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Show HN: A Tax Calculator for India

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Re: Show HN: A Tax Calculator for India

#11

Post by webbrahmin »

jpatokal wrote: post #10
kartickv wrote: post #2

I built this command-line tax calculator as a side project. This script determines: - When you're made an offer for a given CTC, how much will you take home every month? - If you want a certain amount of take-home pay every month, what CTC should you ask for? This is for Indians. This script handles: - Differing tax treatments for employees and consultants. The latter are eligible for presumptive taxation under secti…

For the non-Indians in the audience, what is "CTC"?

Cost to Company ie what an employee costs a company. It is also sometimes used in place of salary although incorrectly.

Re: Show HN: A Tax Calculator for India

#12

Post by victor106 »

jpatokal wrote: post #10
kartickv wrote: post #2

I built this command-line tax calculator as a side project. This script determines: - When you're made an offer for a given CTC, how much will you take home every month? - If you want a certain amount of take-home pay every month, what CTC should you ask for? This is for Indians. This script handles: - Differing tax treatments for employees and consultants. The latter are eligible for presumptive taxation under secti…

For the non-Indians in the audience, what is "CTC"?

Cost To Company

When I was in India a number of years ago, this term got thrown around a lot. I had no idea what it meant.

It basically means what is the total cost to a company for hiring you. Not just the salary they pay you but other costs like insurance, stock options, other benefits etc.,

Re: Show HN: A Tax Calculator for India

#14

Post by kartickv »

jpatokal wrote: post #10
kartickv wrote: post #2

I built this command-line tax calculator as a side project. This script determines: - When you're made an offer for a given CTC, how much will you take home every month? - If you want a certain amount of take-home pay every month, what CTC should you ask for? This is for Indians. This script handles: - Differing tax treatments for employees and consultants. The latter are eligible for presumptive taxation under secti…

For the non-Indians in the audience, what is "CTC"?

Sorry for that. As the other comments point out, it's used inconsistently. The way I've used it here is to include the employer's contribution to pension and provident fund (retirement savings), not just the employee contribution.

Re: Show HN: A Tax Calculator for India

#15

Post by kartickv »

kranner wrote: post #7
kartickv wrote: post #2

I built this command-line tax calculator as a side project. This script determines: - When you're made an offer for a given CTC, how much will you take home every month? - If you want a certain amount of take-home pay every month, what CTC should you ask for? This is for Indians. This script handles: - Differing tax treatments for employees and consultants. The latter are eligible for presumptive taxation under secti…

Section 44ADA, not 44AD. 44AD is for businesses and has a presumptive taxable income of 8% of gross income. 44ADA is for (eligible) individuals and has a presumptive taxable income of 50% of gross income.

You can change the 50% to the 8% by editing that parameter in the code.

According to my CA, individuals might be eligible for both depending on what they do. It's not just for businesses. If you're providing a service, like a freelance programmer, it's 50%. But if you're building your own product, it's 8%. Or some such distinction.

In any case, the script supports both; just change the parameter.

Re: Show HN: A Tax Calculator for India

#16

Post by kartickv »

LearnProg17 wrote: post #5

This is awesome! I have similar thing in google docs file. Also with addition for home loan repayment schedule. One suggestion: could you separate the code and tax slab configuration, different files.

Thanks for your feedback and suggestions. Since this is my side project, I can't spend too much time on it. Can you send me a pull request?

Actually, separating out the things should be modified from things that shouldn't would be a significant improvement. Like:

# Section 1: Configuration: Change this as appropriate:

FOO =

BAR =

# Section 2: Logic: Don't change this:

...

Re: Show HN: A Tax Calculator for India

#17

Post by thrifter »

In a similar vein, I developed a search engine for sales taxes in Canada (works for all provinces and territories). It was a much, much bigger undertaking than I initially thought, but here it is: http://isittaxed.ca/

I am considering open sourcing this project so that there could be a search engine like this for other countries.

Re: Show HN: A Tax Calculator for India

#18

Post by pandemic_region »

thrifter wrote: post #17

In a similar vein, I developed a search engine for sales taxes in Canada (works for all provinces and territories). It was a much, much bigger undertaking than I initially thought, but here it is: http://isittaxed.ca/ I am considering open sourcing this project so that there could be a search engine like this for other countries.

useful only in countries where the full price is not displayed upfront ?

Re: Show HN: A Tax Calculator for India

#19

Post by thrifter »

pandemic_region wrote: post #18
thrifter wrote: post #17

In a similar vein, I developed a search engine for sales taxes in Canada (works for all provinces and territories). It was a much, much bigger undertaking than I initially thought, but here it is: http://isittaxed.ca/ I am considering open sourcing this project so that there could be a search engine like this for other countries.

useful only in countries where the full price is not displayed upfront ?

Correct. In Canada, you only see the retail price. The Canadian consumer still needs to know if the item is taxable and what tax(es) that might be. It's an issue for people on a tight budget.

I edited my first comment from "every" to "other". Thank you.

Re: Show HN: A Tax Calculator for India

#20

Post by godzilla82 »

kartickv wrote: post #2

I built this command-line tax calculator as a side project. This script determines: - When you're made an offer for a given CTC, how much will you take home every month? - If you want a certain amount of take-home pay every month, what CTC should you ask for? This is for Indians. This script handles: - Differing tax treatments for employees and consultants. The latter are eligible for presumptive taxation under secti…

I am not sure if you have handled this or even if it is possible to handle the fact that the "basic" component of the salary is not a fixed percentage of the CTC. So two people with same CTC can have different "basic". This basic component also determines the max exemptions you can claim for e.g. under HRA. Also, employers themselves try to structure the basic and the HRA components to reduce the tax burden of their employees by modifying the basic. Exemptions under HRA have to be declared by the employer.
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