tax clculator

Income Tax Calculator for FY 2020-21 (AY 2021-22)

www.ApnaPlan.com
Name GAUTAM ACHARYYA
PAN Number ATOPA6939K

Birth date 1-Oct-85

Age 35
Gross Annual Income/Salary (with all allowances) 1,440,000
Less: Allowances exempt u/s 10(for Service Period)
(I) H.R.A. exemption 0
City of Residence Non-Metro
Basic Salary (Basic+DA) 1,440,000 576,000
Rent Paid 168,000 24,000
H.R.A received 0 0
(II) Standard Deduction for Salaried & Pensioner (Rs 50,000) Budget 2019 50,000 50,000
(iii) Any Other Exempted Receipts/ allowances 0 0
(iv) Professional Tax 0 0
Income under the head salaries
Add: Any other income from other sources 0
1. Interest received from following Investments
a. Bank ( Saving /FD /Rec ) 0
b. N.S.C.(accrued/ Recd ) 0
c. Post Ofice M.I.S (6 yrs.) 0
d. Post Office Recring Deposit (5 yrs.) 0
2. Any Other Income 0
3. Any Other Income 0
Less: Exemption on Home Loan Interest (Sec 24)
Loss from house property (Section 24) 0 0
Additional tax exemption for First Time Home Buyers (Budget 2016) 0 0
Interest paid on Home Improvement Loan (max 30,000) 0 0
Gross Total Income
Less: Deduction under Sec 80C (Max Rs.1,50,000/-) 150,000
A. EPF & VPF Contribution 21,600
B. Public Provident Fund (PPF) 500
C. Senior Citizen’s Saving Scheme (SCSS) 0
D. N.S.C (Investment + accrued Interest before Maturity Year) 0
E. Tax Saving Fixed Deposit (5 Years and above) 0
F. Tax Savings Bonds 0
G. E.L.S.S (Tax Saving Mutual Fund) 0
H. Life Insurance Premiums 90,934
I. New Pension Scheme (NPS) (u/s 80CCC) 0
J. Pension Plan from Insurance Companies/Mutual Funds (u/s 80CCC) 0
K. 80 CCD Central Govt. Employees Pension Plan (u/s 80CCD) 0
L. Housing. Loan (Principal Repayment) 0
M. Sukanya Samriddhi Account
N. Stamp Duty & Registration Charges 0
O. Tuition fees for 2 children 60,000
Less: Additional Deduction under Sec 80CCD NPS (Max Rs 50,000/-) 0
Less: Deduction under chapter VI A
A. 80 D Medical Insurance premiums (for Self ) 18,919 18,919
B. 80 D Medical Insurance premiums (for Parents) 0 25,000
C. 80 E Int Paid on Education Loan 0 0

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D. 80 DD Medical Treatment of handicapped Dependent 0 0
E. 80DDB Expenditure on Selected Medical Treatment for self/ dependent 0 0
F. 80G, 80GGA, 80GGC Donation to approved funds 0 0
G. 80GG For Rent in case of NO HRA Component (Budget 2016) 0 0
H. 80U For Physically Disable Assesse 0 0
I. 80TTA (Rs 50,000 for Senior Citizens & Rs 10,000 for others) (Budget 2018) 0 0
Less: Deduction under Sec 80CCD(2) NPS (Employer Contribution) 0 0
Less: Deduction under Sec 80EEA (Interest on Home Loan for Affordable Home) (Budget 2019) 0 0
Less: Deduction under Sec 80EEA (Interest on Auto Loan for Electronic Vehicle) (Budget 2019) 0 0
Total Income
Tax Rebate of Rs. 12,500 (For Income of less than 5 lakhs) (Budget 2019)
Total Tax Payable
Tax Surcharge @ 10%/15%/25%/37% (Income more than 50 Lakhs/1 cr/2 cr/5 cr respectively) (Budget 2019)
Add; Edn Cess + Health Cess @ 4%
Net Tax Payable
Advance Tax Paid
Tax Remianing to be Paid
Tax to Total Income Ratio

Calculating Income Tax with Lower Tax Slab under new Regim
Gross Annual Income/Salary (with all allowances)
Income from Other Sources
Less: Deduction under Sec 80CCD(2) NPS (Employer Contribution)
Total Income
Tax Rebate of Rs. 12,500 (For Income of less than 5 lakhs) (Budget 2019)
Total Tax Payable
Tax Surcharge @ 10%/15%/25%/37% (Income more than 50 Lakhs/1 cr/2 cr/5 cr respectively) (Budget 2019)
Add; Edn Cess + Health Cess @ 4%
Net Tax Payable

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For any Queries write to -

apnaplan.com@gmail.com

GAUTAM ACHARYYA
ATOPA6939K

Fill up only the Orange Cells

31-Mar-21

1,440,000
-50,000
For Income Tax purpose - only Delhi, Mumbai,
Chennai & Kolkatta are considered as metro
cities. Noida, Gurgaon etc are Non-metro
cities.

You can take Tax Benefit on both HRA & Home

Loan.
In case of any queries Click here.

1,390,000
0

The maximum exemption on Home Loan

0 interest is Rs. 2 lakhs irrespective of it being
Letout or Self-Occupied [in Budget 2017]

1,390,000
-150,000

Click here to
Choose the best investment under 80C.

Click here to choose the Best Tax Saving Fixed

Deposit rates from banks

Click here to choose the Best Tax Saving

Mutual Funds (ELSS)

Click Here to know about

Sukanya Samriddhi Account

0 Read more about Tax benefit on NPS

-43,919
Click Here in case of any doubt on Education
Loan Tax Exemption

Click Here to know about NPS Tax exemption

u/s 80CCD(1), 80CCD(2) & 80CCD(1B) Page 3
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Click Here to know about NPS Tax exemption
u/s 80CCD(1), 80CCD(2) & 80CCD(1B)

80EEA – New Tax Exemption on Home Loan for

Purchase of Affordable House
0
0 80EEB – New Tax Exemption on Auto Loan for
Purchase of Electric Vehicles
0
1,196,081 Tax Rebate u/s 87A has been increased to Rs
0 12,500 from Rs 2,500 in Budget for people with
171,324 income less than Rs 5 Lakhs
Click for more details
0
6,853
178,177
0
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178,177
12%

All about Reduced Tax Slabs under new Tax

1,440,000 Regim
0 Click for Details
0
1,440,000
0
172,500
0
6,900
179,400

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92538.104
94338.104

0.771150866666667

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Income Tax for General Tax Tax Slabs

0 -250000 - 250,000
250001 - 500000 12,500 500,000
500001 - 1000000 100,000 1,000,000
500001 + 58,824
Total Tax 171,324

Income Tax for Senior Citizen Tax Tax Slabs

0 -300000 - 300,000
300001 - 500000 10,000 500,000
500001 - 1000000 100,000 1,000,000
500001 + 58,824
Total Tax 168,824

Income Tax for very Senior CitizeTax Tax Slabs

0 - 500000 - 500,000
500001 - 1000000 100,000 1,000,000
1000001 + 58,824
Total Tax 158,824

Income Tax for General Tax Tax Slabs

0 - 2.5 - 250,000
2.5 - 5 12,500 500,000
5 - 7.5 25,000 750,000
7.5 - 10 37,500 1,000,000
10 - 12.5 50,000 1,250,000
12.5 - 15 47,500 1,500,000
15+ -
Total Tax 172,500

Income Tax for Senior Citizens Tax Tax Slabs

0-3 - 300,000
3-5 10,000 500,000
5 - 7.5 25,000 750,000
7.5 - 10 37,500 1,000,000
10 - 12.5 50,000 1,250,000
12.5 - 15 47,500 1,500,000
15+ -
Total Tax 170,000

Income Tax for Super Senior Citi Tax Tax Slabs

0 - 2.5 - 250,000
2.5 - 5 - 500,000
5 - 7.5 25,000 750,000
7.5 - 10 37,500 1,000,000
10 - 12.5 50,000 1,250,000
12.5 - 15 47,500 1,500,000
15+ -
Total Tax 160,000

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Incremental Taxable Inc Tax Bracket

250000 0%
250,000 946081 5%
500,000 696,081 20%
196,081 196081 30%

Incremental Taxable Inc Tax Bracket

300,000 0%
200,000 896,081 5%
500,000 696,081 20%
196,081 196,081 30%

Incremental Taxable Inc Tax Bracket

500,000 0%
500,000 696,081 20%
196,081 196,081 30%

Incremental Taxable Inc Tax Bracket

250,000 0%
250,000 1,190,000 5%
250,000 940,000 10%
250,000 690,000 15%
250,000 440,000 20%
250,000 190,000 25%
(60,000) (60,000) 30%

Incremental Taxable Inc Tax Bracket

300,000 0%
200,000 1,140,000 5%
250,000 940,000 10%
250,000 690,000 15%
250,000 440,000 20%
250,000 190,000 25%
(60,000) (60,000) 30%

Incremental Taxable Inc Tax Bracket

250,000 0%
250,000 1,190,000 0%
250,000 940,000 10%
250,000 690,000 15%
250,000 440,000 20%
250,000 190,000 25%
(60,000) (60,000) 30%

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Metro
Non-Metro

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