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Enable MacrosGo to Declaration sheet and fill in all details requiredAll amounts you enter should be on the annual basis.i.e. for the full yearOnce the FEP Declartion is complete, click on "Check your FEP Declaration" button to make sure if your declaration is OKFill in the declation for I Tax purposeIf you have availed a Housing Loan, enter interest component alsoSee Your IT Calculation in IT Calculation SheetSee your take home salary details in Salary & Tax Details SheetClick on the Continue Button to Continue

Personal Income Tax Calculator Name

Per Month Per year

10,600 127,200

21,416 256,992

Total 32,016 384,192

Please mention the number of children for whom you are claiming education allowance (Maximum 2)

If you are claiming housing loan interest, mention whether the same is self-occupied or Let out

Your FEP Declaration (annual figures as filled in FEP declaration)

Claimed Eligible

Conveyance 9,600 9,600

-

Repairs & Maintenance -

Insurance & Road Tax -

Fuel -

Medical (Non Hospitalisation) -

LTA -

HRA -

Broadband -

Meal Card (Multiply 1100 by no of months) 13,200 13,200

Special Pay

Year End Pay (Do not fill) - 234,192

Basic Pay (Please fill in from your offer/revision letter)

FEP (Please fill in from your offer/revision letter)

Car - Lease Rental

Additional Information - Please fill in

Sex Do you use Car

Competency if yes, CC of the car

Date of Joining 28-Feb-11 Co Leased or Own

Please mention the number of children for whom you are claiming education allowance (Maximum 2)

If you are claiming housing loan interest, mention whether the same is self-occupied or Let out

Your Tax Declaration (annual figures as filled in Tax Declaration)

Claimed Eligible for Tax

Rent Paid 66,000 0

Interest on Housing Loan 0

LTA - 0

Sec. 80

Contribution to Pension Fund 0

Medical insurance premium 0

Medical insurance premium -Sr Citizen 0

Medical treatment 0

Medical Treatment 0

Int on Repayment Educational Loan 30,000 30,000

Physically handicapped (self) 0

Sec. 80C

Life Insurance premium 0

Deferred Annuity 0

Voluntary provident Fund 0

Public Provident Fund 0

Deposit in Post Off Savings Scheme 0

Deposit in NSS 0

Deposit in NSC 0

Interest on NSC reinvested 9 0

ULIP of UTI/LIC 0

Principal repayment on Housing Loan 0

Tax Saving Mutual Fund 0

NHB (National Housing Board) Scheme 0

Others - if any 0

Children Tution Fee 0

Investment in Infrastructure Bonds 0

Any other Income 0

Description Apr-12 May-12 Jun-12 Jul-12 Aug-12

Basic 10,600 10,600 10,600 10,600 10,600 Conveyance 800 800 800 800 800 HRA - - - - - Spl. Pay - - - - - Year End PayBonus - if anyAny other onetime Payments

Gross Earnings 11,400 11,400 11,400 11,400 11,400

PF 1,272 1,272 1,272 1,272 1,272 VPF - - - - - Professional Tax 150 150 150 150 150 Income Tax - - - - - Total Deductions 1,422 1,422 1,422 1,422 1,422

Net Pay - monthly 9,978 9,978 9,978 9,978 9,978

Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Total

10,600 10,600 10,600 10,600 10,600 10,600 10,600 127,200 800 800 800 800 800 800 800 9,600 - - - - - - - - - - - - - - - -

234,192 - -

11,400 11,400 11,400 11,400 11,400 11,400 11,400 370,992

1,272 1,272 1,272 1,272 1,272 1,272 1,272 15,264 - - - - - - - - 150 150 150 150 150 150 150 1,800 - - - - - - - - 1,422 1,422 1,422 1,422 1,422 1,422 1,422 17,064

9,978 9,978 9,978 9,978 9,978 9,978 9,978 353,928

Based on Your Tax Declaration (as filled in Tax Declaration)

1 Rent EligibilityActual HRA - 40% of Basic 50,880 Rent Paid less 10% Basic 53,280 Minimum of the above -

2 Income from House PropertyRent Received / Receivable for the property

Less: Taxes paidNet Annual Value -

Less: Repair Charges - 30% Net Annual Value - Less: Interest on Housing Loan -

Net Income / Loss - House Property -

Tax Slab - MenUpto Rs.200,000 - Nil -Rs.200,001 to Rs.500,000 10%Rs.500,001 to Rs.1000,000 20%Rs.1000,001 and above 30%

Tax Slab - WomenUpto Rs.200,000 - Nil -Rs.200,001 to Rs.500,000 10%Rs.500,001 to Rs.1000,000 20%Rs.1000,001 and above 30%

Income Tax Calculation

Per Month Per Year Basic 10,600 127,200 Conveyance 800 9,600 HRA - - Spl. Pay - - Year End Pay - Perquisite - Bonus - if any - Any other onetime Payments -

11,400 136,800 Allowance exempt u/s 10

i. HRA Exemption - ii Conveyance 9,600 iii Other Receipt / Allownaceiv Profession Tax 1,800 11,400

Income under Head Salaries 125,400 Add: Other Income declared - Interest on repayment of Housing Loan -

Gross Total Income 125,400

Deduction UnderChapter VIASec 80C - LIC Premium -

PF On Salary 15,264 Voluntary provident Fund - Public Provident Fund - Investment Infra stru Bonds - Housing Loan - Principle - Others - 15,264

Sec 80D - Medical Insurance - Contr to Pension Fund - Others 30,000 30,000

Aggregate UnderChapter VIA 45,264

Total Taxable Income 80,136

Total Tax PayableTaxed at 30% - - Taxed at 20% - - Taxed at 10% - - Exempt 80,136 - Tax on Total Income - Education Cess - Secondary & Higher Education Cess - Total Tax Liability -

Dear MindTree Minds,

This is with regard to the implication of new budget proposal on our FEP components. The details are given below:

However we will revisit the food coupons limits once we get clarity from the government on the rules and give the options accordingly .

The perquisite value of the car related expenses depends upon the ownership and cubic capacity (CC) of the car.

Title

1 <1600 CC

2>1600 CC

3<1600 CC

4>1600 CC

Since the tax treatment on privately owned cars is still a grey area, we will be keeping all the reimbursements relating to car related expenses (Privately owned cars) on hold for the time being and will communicate the rules shortly.

15% of the Total taxable income will be considered as perquisite.

1.       FEP- Food coupons : As per the rules of Income tax Act, Food coupons  (Non Taxable) can be issued only to the extent of  Rs.50 per day (Rs.1100 per month). Hence , we are removing the option of declaring Rs 2500/- per month . For all those who have declared food coupons of Rs 2500/- will be given an option to change it to Rs 1100/- per month.  

2.       Car related expenses under FEP – Car fuel , Insurance , Maintenance and Road Tax.

If the car is taken under the existing operating leasing plan, the same can be treated as car provided / hired by the employer, the details of perquisites  are given below                               

SL No

CC of the Car

Car under operating lease - MindTree Car lease scheme

Car under operating lease - MindTree Car lease scheme

Privately owned car- Car in MindTree Mind's name

Privately owned car- Car in MindTree Mind's name

For example: If  a Mind claims car fuel of Rs 5000/- per month and if he is under MindTree car lease scheme  with a lease rental of Rs 15000/- per month and has a car of > 1600 CC , Rs 1600 will be considered as taxable amount and balance will be considered as tax free. If the car is privately owned and he is claiming Rs 5000/- as fuel and Rs 10000/- as maintenance expenses, then Rs 1600/- will be tax free and the balance will be considered taxable.               

3.       Broadband reimbursement is not part of perquisite and hence will continue to be reimbursed as per the current policy. No FBT will be recovered.

4.       There is no change in tax impact regard to Conveyance allowance

5.       Company Leased Accommodation (CLA) – There will be no FBT on the deposit amount paid by MindTree. The taxable perquisite on the CLA will be same as it was before budget.

6.       Loans to employees –  The difference between interest rate charged by company and the current SBI PLR rate continues to be treated as perquisite even for this year.

7.       ESOP: The difference between market price on Exercise date and Grant price will be taxed on Exercise date. The date of submission of  application for exercising the ESOP can be treated as “Exercise date” if the ESOP plan also has the same definition.

This is with regard to the implication of new budget proposal on our FEP components. The details are given below:

However we will revisit the food coupons limits once we get clarity from the government on the rules and give the options accordingly .

The perquisite value of the car related expenses depends upon the ownership and cubic capacity (CC) of the car.

Taxable Tax free FBT

Nil

Nil

Nil

Nil

Since the tax treatment on privately owned cars is still a grey area, we will be keeping all the reimbursements relating to car related expenses (Privately owned cars) on hold for the time being and will communicate the rules shortly.

15% of the Total taxable income will be considered as perquisite.

As per the rules of Income tax Act, Food coupons  (Non Taxable) can be issued only to the extent of  Rs.50 per day (Rs.1100 per month). Hence , we are removing the option of declaring Rs 2500/- per month . For all those who have declared food coupons of Rs 2500/- will be given an option to change it to Rs 1100/- per month.  

2.       Car related expenses under FEP – Car fuel , Insurance , Maintenance and Road Tax.

If the car is taken under the existing operating leasing plan, the same can be treated as car provided / hired by the employer, the details of perquisites  are given below

Rs 1800  Per monthTotal lease rental plus fuel expenses minus Rs 1600 is tax free

Rs 2400  Per monthTotal lease rental plus fuel expenses minus Rs 2400 is tax free

Total reimbursement minus Rs 1800 is taxable Rs 1800  Per month

Total reimbursement minus Rs 2400 is taxable Rs 2400  Per month

For example: If  a Mind claims car fuel of Rs 5000/- per month and if he is under MindTree car lease scheme  with a lease rental of Rs 15000/- per month and has a car of > 1600 CC , Rs 1600 will be considered as taxable amount and balance will be considered as tax free. If the car is privately owned and he is claiming Rs 5000/- as fuel and Rs 10000/- as maintenance expenses, then Rs 1600/- will be tax free and the balance will be considered taxable.

is not part of perquisite and hence will continue to be reimbursed as per the current policy. No FBT will be recovered.

to Conveyance allowance (Rs.800 per month) or for Medical reimbursement (Rs.15,000 per annum) or Leave Travel Allowance

There will be no FBT on the deposit amount paid by MindTree. The taxable perquisite on the CLA will be same as it was before budget.

–  The difference between interest rate charged by company and the current SBI PLR rate continues to be treated as perquisite even for this year.

The difference between market price on Exercise date and Grant price will be taxed on Exercise date. The date of submission of  application for exercising the ESOP can be treated as “Exercise date” if the ESOP plan also has the same definition.

Since the tax treatment on privately owned cars is still a grey area, we will be keeping all the reimbursements relating to car related expenses (Privately owned cars) on hold for the time being and will communicate the rules shortly.

As per the rules of Income tax Act, Food coupons  (Non Taxable) can be issued only to the extent of  Rs.50 per day (Rs.1100 per month). Hence , we are removing the option of declaring Rs 2500/- per month . For all those who have declared food coupons of Rs 2500/- will be given an option to change it to Rs 1100/- per month.  

If the car is taken under the existing operating leasing plan, the same can be treated as car provided / hired by the employer, the details of perquisites  are given below

For example: If  a Mind claims car fuel of Rs 5000/- per month and if he is under MindTree car lease scheme  with a lease rental of Rs 15000/- per month and has a car of > 1600 CC , Rs 1600 will be considered as taxable amount and balance will be considered as tax free. If the car is privately owned and he is claiming Rs 5000/- as fuel and Rs 10000/- as maintenance expenses, then Rs 1600/- will be tax free and the balance will be considered taxable.

(Rs.15,000 per annum) or Leave Travel Allowance. There will be no FBT on the medical reimbursement.

There will be no FBT on the deposit amount paid by MindTree. The taxable perquisite on the CLA will be same as it was before budget.

–  The difference between interest rate charged by company and the current SBI PLR rate continues to be treated as perquisite even for this year.

The difference between market price on Exercise date and Grant price will be taxed on Exercise date. The date of submission of  application for exercising the ESOP can be treated as “Exercise date” if the ESOP plan also has the same definition.

As per the rules of Income tax Act, Food coupons  (Non Taxable) can be issued only to the extent of  Rs.50 per day (Rs.1100 per month). Hence , we are removing the option of declaring Rs 2500/- per month . For all those who have declared food coupons of Rs 2500/- will be given an option to change it to Rs 1100/- per month.  

For example: If  a Mind claims car fuel of Rs 5000/- per month and if he is under MindTree car lease scheme  with a lease rental of Rs 15000/- per month and has a car of > 1600 CC , Rs 1600 will be considered as taxable amount and balance will be considered as tax free. If the car is privately owned and he is claiming Rs 5000/- as fuel and Rs 10000/- as maintenance expenses, then Rs 1600/- will be tax free and the balance will be considered taxable.

The difference between market price on Exercise date and Grant price will be taxed on Exercise date. The date of submission of  application for exercising the ESOP can be treated as “Exercise date” if the ESOP plan also has the same definition.

As per the rules of Income tax Act, Food coupons  (Non Taxable) can be issued only to the extent of  Rs.50 per day (Rs.1100 per month). Hence , we are removing the option of declaring Rs 2500/- per month . For all those who have declared food coupons of Rs 2500/- will be given an option to change it to Rs 1100/- per month.  

For example: If  a Mind claims car fuel of Rs 5000/- per month and if he is under MindTree car lease scheme  with a lease rental of Rs 15000/- per month and has a car of > 1600 CC , Rs 1600 will be considered as taxable amount and balance will be considered as tax free. If the car is privately owned and he is claiming Rs 5000/- as fuel and Rs 10000/- as maintenance expenses, then Rs 1600/- will be tax free and the balance will be considered taxable.

For example: If  a Mind claims car fuel of Rs 5000/- per month and if he is under MindTree car lease scheme  with a lease rental of Rs 15000/- per month and has a car of > 1600 CC , Rs 1600 will be considered as taxable amount and balance will be considered as tax free. If the car is privately owned and he is claiming Rs 5000/- as fuel and Rs 10000/- as maintenance expenses, then Rs 1600/- will be tax free and the balance will be considered taxable.