How to calculate taxable Income and how to calculate Income Tax for FY 10-11?

It's possible that some of those tax deductions were considered 'loan forgiveness' or 'debt cancellation'. If this is the case then the U.S. gov't considers those 'forgiveness/cancellations' a taxable income the same as a pay cheque.
You will be owing the government money and I'd recommend speaking with an accountant to start getting things sorted before it gets out of control.
Good luck and I wish you the best.

PRSA is beneficiary to both an employee and a self employed individual.Most requirement for the tax relief claiming is that the annual income should be taxable under the income tax laws.For a self employed people they have to add their contributions to the self assessment tax return.Check out http://manning-financial.ie/ , the leading financial advisor in Ireland for a piece of advice regarding life cover,savings,investments,retirement planning & more.

I assume that you are creating a pro-forma for others to use. Very simply, you could offer a cell that asks the user to nominate the applicable tax rate for their tax jurisdiction, or, if you know (or assume the value), place that into a cell then multiply the taxable amount by 1+the tax rate, ie I buy shoes for $4 and have a 10% tax rate. Multiply the price of the shoe by 1.04 and you have the final price, inclusive of taxes.

Usually all fees and charges are applied before the taxes are calculated., but check your local tax rules because some government levied charges may not be taxable.

Yes there are! The money you invest in an annuity plan is not taxed, its tax is deferred. This means that you don't pay taxes on the money now, but when you start to receive your annuity income during retirement it is taxes like a regular income tax.

the benefit is 1.5L in case of house loan, refer http://www.makemyreturns.com/income-tax-calculator/income-tax-calculator.asp to calculate your income tax

farm house on agricultural land is exempt from tax.

Use 1 on all taxable and 0 on non-taxable buttons

1024x768 Normal 0 false false false /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} These are Excel functions for Lookup tables. The purpose of Lookup tables is to bring a value to the table, find the closest (or exact) match, and then return another value.

An example is the federal income tax table. On your tax return you get your gross income and number of dependents, go to the Lookup table, and find your taxable income.

The V in VLOOKUP means that the table is vertical; HLOOKUP has a horizontal orientation.

If you use the Insert Function button in Excel and paste either function, the dialog box will explain each required field separately with examples.

hi there

Here you go!
NOTE:
1) Cell A8 mentioned here can be changed according to the cell where you want the input.
2) Change the Cell Formatting of the input and output cell to Currency so that you can see the $ symbol.

=IF((A8<=6000),0,IF(AND(A8>=6001,A8<=216000),(((A8-6001)*17)/100),IF(AND(A8>=216001,A8<=58000),((((A8-216001)*30)/100)+2652),IF(AND(A8>=58001,A8<=70000),((((A8-58001)*42)/100)+13572),IF(A8>=70001,((((A8-70001)*47)/100)+18612))))))

Please let me know if you have any more queries

All the Best.

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