Incometax Calculation Worksheet (Old Regime)

THERMAX LTD Ascent Payroll

PAN : AAACT3910D/ TAN : PNET00017D F.Y. : 2020-21 / A.Y. : 2021-22
Employee: T9605 Gaurav Gautam Calculation Month: October-2020
Date of Joining: 14/06/2019 PAN: BJTPG1624F Tax Category: MEN
1. Gross Salary Actual(Rs.) Projection(Rs.) Total(Rs.)
Basic 90,484 75,000 165,484
House Rent Allowance 33,177 27,500 60,677
Special Allowance 77,843 66,250 144,093
Ex-Gratia 750 0 750
Bonus 23,040 0 23,040
Totals: 225,295 168,750 394,045

WORKSHEET :
1. Gross Salary 394,045
2. Less: Allowances Exempt Under Section 10

3. Balance (1-2) 394,045

4. Deductions:
Standard Deduction 50,000
5. Aggregate of 4 50,000
6. Income chargeable under the head 'Salaries' (3-5) 344,045
7. Add: Any other income reported by the employee

8. Gross total income (6+7) 344,045

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 19,858 19,858
Total of Section 80C, 80CCC and 80CCD 19,858 19,858 19,858
(B) Other Sections under Chapter VI-A
a. Sec 80D (Mediclaim Family) 1,200 1,200
Total of Other Sections under Chapter VI-A 1,200 1,200 1200
10. Aggregate of deductible amount under Chapter VIA 21,058
11. Total Income (8-10) 322,990
12. Tax on total income based on Old Regime 3,650
13. Less: rebate u/s 87A 3,650
*
14. Tax payable and surcharge thereon 0 + 0 0
15. Add: Education CESS 4.00% on (14) 0
16. Less: Rebate Under Section 89 0
17. Total Tax Liability (14+15-16) 0
18. Less Tax deducted at source till September-2020 0
19. Tax payable/refundable (17-18) 0
20. Tax payable/refundable this month 0
Income tax calculated as follows: ( Based on Old Regime)
From To Tax Percent % Tax

0 250,000 0 0
250,000 322,990 5 3,650
3,650
Total Tax on income 322,990 (excluding surcharge, CESS and Rebate) *

Printed On 02/11/2020 11:47:46 AM Calculation based on Estimated Declaration (Standard) Page 1 of 1