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  • Tax Computation

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    Pravin Awalkonde
    47 views5 pages
    This document summarizes an individual's monthly and yearly tax calculations under the old and new tax regimes in India. It provides details of salary breakdown, allowances, deductions, taxable income, and tax amounts payable monthly and annually. The total yearly income is Rs. 15,45,000 with various standard deductions reducing the taxable income to Rs. 12,85,623 under the old regime and no reductions under the new regime. The total yearly tax payable is Rs. 20,61,114 under the old regime and Rs. 20,90,040 under the new regime.

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    Tax Computation

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    This document summarizes an individual's monthly and yearly tax calculations under the old and new tax regimes in India. It provides details of salary breakdown, allowances, deductions, taxable income, and tax amounts payable monthly and annually. The total yearly income is Rs. 15,45,000 with various standard deductions reducing the taxable income to Rs. 12,85,623 under the old regime and no reductions under the new regime. The total yearly tax payable is Rs. 20,61,114 under the old regime and Rs. 20,90,040 under the new regime.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    47 views5 pages

    Tax Computation

    Uploaded by

    Pravin Awalkonde
    This document summarizes an individual's monthly and yearly tax calculations under the old and new tax regimes in India. It provides details of salary breakdown, allowances, deductions, taxable income, and tax amounts payable monthly and annually. The total yearly income is Rs. 15,45,000 with various standard deductions reducing the taxable income to Rs. 12,85,623 under the old regime and no reductions under the new regime. The total yearly tax payable is Rs. 20,61,114 under the old regime and Rs. 20,90,040 under the new regime.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
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    of 5

    Tax Computation

    Apr-20 May-20 Jun-20 Jul-20


    Basic Salary 60936 60936 60936 60936
    House Rent Allowance 30468 30468 30468 30468
    Conveyance Allowance 1600 1600 1600 1600
    Education Allowance 200 200 200 200
    Medical Reimbursement 1250 1250 1250 1250
    Special Allowance 22340 22340 22340 22340

    Leave Travel Allowance 5078 5078 5078 5078


    Festival Bonus (as per co. policy)
    PF Employer's Contribution 1800 1800 1800 1800

    Total 123672 123672 123672 123672

    PF 1800 1800 1800 1800


    Professional Tax 200 200 200 200
    Food 0 0 0 0
    Deductions
    Income tax old tax regime 17176 17176 17176 17176
    Income tax new tax regime 17420 17420 17420 17420
    Labour walfare Fund 0 0 12 0

    In Hand old tax regime 102696 102696 102684 102696


    In Hand new tax regime 102452 102452 102440 102452

    Old Tax Regime New Tax Regime

    Total 1545000 1545000


    80C 128400 0
    HRA Received 365616
    50% of Basic 365616
    8000 22877
    HRA 22877 0
    Deductions Standard Deduction 50000 0
    Professional tax 2400 0
    PF 21600 0
    PF Employer's Contribution 21600 0
    Health Insurance 12500 0
    NPS 0 0
    Total Taxable Amount 1285623 1545000

    250000 0 250000 0
    250000 12500 250000 12500
    500000 100000 250000 25000
    285623 85687 250000 37500
    250000 50000
    250000 62500
    45000 13500
    198187 201000
    Additional cess 4% 7927 8040
    Total tax to be paid 206114 209040

    Per Month 17176 17420


    Aug-20 Sep-20 Oct-20 Nov-20 Dec-20 Jan-21 Feb-21 Mar-21
    60936 60936 60936 60936 60936 60936 60936 60936
    30468 30468 30468 30468 30468 30468 30468 30468
    1600 1600 1600 1600 1600 1600 1600 1600
    200 200 200 200 200 200 200 200
    1250 1250 1250 1250 1250 1250 1250 1250
    22340 22340 22340 22340 22340 22340 22340 22340

    5078 5078 5078 5078 5078 5078 5078 5078


    60936
    1800 1800 1800 1800 1800 1800 1800 1800

    123672 123672 184608 123672 123672 123672 123672 123672

    1800 1800 1800 1800 1800 1800 1800 1800


    200 200 200 200 200 200 200 200
    0 0 0 0 0 0 0 0
    17176 17176 17176 17176 17176 17176 17176 17176
    17420 17420 17420 17420 17420 17420 17420 17420
    0 0 0 0 12 0 0 0

    102696 102696 163632 102696 102684 102696 102696 102696


    102452 102452 163388 102452 102440 102452 102452 102452
    Yearly
    731232
    365616
    19200
    2400
    15000
    268080

    60936
    60936
    21600

    1545000

    21600
    2400
    0
    206114
    209040
    24

    1293262

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