePerquisitesaredisplayinginearningpartandalsoaddedtotheGrossearnings
Intaxcomputationpart,Taxslabsareshownwithrespecttotheselectedfinancialyearandgender.

TAXRULES&OTHERUSEFULINFORMATION
HRAexemption=minimumof(40%(50%formetros)ofBasic+DAorHRAorrentpaid10%of
Basic+DA)
CommutationAllowanceisexemptuptoRs.1600/permonthprovidedthepersonisinIndiaduring
the month. If employee has opted for Wipro bus then Commutation Allowance exemption is not
provided.
LTAisexempttothetuneofeconomyclassairfareforthefamilytoanydestinationinIndia,bythe
shortestroute.
LTAcanbeclaimedtwiceinablockof4calendaryears.ThecurrentblockisfromJan2014toDec
2017
There is an exemption for interest on housing loan. If the loan was taken before Apr 1, 1999
exemptionislimitedtoRs.30,000/peryear.IftheloanwastakenafterApr1,1999exemptionis
limitedtoRs.2,00,000/peryearifthehouseisselfoccupiedthereisnolimitifthehouseisletout
for rent and exemption is given after reducing the income from house property. To claim this
exemptionhouseconstructionshouldhavecompletedanditshouldbeoccupiedduringtheFinancial
Year.
IncomeFromothersourceslike,Interestearnedfromallsourcesisincludedisfullytaxable.
Medical Insurance (such as Mediclaim) premium is exempt up to Rs.25,000/ per year for self,
spouse & dependent children. An additional Rs.25,000/ is exempt towards premium for parents
(eveniftheyarenotdependent).Iftheparent's)areabove65yearsofage,anextraRs.5,000/can
beclaimed
DeductioninrespectofmedicaltreatmentofhandicappeddependentsislimitedtoRs.75,000/per
yearifthedisabilityislessthan80%andRs.1,25,000/peryearifthedisabilityismorethan80%

Deductionu/s80DDand80UincreasedtoRs.75,000/fromRs.50,000/inrespectofpersonwith
disabilityandtoRs.1,25,000fromRs.1,00,000inrespectofpersonwithseveredisability.

Deduction in respect of medical treatment for specified ailments or diseases for the assessed or
dependentcanbeclaimeduptoRs.40,000/peryear.Ifthepersonbeingtreatedisaseniorcitizen,
theexemptioncangouptoRs.80,000/
Interestrepaymentoneducationloan(takenforanyeducationfromauniversityforself,spouse&
children)istaxexempt
For WASE and WIMS employees: Section 80GG exemption is available for WASE and WIMS
students. This will be calculated as minimum of (25% of total income or rent paid 10% of total
incomeorRs.24,000/peryear)
Investmentsupto1.5lacinPF,VPF,PPF,InsurancePremium,Housingloanprincipalrepayment,
NSC,ELSS,longtermbankFixedDeposit,PostOfficeTermDeposit,SukanyaSamrudhiAccount
SchemeandSec.80CCD(1B)NPScontributionetc.aredeductablefromthetaxableincomeunder
sec80C.Thereisnolimitonindividualitems,soall1.5laccanbeinvestedinNSC,forexample

Sec80CCDemployeecontributiontopensionplanshouldbeallowedexemptionu/s80CCD.Itis
overandabove1.5lacof80C.MaximumlimitisRs.50,000
Surcharge:Surchargeontaxisincreasedfrom10%to12%wheretotalincomeexceedingonecrore
rupees.

NOTE:ALLTHEEXEMPTIONSCANBECLAIMEDONLYIFYOUHAVEDECLAREDTHESAMEINITDECLARATIONS.ANDSUBMITTHEBILLS
INYEARENDWHENITISASKEDTOSUBMIT.

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