tax calculators

8/7/2019 Tax Calculators

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Personal Taxation - Raakesh Thayyil

Rates of Income-tax

General

Income Levelupto 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 1

upto Rs. 1.9 lakh -

Between Rs. 1.9 lakhs & Rs. 5 lakhs 10



Persons over 65 yearsIncome Level

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 col

-

Income from House Property

Annual Value -

Less:30% of Annual Value -

-

-

-

Income from Other Sources -

Rate of tax(%) Click for Calculator

Rate of tax(%)

Rate of tax(%)

Interest on Housing Loan (not toexceed Rs. 1.5 lakhs)


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Gross Total Income -

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 &

Senior Citizens - 20,000 for Self &

Deduction -

under Section 80*** (Infrastructure Bonds)


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 -

-


Persons over 65 years Tax on Total Income -

Surcharge -

Education Cess -

-



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. . , .


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5,000 for Senior Citizen Parents

pouse for Senior Citizens


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Rates of Income-tax

General






Income Level

upto Rs. 1.8 lakh -





upto Rs. 2.25 lakh -




Surcharge (%)

General 10





Salaries


-


Annual Value -


-

-

-



Rate of tax(%)

Rate of tax(%)



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Deduction -

under Section 80D



Senior Citizens - - 20,000 for Self &

Deduction -

under Section 80G


Deduction -

-

Total Income -

rounded to -

General


Surcharge -

Education Cess -

-




Surcharge -

Education Cess -

-


Persons over 65 years


Surcharge -

Education Cess -

-


* Term Deposits over five years with Scheduled Banks eligible fordeduction under Section 80Centitled to deduction upto Rs. 1 lac as against the earler Rs. 10,000.However, overall deduction under Section 80C, 80CCC & 80CCD


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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

COMPUTATION OF TAX

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)


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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 t

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 exceed

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


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Rates of Income-tax

General






Income Level

upto Rs. 1.8 lakh -









Surcharge (%)

General 10





Salaries


-


Annual Value -


-

-

-



Rate of tax(%)

Rate of tax(%)



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Deduction -

under Section 80D



Senior Citizens - - 20,000 for Self &

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 fordeduction under Section 80Centitled to deduction upto Rs. 1 lac as against the earler Rs. 10,000.However, overall deduction under Section 80C, 80CCC & 80CCD


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Rates of Income-tax

General

Income Level 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


Income Level






Income Level




Surcharge (%)

General 10




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

Salaries

Gross Salary - Fill only these coloumns

-


Annual Value -

Less:

30% of Annual Value -

-

-

-



Rate of tax (%)

Rate of tax (%)

Rate of tax (%)

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


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Deduction -

under Section 80D


General -

Senior Citizens -

Deduction -

under Section 80G

Eligible Donations

Deduction -

-

Total Income -

rounded to -

General


Surcharge -

Education Cess -

-




Surcharge -

Education Cess -

-


Persons over 65 yearsTax on Total Income -

Surcharge -

Education Cess -

-


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

Investments in specified pension funds under Section 80CCC is now entitled to deductionupto Rs. 1 lac as against the earler Rs. 10,000. However, overall deduction under Section80C, 80CCC & 80CCD remains unchanged at Rs. 1 lac


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Rates of Income-tax

General

Income Level

upto Rs. 1 lakh -

Between Rs. 1 lakh & Rs. 1.5 lakhs 10




Income Level






Income Level




Surcharge (%)

General 10




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

Salaries

Gross Salary -

Less: Standard Deduction -

-


Annual Value -


-

-


Rate of tax(%)

Rate of tax(%)

Rate of tax(%)

Interest on Housing Loan (not to exceedRs. 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 -

-


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

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


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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

COMPUTATION OF TAX

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)


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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 t

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 exceed

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

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