Income Tax Calculator for FY 2020-21 (AY 2021-22)

Name XXXXXXXXX
PAN Number XXXXXXXXX
Age 30

OLD REGIME
Total Income 510,700

Tax Payable 14,640

Tax Rebate u/s 87A 0
Net Tax Payable 14,640
Tax Surcharge @ 10% (For Income of more than 50 Lakhs) 0
Add; Edn Cess @ 4% 586
Total Tax Payable 15,226
Tax to Total Income Ratio 2%
21-22)
XXXXXXXXX
XXXXXXXXX
30

NEW REGIME
807,300

46,095
0
46,095
0
1,844
47,939
6%
 Income Tax Planner for FY 2020-21 (AY 2021-22)

Gross Annual Income/Salary (with all allowances) - Fill Annex - CTC

Less: Exempt Allowances Allowances
(I) H.R.A. exemption
City of Residence
Basic Salary (Basic+DA)
Rent Paid
H.R.A received
(II) Standard Deduction (Max 50,000)
(III) Leave Travel Allowance
(IV) Gratuity - (Exempt u/s 10(10))
(V) Leave Encashment (Exempt u/s 10(10AA))
(VI) Professional Pursuits
(VII) Telephone Allowance
(VIII) Food Coupon
(IX) Professional Tax - Deduction u/s 16
(X) Advance salary (relief u/s 89)
(XI) Arrears of salary (relief u/s 89)
(XII) Any Other Exempted Receipts/ allowances
Income taxable under the head salaries

Add: Income from other sources

1. Interest received from following Investments
a Bank ( Saving /FD /Rec )
b N.S.C.(accrued/ Recd )
c Post Ofice M.I.S (6 yrs.)
d Post Office Recring Deposit (5 yrs.)
e Dividend Income from Equity & MF
2. Other Income…
3. Other Income…

Less: Exemption on Home Loan Interest

Loss from self-occupied house property (Section 24)
Additional tax exemption for First Time Home Buyers (Section 80EE)
Additional tax exemption for Small Home Buyers (Section 80EEA)
Interest paid on Home Improvement Loan
Gross Total Income
Less: Deduction under chapter VI A
Deduction under Sec 80C (Max Rs.1,50,000/-)
A EPF & VPF Contribution
B Public Provident Fund (PPF)
C LIC
D N.S.C (Investment + accrued Interest before Maturity Year)
E Tax Saving Investments (3 Years and above)
 F Tax Savings Bonds
G E.L.S.S (Tax Saving Mutual Fund)
H Life Insurance Premiums
I. New Pension Scheme (NPS) (u/s 80CCC)
J. Pension Plan from Insurance Companies/Mutual Funds (u/s 80CCC)
K 80 CCD Central Govt. Employees Pension Plan (u/s 80CCD)
L
Housing. Loan (Principal Repayment)
.M
Sukanya Samriddhi Account
.N
Stamp Duty & Registration Charges
.
O Tuition fees for 2 children

Additional Deduction under Sec 80CCD NPS (Max Rs 50,000/-)

Other Deduction under chapter VI A
A 80 D Medical Insurance premiums (for Self/Spouse )
B 80 D Medical Insurance premiums (for Parents)
C 80 D Medical Insurance premiums (for Parents-Senior Citizen)
80 D Medical Expenditure (for Parents-Senior Citizen)
D 80 DD Medical Treatment of handicapped Dependent
E 80DDB Expenditure on Selected Medical Treatment for self/ dependent
F 80 E Int. Paid on Education Loan
G 80 EEB Int. Paid on Electric Vehicle Loan
H 80G, 80GGA Donation to approved funds
I. 80GGC Donation to political party
J. 80U For Physically Disable Assesse
K 80TTA Tax Deduction on Interest Income
L 80TTB Tax Deduction for Senior Citizens on Interest Income
M Any other
Total Deduction under chapter VI A
Total Income

Gross Annual Income/Salary (with all allowances) - Fill Annex - CTC

Less: Exempt Allowances Allowances
(I) Gratuity - (Exempt u/s 10(10))
(II) Leave Encashment (Exempt u/s 10(10AA))
(III) Food Coupon
Income taxable under the head salaries

Income from other sources

Total Income
0-21 (AY 2021-22)

Age 678,400
-73,600
19,200
Non-Metro
48,000 19,200 Auto pick up Basic+DA
120,000 115,200
60,000 60,000
50,000 50,000 Auto pick up
0 0
0 0
0 0
0 0 Limit?
0 0 Limit?
2,000 2,000 Limit?
2,400 2,400
0 0
0 0
0 0
604,800

130,900 130,900

130,900
0
0
0
0
0
0

0
0 0
0 0
0 0
0 0
735,700

150,000 -150,000
0 PICK UP FROM Salary split, give addditional place if they want to key in d d
0
0
0
0
 0
180,000
0
0
0
0
0
0
0
0

0 0
-75,000
30,000 25,000
0 0
70,000 50,000
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0
0 0 Pick this up from saving int. Split int on savings and Fd seperatly
0 0
0 0
-225,000

510,700

Age 678,400
-2,000
0 0
0 0
2,000 2,000 Max cap
676,400

130,900

807,300
place if they want to key in d details
ngs and Fd seperatly
 Breakup of CTC for FY 2020-21
Sl. Description TOTAL
1 BASIC PAY 120,000
2 DEARNESS ALLOWANCE -
3 COMMISSION -
4 HRA 60,000
5 SPECIAL ALLOWANCE - (FBP) 498,400
6 MEDICAL REIMBURSEMENT -
7 ANNUAL LEAVE ENCASHMENT -
8 GRATUITY -
9 VEHICLE ALLOWANCE -
10 TELEPHONE ALLOWANCE -
11 FOOD VOUCHERS -
12 EMPLOYER'S PF CONTRIBUTION 21,600
13 LEAVE TRAVEL ALLOWANCE -
14 REFERRAL BONUS (if any) -
15 RSU/ESOP EARNING (if any) -
16 Any Other -
GROSS SALARY INCLUDING PERQUISITES 700,000
GROSS SALARY FOR TAXATION UNDER HEAD SALARY 678,400
OLD REGIME
Income Tax for Individuals Tax Bracket Tax Slabs Taxable Inc Tax
0 -250000 0% - 510,700 -
250001 - 500000 5% 250,000 250,000 12,500
500001 - 1000000 20% 500,000 10,700 2,140
1000000 + 30% 1,000,000 - -
Total Tax 14,640

Income Tax for Senior Citizen Tax Bracket Tax Slabs Incremental Tax
0 -300000 0% - 510,700 -
300001 - 500000 5% 300,000 200,000 10,000
500001 - 1000000 20% 500,000 10,700 2,140
1000000 + 30% 1,000,000 - -
Total Tax 12,140

Income Tax for very Senior Citizen Tax Bracket Tax Slabs Incremental Tax

0 - 500000 0% - 510,700 -
500001 - 1000000 20% 500,000 10,700 2,140
1000001 + 30% 1,000,000 - -
Total Tax 2,140

NEW REGIME
Income Tax for Individuals Tax Bracket Tax Slabs Incremental Tax
0 - 2,50,000 0% - 807,300 -
2,50,001 - 5,00,000 5% 250,000 250,000 12,500
5,00,001 - 7,50,000 10% 500,000 250,000 25,000
7,50,001 - 10,00,000 15% 750,000 57,300 8,595
10,00,001 - 12,50,000 20% 1,000,000 - -
12,50,001 - 15,00,000 25% 1,250,000 - -
Above 15,00,000 30% 1,500,000 - -
46,095

Income Tax for Senior Citizen Tax Bracket Tax Slabs Incremental Tax
0 - 2,50,000 0% - 807,300 -
300,001 - 5,00,000 5% 300,000 200,000 10,000
5,00,001 - 7,50,000 10% 500,000 250,000 25,000
7,50,001 - 10,00,000 15% 750,000 57,300 8,595
10,00,001 - 12,50,000 20% 1,000,000 - -
12,50,001 - 15,00,000 25% 1,250,000 - -
Above 15,00,000 30% 1,500,000 - -
43,595

Income Tax for very Senior Citizen Tax Bracket Tax Slabs Incremental Tax
0 - 500000 0% - 807,300 -
5,00,001 - 7,50,000 10% 500,000 250,000 25,000
7,50,001 - 10,00,000 15% 750,000 57,300 8,595
10,00,001 - 12,50,000 20% 1,000,000 - -
12,50,001 - 15,00,000 25% 1,250,000 - -
Above 15,00,000 30% 1,500,000 - -
33,595
Metro
Non-Metro