Updated : Personal Income Tax Calculator For FY 2008-09

Thank you for all the comments and requests for the calculator. I have sent the calculator to many requesters, however with time constraints it is not always possible to reply to each and every one of you. So, I have put this simple excel based calculator on my blog PersonalMoney.in. You can download and use to calculate your personal income tax liability from my blog.
Regards
Manish

Question 1: The laws for HRA calculation are least of the following:
1. 40% (50% for metros) of (Basic + DA)
2. HRA Received
3. Rent paid - 10% of Basic
In the third case, does basic also include incentives received?
Question 2: Is Entertainment allowance exempt from tax? To what extent?

Answer 1 : no
Answer 2 : Entertainment allowance is taxable, however business expenses is not.
Check out PersonalMoney.in for details. In case you have doubts, feel free to post your queries there.

Excellent quick calculators. I have seen many tools some are very very extensive but using them is difficult. this tool was simple and easy to use. Good work, keep it up!!!