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  • Tax Calculator AY 2024-25 - 092421

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    Saurabh Saxena
    14 views3 pages
    The document shows salary details for an individual named Rajeev Srivastava for the financial year 2023-24 including gross salary, deductions, taxable income and tax due calculations. It compares the tax calculations under the old tax regime where various deductions were available versus the new regime with no deductions but lower tax slabs. The total tax due for the individual is lower under the new tax regime at Rs. 1,92,601 compared to Rs. 2,47,201 under the old regime.

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    Tax Calculator AY 2024-25_092421

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    Tax Calculator AY 2024-25_092421

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    The document shows salary details for an individual named Rajeev Srivastava for the financial year 2023-24 including gross salary, deductions, taxable income and tax due calculations. It compares the tax calculations under the old tax regime where various deductions were available versus the new regime with no deductions but lower tax slabs. The total tax due for the individual is lower under the new tax regime at Rs. 1,92,601 compared to Rs. 2,47,201 under the old regime.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    14 views3 pages

    Tax Calculator AY 2024-25 - 092421

    Uploaded by

    Saurabh Saxena
    The document shows salary details for an individual named Rajeev Srivastava for the financial year 2023-24 including gross salary, deductions, taxable income and tax due calculations. It compares the tax calculations under the old tax regime where various deductions were available versus the new regime with no deductions but lower tax slabs. The total tax due for the individual is lower under the new tax regime at Rs. 1,92,601 compared to Rs. 2,47,201 under the old regime.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as xlsx, pdf, or txt
    of 3

    Old Regime New Regime

    Gross Salary 16,67,310.00 16,67,310.00


    House Rent Allowance u/s 80gg 0.00
    Standard Deduction 50,000.00 50,000.00
    Health Insurance Premium u/s 80D 0.00
    Net Income 16,17,310.00 16,17,310.00

    Total Saving u/s 80C 1,50,000.00


    NPS u/s 80CCD(1B) 50,000.00
    NPS u/s 80CCD(2) 0.00
    CM Relief Fund u/s 80G 0.00
    Home Loan Interest u/s 24b 0.00 0.00
    Total Deduction 2,00,000.00 0.00

    14,17,310.00 16,17,310.00
    Taxable Income
    14,17,310.00 16,17,310.00

    Tax Due @ 5.00% 12,500.00 5.00% 15,000.00


    Tax Due @ 20.00% 1,00,000.00 10.00% 30,000.00
    Tax Due @ 30.00% 1,25,193.00 15.00% 45,000.00
    20.00% 60,000.00
    30.00% 35,193.00
    Tax Due 2,37,693.00 1,85,193.00

    Cess 4.00% 9,508.00 4.00% 7,408.00


    Total Tax Due 2,47,201.00 1,92,601.00
    Salary Detail for FY 2023-24

    Name : Rajeev Srivastava PAN :

    Month- Days in Total


    DA % Basic DA HRA MA S/Pay ESA Gross EPF GSLI EC AC I.Tax Net Pay
    year Month Ddt.
    Mar-23 30 38% 85548 32508 7316 194 0 435 126001 12500 150 1141 0
    15000 28791 97210
    Apr-23 30 38% 88400 33592 7560 200 0 450 130202 12500 150 1141 1356
    15000 30147 100055
    May-23 31 38% 88400 33592 7560 200 0 450 130202 12500 150 1141 1356
    15000 30147 100055
    Jun-23 30 42% 88400 37128 7560 200 0 450 133738 13000 150 1141 1356
    15000 30647 103091
    Jul-23 31 42% 88400 37128 7560 200 0 450 133738 13000 150 1141 1356
    15000 30647 103091
    Aug-23 31 42% 88400 37128 7560 200 0 450 133738 13000 150 1141 1356
    15000 30647 103091
    Sep-23 30 42% 88400 37128 7560 200 0 450 133738 13000 150 1141 1356
    15000 30647 103091
    Oct-23 31 42% 88400 37128 7560 200 0 450 133738 13000 150 1141 0
    15000 29291 104447
    Nov-23 30 46% 91100 41906 7560 200 0 450 141216 13500 150 1141 0
    15000 29791 111425
    Dec-23 31 46% 91100 41906 7560 200 0 450 141216 13500 150 1141 0
    15000 29791 111425
    Jan-24 31 46% 91100 41906 7560 200 0 450 141216 13500 150 1141 0
    15000 29791 111425
    Feb-24 28 46% 91100 41906 7560 200 0 450 141216 13500 150 1141 0
    15000 29791 111425
    DA Arrear (38% to 42%) 17566 11966 5600 17566 0
    DA Arrear (34% to 38%) 14573 9973 4600 14573 0
    Increment Arrear 15212 1521 0 1521 13691
    Total 1068748 452956 90476 2394 0 5385 1667310 179960 1800 13692 8136 190200 393788 1273522

    Gross Salary (Rs.) = 16,67,310.00


    Standard Deduction (Rs.) = 50,000.00
    Net Income (Rs.) = 16,17,310.00

    Deduction Tax Calculation


    CM Relief Fund u/s 80G (Rs.) = 0.00 Taxable Income (Rs.) = 16,17,310.00
    Home Loan Interest u/s 24b (Rs.) = 0.00 Tax Due @%5 (Rs.) = 15,000.00
    Total Deduction (Rs.) = 0.00 Tax Due @%10 (Rs.) = 30,000.00
    Tax Due @%15 (Rs.) = 45,000.00
    Tax Due @%20 (Rs.) = 60,000.00
    Tax Due @%30 (Rs.) = 35,193.00
    Rebate Under 87(A) (Rs.) = 0.00
    Due Tax (Rs.) = 1,85,193.00
    cess (@4%) (Rs.) = 7,408.00
    Total Tax Due (Rs.) = 1,92,601.00

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