This paper presents the calculation results of lightning-induced voltages on overhead lines using two different formulations for the horizontal electric field at the earth surface. The first one is a time-domain equation equivalent to the surface impedance contained in the Cooray-Rubinstein formula, while the second one is an improved equation that provides more accurate results in the vicinity of lightning. The induced voltages are calculated for a strike in the vicinity of the line (50 m) and the results show that, for good-conducting earth, the two formulations are equivalent. However, for poor-conducting earth, the second expression provides a higher and longer induced voltage. Based on the calculation results, a limiting condition for the use of these equations is proposed.