Income Tax Calculator for F.Y 2020-21 & A.

Y 2021-22 (Old Regime)

www.arthikdisha.com
Name Arthik Disha
ARTPX1234B
PAN

Date of Birth
Deccriptions Age (Years)

Gross Income from Salaries and Allowances 750,000.00

Less: Exemptions U/S 10
(i) H.R.A Exemption (Least of the following three)
Resident of
a. Basic Salary (Basic+DA)
b. Rent Paid
c. H.R.A received
(ii) Standard Deduction for Salaried & Pensioners (`50,000) .
(iii) Any Other Exempted Allowances
(iv) Professional Tax 2,400.00
Income From Salaries (After Deduction U/S 10)
Add: Income from Other Sources
1. Interesr income from the following sources:
a. Bank(Savings A/C / F.D/ Recurring) -
b. N.S.C( Accrued/Received) -
c. Post Office MIS(POMIS)
2. Any Other Income
Income from House Properties
a.Interest paid on House Building Loan (U/S 24) -
b.Additional Tax benefits for first time home buyers -
c.Rent received from let out properties after Municipal Taxes
Gross Total Income (G.T.I)
Less: Deduction U/S 80C(Max eligible amount `150000/-)
a. EPF & GPF Contribution -
b. Public Provident Fund (PPF) -
c. N.S.C (Investment + accrued Interest before Maturity Year)
d. Tax Saving Fixed Deposit (5 Years and above)
e. E.L.S.S (Tax Saving Mutual Fund)
f. Life Insurance Premiums paid
g. New Pension Scheme (NPS) (u/s 80CCC)
h. Pension Plan from Insurance Co./Mutual Funds (u/s 80CCC)
i. Principal Repayment on House Building Loan
j. Sukanya Samriddhi Yojana
k. Stamp Duty & Registration Fees on House Buying
l. Tuition fees for children(max 2 children)
Less: Additional deduction for NPS U/S 80CCD(1B)(Max `50000) -
Less: Deduction under chapter VI A
a. 80 D Medical Insurance premium (for Self ) -
b. 80 D Medical Insurance premium (for Parents) -
c. 80 E Interest Paid on Education Loan
d. 80 DD Medical Treatment for dependent handicapped
e. 80DDB Expenditure on approved Medical Treatment for self/ dependent
f. 80G, 80GGA, 80GGC Donation to approved funds
g. 80GG Rent paid in case of no HRA received
h. 80U For Physically Disabled person
i. 80TTA (Rs 50,000 for Senior Citizens & Rs 10,000 for others)
Less: Employer Contribution to NPS U/S 80CCD(2) -
Net Taxable Income after all deductions
Tax Rebate of Rs. 12,500 (For Income less than 5 Lakh)
Tax Liability
Surcharge @10%/15% (If income exceeds `50 Lakh & `1 Cr. Respectively)
Add: Cess @ 4%
Net Tax Payable
Advance Tax Paid
Balance Tax to be Paid
Tax to Gross Income Ratio

Income Tax Calculator for F.Y 2020-21 & A.Y 2021-22 (New Regime)
Gross Income from Salaries and Allowances
Less: Deduction for Employer Contribution to NPS U/S 80CCD(2)
Net Taxable Income after all deductions
Tax Rebate of Rs. 12,500 (For Income less than 5 Lakh)
Tax Liability
Surcharge @10%/15% (If income exceeds `50 Lakh & `1 Cr. Respectively)
Add: Cess @ 4%
Net Tax Payable
Advance Tax Paid
Balance Tax to be Paid
Tax to Gross Income Ratio

In case of any queries you can mail me at - admin@arthikdisha.com

1-22 (Old Regime)

Arthik Disha
ARTPX1234B
Fill only orange cells

4/30/1990
30

750,000.00
-52,400.00
-

-
-
-
50,000.00
-
2,400.00
697,600.00
- -

-
-
-
-
697,600.00

- -

Max Deduction 1.5 Lakh U/S 80C

Addl. Deduction U/S

- 80CCD(1B) 50,000 over
Section 80C
 Addl. Deduction U/S
80CCD(1B) 50,000 over
- Section 80C
-
-
0
0
0

0
0
Max 10% of (Basic+DA) as per
- -
Section 80CCD(2)
697,600.00
-
52,020.00
-
2,080.00
54,100.00
-
54,100.00
7.21%

1-22 (New Regime)

750,000.00
Contribution over 7.5 Lakh in a year is
- now taxable income as per Budget 2020.
750,000.00
-
37,500.00
-
1,500.00
39,000.00

39,000.00
5.20%

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 3/31/2021
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