48937362 tax calculators

8/4/2019 48937362 Tax Calculators

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Personal Taxation - Raakesh Thayyil

Rates of Income-tax

General

Income Level Rate of tax (%) Click for Calculatorupto Rs. 1.6 lakh -

Between Rs. 1.6 lakh & Rs. 5 lakhs 10

Between Rs. 5 lakhs & Rs. 8 lakhs 20

In excess of Rs. 8 lakhs 30

Women below 65 years

Income Level Rate of tax (%) 1

upto Rs. 1.9 lakh -

Between Rs. 1.9 lakhs & Rs. 5 lakhs 10



Persons over 65 years

Income Level Rate of tax (%)

upto Rs. 2.4 lakh -




Surcharge (%)

General -

Income upto Rs. 10 lakhs -

Education Cess (%) 3

Computation of Income

Heads of Income Amt. (Rs.) Amt. (Rs.) Amt. (Rs.)

Salaries

Gross Salary - Fill only these columns

-

Income from House Property

Annual Value -

Less:

30% of Annual Value -Interest on Housing Loan (not to exceed Rs. 1.5

lakhs)-

-

-

Income from Other Sources -

Gross Total Income -


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Less: Deductions under Chapter VI-A

under Section 80C/80CCC/80CCD*

Eligible Investments -

Deduction -

under Section 80D (Medical Insurance)Eligible Sums 30,000

General - - 15,000 for Self & 15,000 for

Senior Citizens - 20,000 for Self & Spouse f

Deduction -

under Section 80*** (Infrastructure Bonds)

Eligible Sums 20,000

General - -

Deduction -

under Section 80G

Eligible Donations -

Deduction --

Total Income -

rounded to -

General

Tax on Total Income -

Surcharge -

Education Cess -

-

Effective Tax Rate #DIV/0!



Surcharge -

Education Cess -

-




Surcharge -

Education Cess -

-


* Term Deposits over five years with Scheduled Banks eligible for deduction under Section 80C

Investments in specified pension funds under Section 80CCC is now entitled to deduction upto


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Senior Citizen Parents

r Senior Citizens


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Rates of Income-tax

General







upto Rs. 1.8 lakh -






upto Rs. 2.25 lakh -




Surcharge (%)

General 10





Salaries


-


Annual Value -

Less:


lakhs)-

-

-




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Deduction -

under Section 80DEligible Sums 30,000


Senior Citizens - - 20,000 for Self & Spouse f

Deduction -

under Section 80G


Deduction -

-

Total Income -

rounded to -

General


Surcharge -

Education Cess -

-




Surcharge -

Education Cess - -




Surcharge -

Education Cess -

-


* Term Deposits over five years with Scheduled Banks eligible for deduction under Section 80CInvestments in specified pension funds under Section 80CCC is now entitled to deduction upto


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r Senior Citizens


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COMPUTATION OF TOTAL INCOME AND TAX

STATUS : INDIVIDUAL

COMPUTATION OF TOTAL INCOME

SALARY AND ALLOWANCES

Base Salary

Taxable House Rent Allowance

GROSS SALARY

NET TAXABLE SALARY

INCOME UNDER THE HEAD HOUSE PROPERTY

INCOME TAXABLE FROM ANNUAL RENT

INCOME FROM OTHER SOURCES (Bank interest)

GROSS TOTAL INCOME

Deductions under Chapter VI-A

- u/s 80C

- u/s 80D

- u/s 80G

NET TOTAL INCOME

TOTAL INCOME

TOTAL INCOME ROUNDED OFF U/S 288 A

INCOME TAX ON TOTAL INCOME (A)

ADD SURCHARGE (@ 10% of A) (B)

TOTAL TAX AND SURCHARGE PAYABLE (C = A+B)

ADD EDUCATION CESS (@ 3% of C)

TOTAL TAX, SURCHARGE & CESS

Effective tax rate (Percentage)

COMPUTATION OF TAX


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Assumptions

Salary includes Base Salary and House Rent Allowance

HRA is exempt from tax under Section 10(13A) of the Income ta

below. Accommodation has been assumed to be situated in Delh

Calculation of HRA exemption under Section 10(13A) of the

Gross salary level

Salary for the purpose of HRA

Actual HRA received (A)

10 % of salary

50 % of salary (B)

Rent Paid

Rent Paid over 10% of salary (C)

HRA exempt (Least of A, B & C)

Taxable HRA

Tax has been calculated on the basis of the following tax rates:

Income level

Less than Rs.150,000

150,001 to 300,000

300,001to 500,000

above 500,000

A surcharge of 10% is applicable in case the total income excee

An education cess of 3% is applicable on total tax and surcharge


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Rates of Income-tax

General







upto Rs. 1.8 lakh -










Surcharge (%)

General 10





Salaries


-


Annual Value -

Less:


lakhs)-

-

-




12/20




Deduction -

under Section 80DEligible Sums 30,000


Senior Citizens - - 20,000 for Self & Spouse f

Deduction -

under Section 80G


Deduction -

-

Total Income -

rounded to -

General


Surcharge -

Education Cess -

-




Surcharge -

Education Cess - -




Surcharge -

Education Cess -

-


Investments in specified pension funds under Section 80CCC is now entitled to deduction upto* Term Deposits over five years with Scheduled Banks eligible for deduction under Section 80C


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r Senior Citizens


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Rates of Income-tax

General

Income Level Rate of tax (%) The Calculator is Belowupto Rs. 1.1 lakh -

Between Rs. 1.1 lakh & Rs. 1.5 lakhs 10

Between Rs. 1.5 lakhs & Rs. 2.5 lakhs 20

In excess of Rs. 2.5 lakhs 30












Surcharge (%)

General 10





Salaries

Gross Salary -

-


Annual Value -

Less:

30% of Annual Value -

Interest on Housing Loan (not to exceed Rs.1.5 lakhs) -

-

-





Fill only these coloumns


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Deduction -

under Section 80D

Eligible Sums 10,000

General -

Senior Citizens -

Deduction -

under Section 80G

Eligible Donations

Deduction -

-

Total Income -

rounded to -

General


Surcharge -

Education Cess -

-




Surcharge -

Education Cess -

-




Surcharge -

Education Cess --


Investments in specified pension funds under Section 80CCC is now entitled to

deduction upto Rs. 1 lac as against the earler Rs. 10,000. However, overall deduction

under Section 80C, 80CCC & 80CCD remains unchanged at Rs. 1 lac

* Term Deposits over five years with Scheduled Banks eligible for deduction under

Section 80C


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Rates of Income-tax

General

Income Level Rate of tax(%)

upto Rs. 1 lakh -

Between Rs. 1 lakh & Rs. 1.5 lakhs 10




Income Level

Rate of tax

(%)






Income Level

Rate of tax

(%)




Surcharge (%)

General 10





Salaries

Gross Salary -

Less: Standard Deduction -

-


Annual Value -

Less:

30% of Annual Value -Interest on Housing Loan (not to exceed

Rs. 1.5 lakhs)

-

-





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Deduction -

under Section 80D

Eligible Sums

General -

Senior Citizens -

Deduction -

under Section 80G

Eligible Donations

Deduction -

-

Total Income -

say -

General


Surcharge -

Education Cess -

-




Surcharge -

Education Cess -

-




Surcharge -Education Cess -

-


nvestments n spec e pens on un s un er ect on 80 s now ent t e to

deduction upto Rs. 1 lac as against the earler Rs. 10,000. However, overall

deduction under Section 80C, 80CCC & 80CCD remains unchanged at Rs. 1 lac

* Term Deposits over five years with Scheduled Banks eligible for deduction

under Section 80C


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COMPUTATION OF TOTAL INCOME AND TAX

STATUS : INDIVIDUAL

COMPUTATION OF TOTAL INCOME

SALARY AND ALLOWANCES

Base Salary

Taxable House Rent Allowance

GROSS SALARY

Less Standard Deduction u/s 16

NET TAXABLE SALARY

INCOME UNDER THE HEAD HOUSE PROPERTY

INCOME FROM OTHER SOURCES (Bank interest)

GROSS TOTAL INCOME

Deductions under Chapter VI-A

- u/s 80CCC

- u/s 80D

- u/s 80G

- u/s 80L

NET TOTAL INCOME

Less Pre tax deduction on eligible savings (Proposed section 80C)

TOTAL INCOME

TOTAL INCOME ROUNDED OFF U/S 288 A

INCOME TAX ON TOTAL INCOME

LESS REBATE u/s 88

LESS REBATE u/s 88B

LESS REBATE u/s 88C

TOTAL INCOME TAX PAYABLE (A)

ADD SURCHARGE (@ 10% of A) (B)

TOTAL TAX AND SURCHARGE PAYABLE (C = A+B)

ADD EDUCATION CESS (@ 2% of C)

TOTAL TAX, SURCHARGE & CESS

Effective tax rate (Percentage)

COMPUTATION OF TAX


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Assumptions

Salary includes Base Salary and House Rent Allowance

HRA is exempt from tax under Section 10(13A) of the Income ta

below. Accommodation has been assumed to be situated in Delh

Calculation of HRA exemption under Section 10(13A) of the

Gross salary level

Salary for the purpose of HRA

Actual HRA received (A)

10 % of salary

50 % of salary (B)

Rent Paid

Rent Paid over 10% of salary (C)

HRA exempt (Least of A, B & C)

Taxable HRA

Tax has been calculated on the basis of the following tax rates:

Income level

Less than Rs.100,000

100,001 to 150,000

150,001to 2,50,000

above 250,000

A surcharge of 10% is applicable in case the total income excee

An education cess of 2% is applicable on total tax and surcharge

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