Income Tax Calculation Worksheet

ELLUCIAN HIGHER EDUCATION SYSTEMS INDIA PRIVATE LIMITED Ascent Payroll

PAN : AAQCS6720G/ TAN : BLRS40538B F.Y. : 2019-20 / A.Y. : 2020-21
Employee: 172620000 Shivakumar B.V. Calculation Month: March-2020
Date of Joining: 14/06/2010 PAN: ADOPV6089K Tax Category: MEN
1. Gross Salary Actual(Rs.) Projection(Rs.) Total(Rs.)
Basic 1,058,400 0 1,058,400
House Rent Allowance 423,360 0 423,360
Conveyance Allowance 19,200 0 19,200
Medical Reim 15,000 0 15,000
Special Allowance 975,816 0 975,816
Sodexo 26,400 0 26,400
Leave Encash 11,760 0 11,760
ANNUAL HEALTH CHECKUP 2,107 0 2,107
Telephone and Internet Re 24,000 0 24,000
Thrive reimbursement 24,000 0 24,000
Totals: 2,580,043 0 2,580,043
HRA Exemption Calculation
Period Basic Rent Paid HRA Recd Rent Paid Less 40/50% Salary Least of
Non Metro Metro (A) 10% Salary (B) (C) (A,B,C)

Apr-2019 88,200 18,500 0 35,280 9,680 35,280 9,680

May-2019 88,200 18,500 0 35,280 9,680 35,280 9,680
Jun-2019 88,200 18,500 0 35,280 9,680 35,280 9,680
Jul-2019 88,200 19,500 0 35,280 10,680 35,280 10,680
Aug-2019 88,200 19,500 0 35,280 10,680 35,280 10,680
Sep-2019 88,200 19,500 0 35,280 10,680 35,280 10,680
Oct-2019 88,200 19,500 0 35,280 10,680 35,280 10,680
Nov-2019 88,200 19,500 0 35,280 10,680 35,280 10,680
Dec-2019 88,200 19,500 0 35,280 10,680 35,280 10,680
Totals: 793,800 172,500 317,520 93,120 317,520 93,120

WORKSHEET :
1. Gross Salary 2,580,043
2. Less: Allowances Exempt Under Section 10
House Rent Allowance 93,120
Sodexo (Put 1100 or 2200 pm) 26,400
3. Balance (1-2) 2,460,523
4. Deductions:
Standard Deduction 50,000
Tax On Employment 2,400
5. Aggregate of 4 52,400
6. Income chargeable under the head 'Salaries' (3-5) 2,408,123
7. Add: Any other income reported by the employee

8. Gross total income (6+7) 2,408,123

9. Deductions under Chapter VI-A Qualifying Deductible
Gross Amount
(A) Section 80C, 80CCC and 80CCD Amount Amount
(a) Section 80 C
a. Provident Fund 127,008 127,008
b. Life Insurance Premium 35,172 22,992
c. Public Provident Fund 24,000 0
d. Sukanya Samruddhi Yojana 20,000 0
Total of Section 80C, 80CCC and 80CCD 206,180 150,000 150,000

(b) National Pension Scheme (1B) 50,000 50,000 50,000

10. Aggregate of deductible amount under Chapter VIA 200,000

11. Total Income (8-10) 2,208,130
12. Tax on total income 474,939
13. Less: rebate u/s 87A 0
*
Printed On 01/04/2020 10:17:38 Calculation based on Actual Declaration Page 1 of 2
14. Tax payable and surcharge thereon 474,939 + 0 474,939
15. Add: Education CESS 4.00% on (14) 18,998
16. Less: Rebate Under Section 89 0
17. Total Tax Liability (14+15-16) 493,937
18. Less Tax deducted at source till February-2020 448,079
19. Tax payable/refundable (17-18) 45,858
20. Tax payable/refundable this month 45,858
# Investment under 80CCD is allocated to 80CCD(1B) first and balance amount limited to 10% of basic is allocated to 80CCD.
Income tax calculated as follows:
From To Tax Percent % Tax

0 250,000 0 0
250,000 500,000 5 12,500
500,000 1,000,000 20 100,000
1,000,000 2,208,130 30 362,439
474,939
Total Tax on income 2,208,130 (excluding surcharge, CESS and Rebate) *

Printed On 01/04/2020 10:17:38 Calculation based on Actual Declaration Page 2 of 2