Income Tax Calculator F.Y.

2023-24 (AY 2024-25)

Gender Male
Name Your Name
https://www.PankajBatra.com
Age 30
Number of children 0

New Scheme
April May June July August September October November December January February March Total
Case
Component Name
Basic Salary 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 20,000 240,000

House Rent Allowance (HRA) 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 8,000 96,000

Child Education Allowance - - - - - - - - - - - -

Grade/Special/Management/Supplemementary Allowance 22,750 22,750 22,750 22,750 22,750 22,750 22,750 22,750 22,750 22,750 22,750 22,750 273,000

Arrears - - - - - - - - - - - - -

Leave Travel Allowance (LTA) 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 30,000

Leave Encashment - - - - - - - - - - - - -

Performance Incentive/Bonus 27,500 27,500 55,000

Food Coupons - - - - - - - - - - - - -

Periodical Journals 500 500 500 500 500 500 500 500 500 500 500 500 6,000

Uniform/Dress Allowance 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 15,000

TOTAL INCOME 55,000 55,000 55,000 82,500 55,000 55,000 55,000 55,000 55,000 82,500 55,000 55,000 715,000 715,000

Exemptions
Availing
Actual Rent paid as per rent receipts both HRA 8,300 8,300 8,300 8,300 8,300 8,300 8,300 8,300 8,300 8,300 8,300 8,300 99,600
Place of residence and HomeNon-MetroNon-Metro
City Non-Metro
City Non-Metro
City Non-Metro
City Non-Metro
City Non-Metro
City Non-Metro
City Non-Metro
City Non-Metro
City Non-Metro
City Non-Metro
City City
loan
HRA Exemption exemption 6,300 6,300 6,300 6,300 6,300 6,300 6,300 6,300 6,300 6,300 6,300 6,300 75,600

Non-Taxable Allowances Actual Submission

Child Education Allowance - -
LTA receipts 30,000 30,000
Food Coupons - -
Periodical Journals 6,000 6,000
Uniform/Dress Allowance 15,000 15,000
Telephone Reimbursement receipts - -
Prof. Development receipts - -
Car Expenses Reimbursement receipts - -
Internet expense receipts - -
Driver Salary receipts - -
Other Reimbursement receipts submitted - -
Non taxable Gratuity - -
Non taxable leave encashment - During Service -
Non taxable House rent income-30% ded. - -
Balance Salary 588,400 715,000
Professional Tax 2,400
Non taxable Equity LTCG - -
Net Taxable Salary 586,000 712,600
Total Home loan amount For Section 80EEA
Self occup. Home Loan Int. Component - Home Loan not taken between 2 -
Letout property Home Loan Interest - -
Municipal taxes paid on letout properties - -
Gross Total Income 586,000 712,600

Deductions under chapter VIA

Life Insurance Premium payment -
Employee's contribution to PF 21,600
PPF (Public Provident Fund) or SSAS -
Equity Tax saver Mutual Funds - ELSS -
National Savings Certificate (NSC) deposit -
National Savings Scheme (NSS) deposit -
Senior Citizen Savings Scheme (SCSS) -
Post Office/Tax saving Bonds -
Children Tution Fees paid -
Housing Loan Principal repayment -
Tax saving Fixed Deposit for 5 yrs -
Stamp Duty/Reg. charges for house -
Other Eligible Investments -
Total of Section 80C 21,600
Pension Fund (80 CCC) -
NPS/APY Deposit 80CCD -
Total Deductions u/s 80C, 80CCC, 80CCD 21,600 21,600

80D (Medical ins. for Self/Family all below 25,000 25,000

80D (Medical insurance for Parents)
80DD (Maint. of depandant disabled)
80DDB (Medical treatment - specific disea
80E (Int. on Education Loan)
80U (Handicapped person)
Donations - 80G (100 % deductions)
Donations - 80G (50 % deductions)
80CCG - RGESS - Discountinued
Home loan int. exemp. u/s 80EE - Discou
Employer NPS deduction u/s 80CCD(2)
Interest deduction u/s 80TTA/B
Interest deduction u/s 80EEB
50,000 Insured above 60 years 50,000
- With Severe Disability -
- Patient Below 65 years -
- -
- With Severe Disability -
- -
- -
- -
- -
- -
- -
- -

Standard Deduction (50,000) 50,000 50,000

Total Taxable Income 439,400 662,600

Taxable Income rounded off 439,400 662,600

Income Tax on Total Income 9,470 21,260

Tax rebate u/s 87A 9,470 21,260
Income tax after Tax rebate - -
Surcharge - -
Income tax including surcharge - -
Education Cess @ 4% - -
Income tax including education cess - -
TDS (Tax deducted at source) - -
Pending Tax Payable - -

Monthly Deductions from salary April May June July August September October November December January February March
TDS (Tax deducted at source) - - - - - - - - - - - -
Professional Tax 200 200 200 200 200 200 200 200 200 200 200 200 2,400
Employee's PF Contribution 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 21,600
Self/Employee's NPS/APY Contribution - - -
VPF (Voluntarily Provident Fund) contribution -
Deduction for company provided transport -
Deduction towards State Labour welfare Fund (LWF) -
Deduction towards company provided Group Term insurance -
Deduction towards Leave availed -
Deduction towards company provided medical insurance -
Other Deductions from Employer -
Employer's NPS Contribution -
Employer's PF Contribution 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 1,800 21,600

In Hand Salary 53,000 53,000 53,000 80,500 53,000 53,000 53,000 53,000 53,000 80,500 53,000 53,000
In Hand Salary without reimbursments 48,750 48,750 48,750 76,250 48,750 48,750 48,750 48,750 48,750 76,250 48,750 48,750

Total Income this year 736,600

ADVANCE TAX SCHEDULE - NOT APPLICABLE FOR SENIOR CITIZENS

Total Tax as per Consolidation Sheet: -

PARTICULARS % Payable Paid Difference

Payable upto 15th June 15% - - -
Payable upto 15th September 45% - - -
Payable upto 15th December 75% - - -
Payable upto 15th March 100% - - -

Success
Savings for Tax
PPF Investments
April -
May -
June -
July -
August -
September -
October -
November -
December -
January -
February -
March -
Total -

Long Term infra bonds investment

April -
May -
June -
July -
August -
September -
October -
November -
December -
January -
February -
March -
Total -

Post Office/Tax saving Bonds investments Children Tution Fees paid

April -
May -
June -
July -
August -
September -
October -
November -
December -
January -
February -
March -
Total -

Pension Fund (80 CCC) investments

April -
May -
June -
July -
August -
September -
October -
November -
December -
January -
February -
March -
Total -

GROSS TOTAL -
Details of Salary paid and any other income and tax deducted
1 Gross Salary
17(1) Rs. 694000
(b) Value of perquisites u/s 17(2) (as per Form
No.12BA, wherever applicable) Rs. 0
(c) Profits in lieu of salary under section 17(3)(as
per Form No.12BA, wherever applicable) Rs. 0
(d) Total Rs.

2 Less :Allowance to the extent exempt u/s 10

(a) HRA Exemption Rs. 75600
(b) Conveyance allowance Rs. 0
(c) Child Education Allowance Rs. 0
(d) Gratuity Rs. 0
(e) Leave Travel Allowance (LTA) Rs. 30000
(f) Leave Encashment Rs. 0
(g) Total Rs.

3 Balance 1-2 Rs.

4 Deductions :
(a) Entertainment allowance Rs. 0
(b) Tax on employment Rs. 2400

5 Aggregate of 4(a) and (b) Rs.

6 Income chargeable under the head ‘Salaries’ (3-5)

7 Add: Any other income reported by the employee

(a) Income From House Property Rs. 0
(b) Saving bank interest Rs. 0
(c) Other taxable income Rs. 0
(c) Total Rs.

8 Gross total income (6+7)

9 Deductions under Chapter VI-A

(A) sections 80C, 80CCC and 80CCD
(a) Deductions in respect of specified
investments/savings - 80C
(i) ELSS Rs
(ii) EPF Rs
(iii) PPF Rs
(iv) House Loan principal repay Rs
(v) Stamp duty Rs
 (vi) Life insurance Premium Rs
(vii) NSC/NSS deposits Rs
(viii) SCSS deposits Rs
(ix) Tax saving fixed depoists Rs
(x) Children tuituion fees Rs
(b) section 80CCC Rs
(c) section 80CCD Rs
(B) Other sections (e.g. 80E, 80G, 80TTA, etc.) under
Chapter VI-A.
(i) section 80D Rs
(ii) section 80DD Rs
(iii) section 80DDB Rs
(iv) section 80E Rs
(v) section 80U Rs
(vi) Section 80CCG Rs
(vii) Employer NPS deduction u/s 80CCD(2) Rs
(viii) 80TTA/B Rs

10 Aggregate of deductible amount under Chapter VI-A

11 Total Income (8-10)

12 Tax on total income

13 Education cess @ 4% (on tax computed at S. No. 12)

14 Tax Payable (12+13)

15 Less: Relief under section 89 (attach details)

16 Tax payable (14-15)

 694000

105600

588400

2400

Rs. 586000

Rs. 586000

Gross Deductible
Amount Amount
0
21600
0
0
0
 0
0
0
0
0
0
0 Rs 21600
Gross Deductible
Amount amount
75000 Rs 75000
0 Rs 0
0 Rs 0
0 Rs 0
0 Rs 0
0 Rs 0
0 Rs 0
0 Rs 0

Rs 96600

Rs 489400

Rs 0

Rs 0

Rs 0

Rs 0

Rs 0