Instructions to use Tax Calculator

1. Tax Calculator is prepopulated with your FY 2020-21 income and Investment details. Associate can change the Investme
applicable to see the impact on Net Tax liability under both regime.

2. Fields Categories
Editable Fields
Computation under Existing Tax Regime
Computation under New Tax Regime
Rest Cells for Information

3. Tax Calculator contains Locked cells to protect the computation formulas. Hence, please Use Tab for switching between

4. HRA Exemption is available under Existing Tax Regime only. A separate HRA Exemption Assistant is provided to calculate
Rent paid details. Please note to update metro / non metro as the case may be.

5. This Tax Calculator is customised and devloped fully for internal use of Tata Consultancy Services Associates. This is expe
computation references only.

6. Tax Calculator is a reference tool to assist in selection of appropriate Tax Regime. Every effort has been made to avoid e
or discrepancy noted may be brought to our notice which shall be taken care of. It is notified that this is reference tool and
loss of action to any one, of any kind, in any manner, therefrom.

Please Note: This utility is developed to help TCS associates in better projection of Taxes. Tata Consultancy Services will no
one, of any kind, in any manner, therefrom.
se Tax Calculator

ssociate can change the Investment and eligible exemption numbers as per ceiling

e Use Tab for switching between fields for entry.

Assistant is provided to calculate amount of HRA (TRLP) Exemption basis the Salary and

y Services Associates. This is expected to be used strictly by associates for self

y effort has been made to avoid errors or omissions. In spite of this, if any mistake, error
fied that this is reference tool and development teams will not be responsible for any

Tata Consultancy Services will not be responsible for any damage or loss of action to any
 Tax Computation

Prepulated with FY20

Numbers (Associate Tax Computation
can change the Ceiling Applicable Tax Computation under New Regime
Sr. No. Head Description amount in Input cells (Max. Limit) under Existing Regime (Opting for Sec
to check impact on 115BAC)
Net Taxes)

1
Salary Components Basic Salary (Annual) 196,200 196,200 196,200

2
Salary Components Leave Travel allowance (Annual as per BOB/Earnings in Tax statement) 11,496 11,496 11,496

3
Salary Components Other Allowances included in Earnings 649,420 649,420 649,420

Salary Income (1+2+3) Salary Income 857,116 857,116

4

5
Salary Components Food Coupon loaded on Food Card (YTD Loading)*** - - -

Gross Salary (4+5) Gross Salary (with Food Coupon Added for New Tax Regime only) 857,116 857,116
6

7
Annual Perquisites Accommodation provided by employer (if any) - - -

8
Annual Perquisites Car/Automotives provided by employer (if any) - - -

Other Perqusites Values Other Perqusites Value - - -

8.1
Employer Contribution to PF, Superannuation & Nation Pension Scheme for perquisite
Employer Contributions calculation(PF @ 12% , Superannuation @ 15% and NPS @ 10%) - - -
9
Annual Perquisites Employer contributions exceeding 7,50,000/- in financial year - -
10
Total Annual Perqisites (7+8+10) Total Annual Perqisites - -
11

Annual Gross Salary (6+11) 857,116 857,116

12

13
Exemption under Section 10 Leave Travel allowance Exemption availed U/S 10(5) - 11,496 - -

House Rent Allowance Exemption U/S 10(13A) HRA Exemption

Exemption under Section 10 (Prepopulated based on latest salary) - utility provided next - -
14 sheet

15
Exemption under Section 10 Conveyance allowance for physical disability - self (only if conveyance allowance is set in BoB) - 38,400 - -

Total Exemption under Section 10 Total Exemption under Section 10 - -

16 (13+14+15)

17
Exemption under Section 16 Profession Tax 2,400 2,400 -

18
Exemption under Section 16 Standard deduction 50,000 50,000 50,000 -

Total Exemption under Section 16 (17+18) Total Exemption under Section 16 52,400 -
19
Taxable Income from Salary Taxable Income from Salary 804,716 857,116
20 (12-16-19)

21
Income from House Property Income (Rental) from House property - - -

22
Deductions U/S 24 Deductions from House Property Income (incl housing loan interest) - - -
Net Income/(Loss) from House Property
(21-22) Net Income/(Loss) from House Property (200,000) - -
23

24
Income from Other Sources Income from Interest (Includes Bank, Fixed deposits, Postal deposits interest) *C34 - - -

Gross Total Income (20+23+24) Gross Total Income 804,716 857,116

25

26.1
Chapter VI-A Deduction U/S 80C Amount invested/paid in tax saving instruments such as PPF, ELSS mutual funds, LIC premium, etc. 22,590 150,000 22,590 -

26.2
Chapter VI-A Deduction U/S 80D Medical premium & preventive health checkup fees for self 3,776 25,000 3,776 -

26.3
Chapter VI-A Deduction U/S 80D Medical premium & preventive health checkup paid for parents-both Parents Non Senior Citizen - 25,000 - -

Medical premium & preventive health checkup fees for parents-either of the Parent is Senior
26.4
Chapter VI-A Deduction U/S 80D Citizen - 50,000 - -

Chapter VI-A Deduction U/S 80CCD 1A &

26.5 1B Employee's contribution to NPS - direct contribution by employee to National Pension Scheme (NPS) - 177,410 - -

26.6
Chapter VI-A Deduction U/S 80CCD (2) Employer's contribution to National Pension Scheme (NPS) - 19,620 - -

Medical Treatment for specified diseases (Non Senior Citizen - Rs. 40,000 , Senior Citizen - Rs.
26.7
Chapter VI-A Deduction U/S 80 DDB 1,00,000) - 100,000 - -

26.8
Chapter VI-A Deduction U/S 80E Interest on Educational Loan (Amount of interest paid on loan taken for higher education) - - -

26.9
Chapter VI-A Deduction U/S 80EE Interest on Housing Loan (Additional Interest on Housing Loan for Loan taken in FY 2016-17) - 50,000 - -

Interest on Housing Loan (Additional Interest on Housing Loan for Loan taken In FY 2019-2020
26.10
Chapter VI-A Deduction U/S 80EEA
subject to conditions ) - 150,000 -

26.11
Chapter VI-A Deduction U/S 80U Exemption for Physical Disability self - 80U ( Rs 125000 for severe disablilty else Rs 75000) - 125,000 -

Total Chapter VI-A Deductions Total Chapter VI-A Deductions 26,366 -

26

27 Total taxable Income (25-26) Total taxable Income 778,350 857,116

New Tax Regime New Regime-

Tax Computation Existing Tax Slabs Existing Regime
Slabs Reduced tax rate

Up to Rs 2,50,000 ** Tax slab Nil Nil - -

Rs 2,50,000 to Rs 5,00,000 Tax slab 5% 5% 12,500 12,500

Rs 5,00,000 to Rs 7,50,000 Tax slab 20% 10% 50,000 25,000

Rs 7,50,000 to Rs 10,00,000 Tax slab 20% 15% 5,670 16,067

Rs 10,00,000 to Rs 12,50,000 Tax slab 30% 20% - -

Rs 12,50,000 to Rs 15,00,000 Tax slab 30% 25% - -

More than Rs Rs 15,00,000 Tax slab 30% 30% - -

Base Tax Total Base Tax 68,170 53,567

Surcharge as per Slab Surcharge @ 10% between 50 L to 1 Cr, 15% between 1 Cr to 2 Cr, 25% between 2 Cr to 5 Cr and - -
37% above 5 Cr
Marginal Relief considered (that is income above given slab not to exceed additional surcharge
Surcharge Charged liability) - -

Cess 4% of total tax 2,727 2,143

Total Income Tax 70,897 55,710

Your Gain by shifting to New Tax Regime 15,187

* Pl note Sec.80TTA deduction for Saving Bank interest (Rs. 10000 incase of Non senior citizens & Rs. 500000 in case of senior citizens) not considered in computation as the same need to be claimed by associate separately while filing return. This deduction is
available under Existing Regime only.

** Slabin case of Senior Citizens is Up to Rs. 3,00,000 in current regime only; Thus for Senior citizens the Base Tax would be lower by Rs.2500 if one follows existing regime. This benefit is not available in New Tax regime. In current regime the lower tax of Rs.
2500 for senior citizen associates is not considered in above computation.

*** Amount loaded on Food Card is Taxable in New Tax regime. Amount loaded on Card till latest payroll is considered for current Tax calculator. Associate need to change the amount as per their Food Card plan to view full year projection. The food card
amount fetched in calculator does not take into consideration 'the amount rejected on Card and paid in salary subsequently'.
Please Note: This utility is developed to help TCS associates in better projection of Taxes. Tata Consultancy Services will not be responsible for any damage or loss of action to any one, of any kind, in any manner, therefrom.
Living In Metro

Month Basic Salary HRA Received

April
May
June
July
August
Septemeber
October
Novemeber
Decemeber
January
February
March

Total HRA Exemption

Rent Paid HRA Exemption
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