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    Income Tax Calculator

    Uploaded by

    chandu halwaee
    This document is an income tax calculator that calculates taxes owed for the fiscal year 2019-20 based on an individual's income and deductions. It shows that for an individual with a gross annual income of 1,900,000, various exemptions and deductions including HRA, standard deduction, 80C investments, medical insurance premiums, and others total 442,087. After factoring in all deductions, the total taxable income is 1,457,913. The net tax payable after credits is calculated to be 0.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd

    Income Tax Calculator

    Uploaded by

    chandu halwaee
    67 views9 pages
    This document is an income tax calculator that calculates taxes owed for the fiscal year 2019-20 based on an individual's income and deductions. It shows that for an individual with a gross annual income of 1,900,000, various exemptions and deductions including HRA, standard deduction, 80C investments, medical insurance premiums, and others total 442,087. After factoring in all deductions, the total taxable income is 1,457,913. The net tax payable after credits is calculated to be 0.

    Original Description:

    Income Tax Calculator

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    © © All Rights Reserved

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    XLSX, PDF, TXT or read online from Scribd

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    This document is an income tax calculator that calculates taxes owed for the fiscal year 2019-20 based on an individual's income and deductions. It shows that for an individual with a gross annual income of 1,900,000, various exemptions and deductions including HRA, standard deduction, 80C investments, medical insurance premiums, and others total 442,087. After factoring in all deductions, the total taxable income is 1,457,913. The net tax payable after credits is calculated to be 0.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    67 views9 pages

    Income Tax Calculator

    Uploaded by

    chandu halwaee
    This document is an income tax calculator that calculates taxes owed for the fiscal year 2019-20 based on an individual's income and deductions. It shows that for an individual with a gross annual income of 1,900,000, various exemptions and deductions including HRA, standard deduction, 80C investments, medical insurance premiums, and others total 442,087. After factoring in all deductions, the total taxable income is 1,457,913. The net tax payable after credits is calculated to be 0.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    of 9

    tax clculator

    Income Tax Calculator for FY 2019-20 (AY 2020-21)


    www.ApnaPlan.com
    Name XXXXXXXXX
    PAN Number AXXXXXXXX

    Birth date 2-May-80


    Age 39
    Gross Annual Income/Salary (with all allowances) 1,900,000
    Less: Allowances exempt u/s 10(for Service Period)
    (I) H.R.A. exemption 150,000
    City of Residence Metro
    Basic Salary (Basic+DA) 300,000 150,000
    Rent Paid 300,000 270,000
    H.R.A received 150,000 150,000
    (II) Standard Deduction for Salaried & Pensioner (Rs 50,000) Budget 2019 50,000 50,000
    (iii) Any Other Exempted Receipts/ allowances 0 0
    (iv) Professional Tax 0 0
    Income under the head salaries
    Add: Any other income from other sources 0
    1. Interest received from following Investments
    a. Bank ( Saving /FD /Rec ) 0
    b. N.S.C.(accrued/ Recd ) 0
    c. Post Ofice M.I.S (6 yrs.) 0
    d. Post Office Recring Deposit (5 yrs.) 0
    2. Any Other Income 0
    3. Any Other Income 0
    Less: Exemption on Home Loan Interest (Sec 24)
    Loss from house property (Section 24) 135,836 -135,836
    Additional tax exemption for First Time Home Buyers (Budget 2016) 0 0
    Interest paid on Home Improvement Loan (max 30,000) 0 0
    Gross Total Income
    Less: Deduction under Sec 80C (Max Rs.1,50,000/-) 150,000
    A. EPF & VPF Contribution 72,080
    B. Public Provident Fund (PPF) 0
    C. Senior Citizen’s Saving Scheme (SCSS) 0
    D. N.S.C (Investment + accrued Interest before Maturity Year) 0
    E. Tax Saving Fixed Deposit (5 Years and above) 61,336
    F. Tax Savings Bonds 0
    G. E.L.S.S (Tax Saving Mutual Fund) 0
    H. Life Insurance Premiums 100,000
    I. New Pension Scheme (NPS) (u/s 80CCC) 0
    J. Pension Plan from Insurance Companies/Mutual Funds (u/s 80CCC) 0
    K. 80 CCD Central Govt. Employees Pension Plan (u/s 80CCD) 0
    L. Housing. Loan (Principal Repayment) 0
    M. Sukanya Samriddhi Account
    N. Stamp Duty & Registration Charges 0
    O. Tuition fees for 2 children 0
    Less: Additional Deduction under Sec 80CCD NPS (Max Rs 50,000/-) 50,000
    Less: Deduction under chapter VI A
    A. 80 D Medical Insurance premiums (for Self ) 0 0
    B. 80 D Medical Insurance premiums (for Parents) 22,251 22,251
    C. 80 E Int Paid on Education Loan 0 0
    D. 80 DD Medical Treatment of handicapped Dependent 0 0

    Page 1
    tax clculator
    E. 80DDB Expenditure on Selected Medical Treatment for self/ dependent 0 0
    F. 80G, 80GGA, 80GGC Donation to approved funds 0 0
    G. 80GG For Rent in case of NO HRA Component (Budget 2016) 0 0
    H. 80U For Physically Disable Assesse 0 0
    I. 80TTA (Rs 50,000 for Senior Citizens & Rs 10,000 for others) (Budget 2018) 10,000 10,000
    Less: Deduction under Sec 80CCD(2) NPS (Employer Contribution) 100,000 100,000
    Less: Deduction under Sec 80EEA (Interest on Home Loan for Affordable Home) (Budget 2019) 150,000 150,000
    Less: Deduction under Sec 80EEA (Interest on Auto Loan for Electronic Vehicle) (Budget 2019) 160,000 160,000
    Total Income
    Tax Rebate of Rs. 12,500 (For Income of less than 5 lakhs) (Budget 2019)
    Total Tax Payable
    Tax Surcharge @ 10%/15%/25%/37% (Income more than 50 Lakhs/1 cr/2 cr/5 cr respectively) (Budget 2019)
    Add; Edn Cess + Health Cess @ 4%
    Net Tax Payable
    Advance Tax Paid
    Tax Remianing to be Paid
    Tax to Total Income Ratio

    In case of any queries or doubts please mail at - apnaplan.com@gmail.com

    Terms of Usage: I encourage you to share this Income Tax Calculator for benefit of your friends and family. The usage is restricted to non
    commercial use only.

    Disclaimer: All care has been taken to keep the information upto date and correct and is for educational purpose only. You are encouraged to
    consult your Tax Advisor before taking any decesion based on this calculator.

    Page 2
    tax clculator

    For any Queries write to -


    apnaplan.com@gmail.com

    XXXXXXXXX
    AXXXXXXXX

    Fill up only the Orange Cells


    31-Mar-20

    1,900,000
    -200,000
    For Income Tax purpose - only Delhi, Mumbai,
    Chennai & Kolkatta are considered as metro
    cities. Noida, Gurgaon etc are Non-metro
    cities.

    You can take Tax Benefit on both HRA & Home


    Loan.
    In case of any queries Click here.

    1,700,000
    0

    The maximum exemption on Home Loan


    -135,836 interest is Rs. 2 lakhs irrespective of it being
    Letout or Self-Occupied [in Budget 2017]

    1,564,164
    -150,000

    Click here to
    Choose the best investment under 80C.

    Click here to choose the Best Tax Saving Fixed


    Deposit rates from banks

    Click here to choose the Best Tax Saving


    Mutual Funds (ELSS)

    Click Here to know about


    Sukanya Samriddhi Account

    -50,000 Read more about Tax benefit on NPS


    -32,251
    Click Here in case of any doubt on Education
    Loan Tax Exemption

    Click Here to know about NPS Tax exemption


    u/s 80CCD(1), 80CCD(2) & 80CCD(1B)
    Page 3
    tax clculator
    Click Here to know about NPS Tax exemption
    u/s 80CCD(1), 80CCD(2) & 80CCD(1B)

    80EEA – New Tax Exemption on Home Loan for


    Purchase of Affordable House
    -100,000
    -150,000 80EEB – New Tax Exemption on Auto Loan for
    -150,000 Purchase of Electric Vehicles
    931,913 Tax Rebate u/s 87A has been increased to Rs
    0 12,500 from Rs 2,500 in Budget for people with
    98,883 income less than Rs 5 Lakhs
    Click for more details
    0
    3,955
    102,838
    0
    Want to Save more taxes?
    Click here to Download a simple presentation on Tax Saving!
    102,838
    5%

    e is restricted to non

    . You are encouraged to

    Page 4
    tax clculator

    Page 5
    tax clculator

    e more taxes?
    mple presentation on Tax Saving!

    Page 6

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