1) The document is an income tax calculator that provides details of an individual's taxable income, deductions, and tax liability for the financial year 2022-23 under the old and new tax regimes.
2) It calculates the taxable income as Rs. 1,282,500 after deducting Rs. 150,000 under section 80C and Rs. 15,000 under chapter VI-A from the gross income of Rs. 1,500,000.
3) The tax liability under the old regime is Rs. 205,140 and under the new regime is Rs. 195,000.
1) The document is an income tax calculator that provides details of an individual's taxable income, deductions, and tax liability for the financial year 2022-23 under the old and new tax regimes.
2) It calculates the taxable income as Rs. 1,282,500 after deducting Rs. 150,000 under section 80C and Rs. 15,000 under chapter VI-A from the gross income of Rs. 1,500,000.
3) The tax liability under the old regime is Rs. 205,140 and under the new regime is Rs. 195,000.
1) The document is an income tax calculator that provides details of an individual's taxable income, deductions, and tax liability for the financial year 2022-23 under the old and new tax regimes.
2) It calculates the taxable income as Rs. 1,282,500 after deducting Rs. 150,000 under section 80C and Rs. 15,000 under chapter VI-A from the gross income of Rs. 1,500,000.
3) The tax liability under the old regime is Rs. 205,140 and under the new regime is Rs. 195,000.
1) The document is an income tax calculator that provides details of an individual's taxable income, deductions, and tax liability for the financial year 2022-23 under the old and new tax regimes.
2) It calculates the taxable income as Rs. 1,282,500 after deducting Rs. 150,000 under section 80C and Rs. 15,000 under chapter VI-A from the gross income of Rs. 1,500,000.
3) The tax liability under the old regime is Rs. 205,140 and under the new regime is Rs. 195,000.
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Income Tax Calculator for F.Y 2022-23 & A.
Y 2023-24 (Old Regime)
arthikdisha.com Name Arthik Disha ARTPX1234D PAN Fill only Yellow Cells Date of Birth 4/1/1990 Particulars Age (Years) 30
Gross Income from Salaries and Allowances 1,500,000.00 1,500,000.00
Less: Exemptions U/S 10 -52,500.00 (i) H.R.A Exemption (Least of the following three) - Resident of (Select from Dropdown) Metro a. Basic Salary (Basic+DA) - - b. Rent Paid - - c. H.R.A received - - (ii) Standard Deduction for Salaried & Pensioners (`50,000) 50,000.00 50,000.00 (iii) Retirement Leave Encashment U/S 10(10AA) - - (iv) Professional Tax 2,500.00 2,500.00 Income From Salaries(After Deduction U/S 10) 1,447,500.00 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) 1,447,500.00 Less: Deduction U/S 80C(Max eligible amount `150000/-) a. EPF & GPF Contribution 50,000.00 150,000.00 -150,000.00 b. Public Provident Fund (PPF) 120,000.00 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 -15,000.00 a. 80 D Medical Insurance premium (for Self ) 5,000.00 5,000.00 b. 80 D Medical Insurance premium (for Parents) 10,000.00 10,000.00 c. 80 E Interest Paid on Education Loan - - d. 80 DD Medical Treatment for dependent handicapped - - e. 80DDB Expenditure on 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/B (`10,000 for others & ` 50,000 for Senior Citizens) - - Less: Employer Contribution to NPS U/S 80CCD(2) - - - Net Taxable Income after all deductions 1,282,500.00 Tax Rebate of `12,500 (For Income less than 5 Lakh) - Tax Liability 197,250.00 Surcharge @10%/15% (If income > `50 Lac & `1 Cr. Respectively) - Add: Cess @ 4% 7,890.00 Net Tax Payable 205,140.00 Advance Tax Paid - Balance Tax to be Paid 205,140.00 Tax to Gross Income Ratio 13.68%
Income Tax Calculator for F.Y 2022-23 & A.Y 2023-24 (New Regime) Gross Income from Salaries and Allowances 1,500,000.00 Less: Deduction for Employer Contribution to NPS U/S 80CCD(2) - Net Taxable Income after all deductions 1,500,000.00 Tax Rebate of `12,500 (For Income less than 5 Lakh) - Tax Liability 187,500.00 Surcharge @10%/15% (If income exceeds `50 Lakh & `1 Cr. Respectively) - Add: Cess @ 4% 7,500.00 Net Tax Payable 195,000.00 Advance Tax Paid Balance Tax to be Paid 195,000.00 Tax to Gross Income Ratio 13.00%
In case of any queries you can mail at - admin@arthikdisha.com
Check the below related articles (Just click on each) Max Deduction U/S 80C Rs. 1.5 Lakh
Max Deduction U/S
80CCD(1B) Rs. 50,000 over and above Section 80C
Max Employer's Contribution 14% of (Basic+DA) as per Section 80CCD(2) Max Employer's Contribution 14% of (Basic+DA) as per Section 80CCD(2)
Contribution in NPS over Rs.7.5
Lakh in a year is now taxable income as per Budget 2020.
m 3/31/2021 Metro Non-Metro FORM No. 16 [See rule 31(1)(a)] PART A Certificate under section 203 of the Income Tax Act, 1961 for Tax Deducted at source on Salary Name and address of Employer Name and Designation of the Employee ArthikDisha ArthikDisha PAN of Deductor TAN of Deductor PAN of the Employee ARTPX1234D CIT (TDS) Address Assessment Year Period From To Circle/Ward: 2023-2024 4/1/2022 3/31/2023
Amount of tax deducted in Amount of tax deposited in
Quarter Receipt Nos of Original statements of TDS under sub sec(3) of sec 200 respect of the Employee respect of the Employee
Quarter-1 0 0 0 Quarter-2 0 0 0 Quarter-3 0 0 0 Quarter-4 0 0 Total 0 0 PART B Details of Salary paid and any other income and tax deducted 1 Gross Salary (a) Salary as per provisions contained in sec.17(1) Rs. 1,500,000.00 (b) Value of perquisites u/s 17(2) (as per Form No. 12 BB, whether applicable) Rs. 0 (c) Profits in lieu of salary under 17 (3) (as per Form No. 12BB, whether Rs. 0 applicable) (d) Total Rs. 1,500,000.00 2 Less: Standard Dedection 50,000.00 Allowance u/s 10 a) House Rent paid Rs. - Rs. 50,000.00 3 Balance (1-2) Rs. 1,450,000.00 4 Deductions: (a) Tax on Employment Rs. 2,500.00 (b) Entertainment Allowance Rs. - 5 Aggregate of 4(a) & (b) Rs. 2,500.00 6 Income chargeable under the head 'salaries' (3-5) Rs. 1,447,500.00 7 Add: Any other Income reported by the employee (a) Income/Dividend /Bank Interest/NSC Rs. - (b) Income from House property (Interest on HCA) Rs. - (c) Any Other Income Rs. - 0 8 Gross total income (6+7) Rs. 1,447,500.00 9 Deductions under Chapter VIA Gross Amount Qualifying Amount Deductible Amount a EPF & GPF Contribution Rs. 50,000.00 b Public Provident Fund (PPF) Rs. 120,000.00 c N.S.C (Investment + accrued Interest before Maturity Year) Rs. - d Tax Saving Fixed Deposit (5 Years and above) Rs. - e E.L.S.S (Tax Saving Mutual Fund) Rs. - f Life Insurance Premiums paid Rs. - g New Pension Scheme (NPS) (U/S 80CCC) Rs. - h Pension Plan from Insurance Co/Mutual Funds(U/S80CCC) Rs. - i Principal Repayment on House Building Loan Rs. - j Sukanya Samriddhi Yojana Rs. - k Stamp Duty & Registration Fees on House Buying Rs. - l Tuition fees for children(max 2 children) Rs. - a) section 80C Total Rs. 170,000.00 150,000.00 b) section 80CCD(2) Rs. - c) section 80CCD(1B) Rs. - 0 e) 80D,80DDB,80E,80G,80U etc.. Rs. -15,000.00 0 10 Aggregate of deductible amount under Chapter VIA Rs. -15,000.00 11 Total Income (8-10) Rs. 1,282,500.00 12 Tax on Total Income Rs. 197,250.00 Less u/s 87A / Tax Credit : Rs. - 13 Educational cess @4 % on tax Rs. 7,890.00 14 Tax Payable (12+13) Rs. 205,140.00 15 Rebate and relief under Chapter VIII I u/s 88 0 u/s 88 B 0 u/s 88 C 0 Rs. II Under section 89, 90, 91 (attach details) Rs. Aggregate of tax rebates and relief Rs. - 16 Less: Tax deducted at source Rs. - 17 Tax Payable / Refundable (14-15-16) Rs. 205,140.00 ANNEXURE - B Details of Tax Deducted and Deposited in the Central Government Account through Challan Tax Deposited in Challan Identification Number (CIN) Sl.No respect of the Date on which tax Challan Serial BSR code of Bank branch Employee ( Rs.) deposited Number 0 0 0 0 0 30/12/1899 0 0 0 0 30/12/1899 0 0 0 0 30/12/1899 0 0 0 0 30/12/1899 0 0 0 0 30/12/1899 0 0 0 0 30/12/1899 0 0 0 0 30/12/1899 0 0 0 0 30/12/1899 0 0 0 0 30/12/1899 0 0 0 0 30/12/1899 0 0 0 0 0 Total 0 I, Son of Sri…………………………………………………..working in the capacity of ……………………………………..do hereby certify that a sum of Rs: /- has been deducted at source and paid to the credit of the Central Government. I further certify that the information given above is true and correct based on the books of accounts, documents and other available records:
Place : 0 Date : ### (Signature of Person responsible for deduction of tax) Designation : Full Name : 0 ITR - 1 SAHAJ INDIAN INDIVIDUAL INCOME TAX RETURN AY 2022 - 2 ###
