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    Head Description: Income Tax Ratio Gross Income/Tax Liability

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    Ghodawat
    This document outlines the key components of calculating income tax liability in India for the fiscal year 2019-20. It includes sections for gross income, exemptions, deductions, tax slabs, surcharges, rebates, and an HRA exemption calculator. The document provides the tax rates and thresholds for different types of taxpayers including male, female, senior citizens, and very senior citizens. It also distinguishes tax calculations for metro and non-metro areas.

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    Head Description: Income Tax Ratio Gross Income/Tax Liability

    Uploaded by

    Ghodawat
    61 views4 pages
    This document outlines the key components of calculating income tax liability in India for the fiscal year 2019-20. It includes sections for gross income, exemptions, deductions, tax slabs, surcharges, rebates, and an HRA exemption calculator. The document provides the tax rates and thresholds for different types of taxpayers including male, female, senior citizens, and very senior citizens. It also distinguishes tax calculations for metro and non-metro areas.

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    Income-Tax-Calculator-FY-2019-2020.xls

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    This document outlines the key components of calculating income tax liability in India for the fiscal year 2019-20. It includes sections for gross income, exemptions, deductions, tax slabs, surcharges, rebates, and an HRA exemption calculator. The document provides the tax rates and thresholds for different types of taxpayers including male, female, senior citizens, and very senior citizens. It also distinguishes tax calculations for metro and non-metro areas.

    Copyright:

    © All Rights Reserved
    Download as XLS, PDF, TXT or read online from Scribd
    Download as xls, pdf, or txt
    61 views4 pages

    Head Description: Income Tax Ratio Gross Income/Tax Liability

    Uploaded by

    Ghodawat
    This document outlines the key components of calculating income tax liability in India for the fiscal year 2019-20. It includes sections for gross income, exemptions, deductions, tax slabs, surcharges, rebates, and an HRA exemption calculator. The document provides the tax rates and thresholds for different types of taxpayers including male, female, senior citizens, and very senior citizens. It also distinguishes tax calculations for metro and non-metro areas.

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    © All Rights Reserved
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    Head Description

    Gross Income Salary and Other Income


    Exemptions u/s 10 A HRA , Convenyance etc
    Professional Tax Professional Tax
    Net Income under Salaries Gross Income - Exemptions
    Standard Deduction Salaried Individual & Pensionar (Up to 50000 Rs.)
    Deductions u/s 80 C Investments in PF, PPF, Ins, ELSS, NPS etc
    Deductions u/s 80 CCD Investments in NPS (Maximum limit 50,000)
    Deductions u/s 80 D Medical Insurance Premium (Self, Parents)
    Deductions u/s 80 G Eligible Donations
    Deductions u/s 80 E Interest Paid on Education Loan
    Deductions u/s 80 TTA Interest Received on Fixed Deposit/Post Office FD
    Tax Benefit u/s 24 Interest Paid On Home Loan
    Total Deductions/Benefits
    Taxable Income

    Tax Slab Slab Income


    Income Tax Payee Type Male, Female, Sr. Citizen>60, Very Sr. Citizen>80
    250,000 250,000
    500,000 250,000
    1,000,000 500,000
    10,00,000+ 207,500
    Tax on Total Income
    Surcharge 10% on Tax if Income > Rs 50 lakhs <Rs 1 Crore
    Surcharge 15% on Tax if Income > Rs 1 Crore
    Tax with Surcharge
    Tax Credit Upto Rs. 12500 if Taxable Income < Rs. 5 lakhs
    Tax with Surcharge less Rebate, if any
    Education Cess
    Tax Liability with Cess

    Income Tax Ratio


    Monthly Income Gross Income/12
    Monthly Tax (Appx TDS) Tax Liability/12
    Income Tax Ratio Gross Income/Tax Liability

    HRA Exemption Calculator


    City living in
    Basic Salary + DA
    HRA Received
    Actual Rent Paid
    Least of the following will be HRA Exemption
    1 HRA Receieved
    2 % of Salary+DA (50%-Metro & 40%-Non-metro)
    3 Rent paid in excess of 10 % of salary

    # Sensitivity : This Document is Classified as "LNT Internal Use".


    Note: This is as per proposal presented during annual budget for FY 2019-20.
    Income Tax Slabs
    Tax Exemptions Age Creteria
    Male -
    Female -
    Senior Citizens 60
    Very Senior Citizens 80

    Metro
    Non-metro

    # Sensitivity : This Document is Classified as "LNT Internal Use".


    Amount in Rs.
    1,440,000
    Fill up only the Grey Cells
    -
    2,500
    1,437,500
    50,000
    150,000
    -
    30,000
    -
    -
    -
    -
    230,000
    1,207,500

    Tax Rate Tax Amount


    Male
    0% -
    5% 12,500
    20% 100,000
    30% 62,250
    Output 174,750
    10% -
    15% -
    Output 174,750
    Output -
    Output 174,750 15,145
    4% 6,990
    Output 181,740 Click here to choose the Best Tax Saving
    Options

    Output 120,000
    Output 15,145.00
    Output 12.62%

    Input Metro
    Input 450,000
    Input 144,000
    Input 144,000
    99,000
    Output 144,000
    Output 225,000
    Output 99,000

    # Sensitivity : This Document is Classified as "LNT Internal Use".


    2019-20.

    Income Exempted
    250,000
    250,000
    300,000
    500,000

    50%
    40%

    # Sensitivity : This Document is Classified as "LNT Internal Use".

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