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How much tax do you save in Budget 2010?

Deepak Shenoy1 min read
Quick Facts
What is "How much tax do you save in Budget 2010?" about?
What category is this article in?
General
Who wrote this article?
Deepak Shenoy, Capitalmind's research team.
When was this article published?
Published 26 February 2010.
How long does this article take to read?
1 min read

function showMe(elem){ var theTB = (document.getElementById(elem)); theTB.style.display=""; } function hideMe(elem){ var theTB = (document.getElementById(elem)); theTB.style.display=“none”; }function showError(err){ var elem = document.getElementById(“errBox”); if (elem) { showMe(“errBox”); elem.innerHTML = err; }}function TaxCalculator() { this.Year = 2010; this.Slab1Start = 160000.00; this.Slab2Start = 500000.00; this.Slab3Start = 800000.00; //this.SurchargeStart = 1000000.00; this.Taxable = 0.0; this.Slab1Tax = 0.0; this.Slab2Tax = 0.0; this.Slab3Tax = 0.0; this.Surcharge = 0,0; this.Cess = 0.0; this.TotalTax = 0.0; this.IsWoman = false; this.IsSenior = false; this.set2009 = function() { this.Year = 2009; if (this.IsSenior) this.Slab1Start = 240000.00; else if (this.IsWoman) this.Slab1Start = 190000.00; else this.Slab1Start = 160000.00; this.Slab2Start = 300000.00; this.Slab3Start = 500000.00; //this.SurchargeStart = 1000000.00; } this.set2010 = function() { this.Year = 2010; if (this.IsSenior) this.Slab1Start = 240000.00; else if (this.IsWoman) this.Slab1Start = 190000.00; else this.Slab1Start = 160000.00; this.Slab2Start = 500000.00; this.Slab3Start = 800000.00; //this.SurchargeStart = 1000000.00; } this.calcTax = function() { this.Slab1Tax = 0; this.Slab2Tax = 0; this.Slab3Tax = 0; this.TotalTax = 0; if (this.Taxable>this.Slab1Start) this.Slab1Tax = (Math.min(this.Taxable, this.Slab2Start) - this.Slab1Start)* 0.1; if (this.Taxable>this.Slab2Start) this.Slab2Tax = (Math.min(this.Taxable, this.Slab3Start) - this.Slab2Start)0.2 ; if (this.Taxable>this.Slab3Start) this.Slab3Tax = (this.Taxable-this.Slab3Start)0.3; this.TotalTax = this.Slab1Tax + this.Slab2Tax + this.Slab3Tax ; this.Cess = this.TotalTax 0.03; this.TotalTax += this.Cess; }}function R2Comma(S) { S = String(S); var RgX = /^(.\s)?([-+\u00A3\u20AC]?\d+)(\d{2}\b)/; return S == (S = S.replace(RgX, “$1$2,$3”)) ? S : R2Comma(S);}function RComma(S) { S = String(S); var RgX = /^(.\s)?([-+\u00A3\u20AC]?\d+)(\d{3}\b)/; return S == (S = S.replace(RgX, “$1$2,$3”)) ? S : R2Comma(S);}function formatFloat(pFloat, pDp){ var m = Math.pow(10, pDp); s = ” + parseInt(pFloat m, 10) / m; l = s.length; i = s.indexOf(’.’); if (i==-1) s += “.00”; else if (i==(l-2)) s += “0”; return RComma(s,3);}function showTax( obj ){ ystr = "" + obj.Year; var elem = document.getElementById(“Slab1_” + ystr); if (elem) elem.innerHTML = formatFloat(obj.Slab1Tax,2); elem = document.getElementById(“Slab2_” + ystr); if (elem) elem.innerHTML = formatFloat(obj.Slab2Tax,2 ); elem = document.getElementById(“Slab3_” + ystr); if (elem) elem.innerHTML = formatFloat(obj.Slab3Tax, 2) ; elem = document.getElementById(“Surcharge_” + ystr); if (elem) elem.innerHTML = formatFloat(obj.Surcharge, 2) ; elem = document.getElementById(“Cess_” + ystr); if (elem) elem.innerHTML = formatFloat(obj.Cess, 2) ; elem = document.getElementById(“Total_” + ystr); if (elem) elem.innerHTML = formatFloat(obj.TotalTax, 2) ;}function calcDiff(){ hideMe(“errBox”); var obj = document.getElementById(“cp”); if (!obj) { showError(“Copyright missing”); return; } obj.innerHTML = ‘Copyright (c) Deepak Shenoy, 2010’; obj = document.getElementById(“income”); // convert to try { amt = parseFloat(obj.value); if (isNaN(amt)) { showError( obj.value + ” is not a number.”); return; } document.getElementById(“ForAmount”).innerHTML = formatFloat(amt, 2); var tax = new TaxCalculator(); obj = document.getElementById(“IsWoman”); if (obj) if (obj.checked) tax.IsWoman = true; obj = document.getElementById(“IsSenior”); if (obj) if (obj.checked) tax.IsSenior = true; tax.set2009(); tax.Taxable = amt; tax.calcTax(); showTax(tax); amt1 = tax.TotalTax; tax.set2010(); tax.calcTax(); showTax(tax); var elem = document.getElementById(“Savings_2010”); if (elem) elem.innerHTML = formatFloat( amt1-tax.TotalTax, 2); var elem = document.getElementById(“Savings_2010pm”); if (elem) elem.innerHTML = formatFloat( (amt1-tax.TotalTax)/12, 2); } catch( e ) { window.alert(e); //showError(“Enter a proper number”); }}

.tabHead2009 { background-color: #efaea0; padding-left:5px; padding-right:10px;}

.tabHead2010 { background-color: #e0eeff;padding-left:5px; padding-right:10px;}

.Desc2009 { background-color: #fffef0;padding-left:5px; padding-right:10px;}

.Amt2009 { background-color: #f0feff;text-align:rightpadding-left:5px; padding-right:10px;}

.Desc2010 { background-color: #fffef0;padding-left:5px; padding-right:10px;}

.Amt2010 { background-color: #f0feff;text-align:right; padding-left:5px; padding-right:10px;}

.entryTable td { padding-left:5px; margin-right:5px; }

#errBox { background-color: #ffbaba;padding-left:5px; padding-right:10px;}

How much do you save in Income tax with the new slabs? Enter your taxable income (net of all deductions like 80C, medical insurance etc.) and hit the “Calculate” button to see how much more you save per month, starting April 1, 2010.

Disclaimer: This is NOT tax advice. This is educational material only.

Enter your income: (Net of all deductions, 80C etc.) Rs. Women Senior Citizen

For Amount: Rs. Taxes Paid in 2009-10 Taxes Paid in 2010-11 Description Tax Description Tax Slab 1: Slab 1: Slab 2: Slab 2: Slab 3: Slab 3: Surcharge: Surcharge: Cess: Cess: Total: Total: Saving: Per Month: Copyright (c) Deepak Shenoy, 2010

Hope you like it!