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Personal Taxation - Raakesh Thayyil
Rates of Income-tax
General
Income Levelupto Rs. 1.6 lakh -
Between Rs. 1.6 lakh & Rs. 5 lakhs 10
Between Rs. 5 lakhs & Rs. 8 lakhs 20
In excess of Rs. 8 lakhs 30
Women below 65 years
Income Level 1
upto Rs. 1.9 lakh -
Between Rs. 1.9 lakhs & Rs. 5 lakhs 10
Between Rs. 5 lakhs & Rs. 8 lakhs 20
In excess of Rs. 8 lakhs 30
Persons over 65 yearsIncome Level
upto Rs. 2.4 lakh -
Between Rs. 2.4 lakhs & Rs. 5 lakhs 10
Between Rs. 5 lakhs & Rs. 8 lakhs 20
In excess of Rs. 8 lakhs 30
Surcharge (%)
General -
Income upto Rs. 10 lakhs -
Education Cess (%) 3
Computation of Income
Heads of Income Amt. (Rs. Amt. (Rs.) Amt. (Rs.)
Salaries
Gross Salary - Fill only these col
-
Income from House Property
Annual Value -
Less:30% of Annual Value -
-
-
-
Income from Other Sources -
Rate of tax(%) Click for Calculator
Rate of tax(%)
Rate of tax(%)
Interest on Housing Loan (not toexceed Rs. 1.5 lakhs)
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Gross Total Income -
Less: Deductions under Chapter VI-A
under Section 80C/80CCC/80CCD*
Eligible Investments -
Deduction -
under Section 80D (Medical Insurance)
Eligible Sums 30,000
General - - 15,000 for Self &
Senior Citizens - 20,000 for Self &
Deduction -
under Section 80*** (Infrastructure Bonds)
Eligible Sums 20,000
General - -
Deduction -
under Section 80G
Eligible Donations -
Deduction -
-
Total Income -
rounded to -
General
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
Women below 65 years
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
Persons over 65 years Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
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. . , .
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mns
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5,000 for Senior Citizen Parents
pouse for Senior Citizens
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8/7/2019 Tax Calculators
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Personal Taxation - Raakesh Thayyil
Rates of Income-tax
General
Income Levelupto Rs. 1.5 lakh -
Between Rs. 1.5 lakh & Rs. 3 lakhs 10
Between Rs. 3 lakhs & Rs. 5 lakhs 20
In excess of Rs. 5 lakhs 30
Women below 65 years
Income Level
upto Rs. 1.8 lakh -
Between Rs. 1.8 lakhs & Rs. 3 lakhs 10
Between Rs. 3 lakhs & Rs. 5 lakhs 20
In excess of Rs. 5 lakhs 30
Persons over 65 yearsIncome Level
upto Rs. 2.25 lakh -
Between Rs. 2.25 lakhs & Rs. 3 lakhs 10
Between Rs. 3 lakhs & Rs. 5 lakhs 20
In excess of Rs. 5 lakhs 30
Surcharge (%)
General 10
Income upto Rs. 10 lakhs -
Education Cess (%) 3
Computation of Income
Heads of Income Amt. (Rs. Amt. (Rs.) Amt. (Rs.)
Salaries
Gross Salary - Fill only these col
-
Income from House Property
Annual Value -
Less:30% of Annual Value -
-
-
-
Income from Other Sources -
Rate of tax(%) Click for Calculator
Rate of tax(%)
Rate of tax(%)
Interest on Housing Loan (not toexceed Rs. 1.5 lakhs)
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Gross Total Income -
Less: Deductions under Chapter VI-A
under Section 80C/80CCC/80CCD*
Eligible Investments -
Deduction -
under Section 80D
Eligible Sums 30,000
General - - 15,000 for Self &
Senior Citizens - - 20,000 for Self &
Deduction -
under Section 80G
Eligible Donations -
Deduction -
-
Total Income -
rounded to -
General
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
Women below 65 years
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
Persons over 65 years
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
* Term Deposits over five years with Scheduled Banks eligible fordeduction under Section 80Centitled to deduction upto Rs. 1 lac as against the earler Rs. 10,000.However, overall deduction under Section 80C, 80CCC & 80CCD
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mns
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5,000 for Senior Citizen Parents
pouse for Senior Citizens
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COMPUTATION OF TOTAL INCOME AND TAX
STATUS : INDIVIDUAL
COMPUTATION OF TOTAL INCOME
SALARY AND ALLOWANCES
Base Salary
Taxable House Rent Allowance
GROSS SALARY
NET TAXABLE SALARY
INCOME UNDER THE HEAD HOUSE PROPERTY
INCOME TAXABLE FROM ANNUAL RENT
INCOME FROM OTHER SOURCES (Bank interest)
GROSS TOTAL INCOME
Deductions under Chapter VI-A
- u/s 80C
- u/s 80D
- u/s 80G
NET TOTAL INCOME
TOTAL INCOME
TOTAL INCOME ROUNDED OFF U/S 288 A
COMPUTATION OF TAX
INCOME TAX ON TOTAL INCOME (A)
ADD SURCHARGE (@ 10% of A) (B)
TOTAL TAX AND SURCHARGE PAYABLE (C = A+B)
ADD EDUCATION CESS (@ 3% of C)
TOTAL TAX, SURCHARGE & CESS
Effective tax rate (Percentage)
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Assumptions
Salary includes Base Salary and House Rent Allowance
HRA is exempt from tax under Section 10(13A) of the Income t
below. Accommodation has been assumed to be situated in Delh
Calculation of HRA exemption under Section 10(13A) of the
Gross salary level
Salary for the purpose of HRA
Actual HRA received (A)
10 % of salary
50 % of salary (B)
Rent Paid
Rent Paid over 10% of salary (C)
HRA exempt (Least of A, B & C)
Taxable HRA
Tax has been calculated on the basis of the following tax rates:
Income level
Less than Rs.150,000
150,001 to 300,000
300,001to 500,000
above 500,000
A surcharge of 10% is applicable in case the total income exceed
An education cess of 3% is applicable on total tax and surcharge
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Personal Taxation - Raakesh Thayyil
Rates of Income-tax
General
Income Levelupto Rs. 1.5 lakh -
Between Rs. 1.5 lakh & Rs. 3 lakhs 10
Between Rs. 3 lakhs & Rs. 5 lakhs 20
In excess of Rs. 5 lakhs 30
Women below 65 years
Income Level
upto Rs. 1.8 lakh -
Between Rs. 1.8 lakhs & Rs. 3 lakhs 10
Between Rs. 3 lakhs & Rs. 5 lakhs 20
In excess of Rs. 5 lakhs 30
Persons over 65 yearsIncome Level
upto Rs. 2.25 lakh -
Between Rs. 2.25 lakhs & Rs. 3 lakhs 10
Between Rs. 3 lakhs & Rs. 5 lakhs 20
In excess of Rs. 5 lakhs 30
Surcharge (%)
General 10
Income upto Rs. 10 lakhs -
Education Cess (%) 3
Computation of Income
Heads of Income Amt. (Rs. Amt. (Rs.) Amt. (Rs.)
Salaries
Gross Salary - Fill only these col
-
Income from House Property
Annual Value -
Less:30% of Annual Value -
-
-
-
Income from Other Sources -
Rate of tax(%) Click for Calculator
Rate of tax(%)
Rate of tax(%)
Interest on Housing Loan (not toexceed Rs. 1.5 lakhs)
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Gross Total Income -
Less: Deductions under Chapter VI-A
under Section 80C/80CCC/80CCD*
Eligible Investments -
Deduction -
under Section 80D
Eligible Sums 30,000
General - - 15,000 for Self &
Senior Citizens - - 20,000 for Self &
Deduction -
under Section 80G
Eligible Donations -
Deduction -
-
Total Income -
rounded to -
General
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
Women below 65 years
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
Persons over 65 years
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
* Term Deposits over five years with Scheduled Banks eligible fordeduction under Section 80Centitled to deduction upto Rs. 1 lac as against the earler Rs. 10,000.However, overall deduction under Section 80C, 80CCC & 80CCD
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mns
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5,000 for Senior Citizen Parents
pouse for Senior Citizens
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Personal Taxation - Raakesh Thayyil
Rates of Income-tax
General
Income Level The Calculator is Belowupto Rs. 1.1 lakh -
Between Rs. 1.1 lakh & Rs. 1.5 lakhs 10
Between Rs. 1.5 lakhs & Rs. 2.5 lakhs 20
In excess of Rs. 2.5 lakhs 30
Women below 65 years
Income Level
upto Rs. 1.45 lakh -
Between Rs. 1.45 lakhs & Rs. 1.5 lakhs 10
Between Rs. 1.5 lakhs & Rs. 2.5 lakhs 20
In excess of Rs. 2.5 lakhs 30
Persons over 65 years
Income Level
upto Rs. 1.95 lakh -
Between Rs. 1.95 lakhs & Rs. 2.5 lakhs 20
In excess of Rs. 2.5 lakhs 30
Surcharge (%)
General 10
Income upto Rs. 10 lakhs -
Education Cess (%) 3
Computation of Income
Heads of Income Amt. (Rs.) Amt. (Rs.) Amt. (Rs.)
Salaries
Gross Salary - Fill only these coloumns
-
Income from House Property
Annual Value -
Less:
30% of Annual Value -
-
-
-
Income from Other Sources -
Gross Total Income -
Rate of tax (%)
Rate of tax (%)
Rate of tax (%)
Interest on Housing Loan (not to exceed Rs.1.5 lakhs)
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Less: Deductions under Chapter VI-A
under Section 80C/80CCC/80CCD*
Eligible Investments -
Deduction -
under Section 80D
Eligible Sums 10,000
General -
Senior Citizens -
Deduction -
under Section 80G
Eligible Donations
Deduction -
-
Total Income -
rounded to -
General
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
Women below 65 years
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
Persons over 65 yearsTax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
* Term Deposits over five years with Scheduled Banks eligible for deduction underSection 80C
Investments in specified pension funds under Section 80CCC is now entitled to deductionupto Rs. 1 lac as against the earler Rs. 10,000. However, overall deduction under Section80C, 80CCC & 80CCD remains unchanged at Rs. 1 lac
8/7/2019 Tax Calculators
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Personal Taxation - Raakesh Thayyil
Rates of Income-tax
General
Income Level
upto Rs. 1 lakh -
Between Rs. 1 lakh & Rs. 1.5 lakhs 10
Between Rs. 1.5 lakhs & Rs. 2.5 lakhs 20
In excess of Rs. 2.5 lakhs 30
Women below 65 years
Income Level
upto Rs. 1.35 lakh -
Between Rs. 1.35 lakhs & Rs. 1.5 lakhs 10
Between Rs. 1.5 lakhs & Rs. 2.5 lakhs 20
In excess of Rs. 2.5 lakhs 30
Persons over 65 years
Income Level
upto Rs. 1.85 lakh -
Between Rs. 1.85 lakhs & Rs. 2.5 lakhs 20
In excess of Rs. 2.5 lakhs 30
Surcharge (%)
General 10
Income upto Rs. 10 lakhs -
Education Cess (%) 2
Computation of Income
Heads of Income Amt. (Rs.) Amt. (Rs.) Amt. (Rs.)
Salaries
Gross Salary -
Less: Standard Deduction -
-
Income from House Property
Annual Value -
Less:30% of Annual Value -
-
-
Income from Other Sources -
Rate of tax(%)
Rate of tax(%)
Rate of tax(%)
Interest on Housing Loan (not to exceedRs. 1.5 lakhs)
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Gross Total Income -
Less: Deductions under Chapter VI-A
under Section 80C/80CCC/80CCD*
Eligible Investments -
Deduction -
under Section 80D
Eligible Sums
General -
Senior Citizens -
Deduction -
under Section 80G
Eligible Donations
Deduction -
-
Total Income -
say -
General
Tax on Total Income -
Surcharge -Education Cess -
-
Effective Tax Rate #DIV/0!
Women below 65 years
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
Persons over 65 years
Tax on Total Income -
Surcharge -
Education Cess -
-
Effective Tax Rate #DIV/0!
* Term Deposits over five years with Scheduled Banks eligible for deduction underSection 80C
Investments in specified pension funds under Section 80CCC is now entitled to
deduction upto Rs. 1 lac as against the earler Rs. 10,000. However, overalldeduction under Section 80C, 80CCC & 80CCD remains unchanged at Rs. 1 lac
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COMPUTATION OF TOTAL INCOME AND TAX
STATUS : INDIVIDUAL
COMPUTATION OF TOTAL INCOME
SALARY AND ALLOWANCES
Base Salary
Taxable House Rent Allowance
GROSS SALARY
Less Standard Deduction u/s 16
NET TAXABLE SALARY
INCOME UNDER THE HEAD HOUSE PROPERTY
INCOME FROM OTHER SOURCES (Bank interest)
GROSS TOTAL INCOME
Deductions under Chapter VI-A
- u/s 80CCC
- u/s 80D
- u/s 80G
- u/s 80L
NET TOTAL INCOME
Less Pre tax deduction on eligible savings (Proposed section 80C)
TOTAL INCOME
TOTAL INCOME ROUNDED OFF U/S 288 A
COMPUTATION OF TAX
INCOME TAX ON TOTAL INCOME
LESS REBATE u/s 88
LESS REBATE u/s 88B
LESS REBATE u/s 88C
TOTAL INCOME TAX PAYABLE (A)
ADD SURCHARGE (@ 10% of A) (B)
TOTAL TAX AND SURCHARGE PAYABLE (C = A+B)
ADD EDUCATION CESS (@ 2% of C)
TOTAL TAX, SURCHARGE & CESS
Effective tax rate (Percentage)
8/7/2019 Tax Calculators
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Assumptions
Salary includes Base Salary and House Rent Allowance
HRA is exempt from tax under Section 10(13A) of the Income t
below. Accommodation has been assumed to be situated in Delh
Calculation of HRA exemption under Section 10(13A) of the
Gross salary level
Salary for the purpose of HRA
Actual HRA received (A)
10 % of salary
50 % of salary (B)
Rent Paid
Rent Paid over 10% of salary (C)
HRA exempt (Least of A, B & C)
Taxable HRA
Tax has been calculated on the basis of the following tax rates:
Income level
Less than Rs.100,000
100,001 to 150,000
150,001to 2,50,000
above 250,000
A surcharge of 10% is applicable in case the total income exceed
An education cess of 2% is applicable on total tax and surcharge