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Income Tax Calculation F.Y.2019-20 AGIPC1111K Particulars Amount

This document summarizes M.Rajesh's income tax calculation for the fiscal year 2019-20. It shows his gross salary was Rs. 1,080,000 and other income was Rs. 10,000, for a total income of Rs. 958,400. After deducting exemptions and deductions under sections like 80C, 80D, and 80TTA/B totaling Rs. 235,000, his total taxable income was Rs. 723,400. With a tax amount of Rs. 57,180 plus cess, his total tax payable was Rs. 59,467.

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Nihit Sand
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91 views3 pages

Income Tax Calculation F.Y.2019-20 AGIPC1111K Particulars Amount

This document summarizes M.Rajesh's income tax calculation for the fiscal year 2019-20. It shows his gross salary was Rs. 1,080,000 and other income was Rs. 10,000, for a total income of Rs. 958,400. After deducting exemptions and deductions under sections like 80C, 80D, and 80TTA/B totaling Rs. 235,000, his total taxable income was Rs. 723,400. With a tax amount of Rs. 57,180 plus cess, his total tax payable was Rs. 59,467.

Uploaded by

Nihit Sand
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as XLSX, PDF, TXT or read online on Scribd
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Income Tax Calculation F.Y.

2019-20
NAME M.Rajesh DATE OF BIRTH 4/27/1985
PAN (PAN No mandatory) AGIPC1111K MOBILE NO.
Particulars Amount Amount Amount
1.Gorss Salary (with all allowances) 1,080,000
2.Less: Allowances exempt u/s 10(for Service Period)
A.HRA Allowancess Non-Metro
(a) Total HRA received 96,000 96,000
(b) Rent paid less 10% of (Basic salary +DA) 144,000 79,200
(c) 40% of salary (Basic+DA) for non-metros and 50% of salary (Basic+DA) for metros 648,000 259,200 79,200
B.Standard deduction 50,000
C.Tax on Employment (PT) 2,400
3. Aggregate of 2 ( 1 to 3) 131,600

4.Income chargeable under the Head ‘Salaries’(1-3) 948,400

5.Any other Income :


(a) Saving Bank Interest 10,000
(b) Fixed Deposit Interest -
(c) NSC Interest -
(d) House Rent -
(e) Other - 10,000

6. Less :Interest paid on Housing Loan max.up Rs.200000/- u/s 24 -

7.Gross total income (4+5-6) 958,400

8.Less: Chapter IV
(i). Savings for Deductions u/s 80C (Exemption Limit Rs, 1,50,000/-)
a) Provident Fund @ 12% of Basic (as per pay slip) -
b) Public Provident Fund (Maximum Rs.1,50,000) -
c) Life Insurance Premium (Maximum 20% of sum assured) 100,000
d) Fixed Deposit with Bank for 5 years or more -
e) Unit - Linked Insurance Plan (ULIP) -
f) Investment in Fresh National Saving Certificates -
g) 10-15 years Post Office (CTD) scheme -
h) Equity Linked Savings Scheme (ELSS) (name of self only) -
i) Infrastructure Bonds (Bond should be in the name of self only) -
j) Repayment of home loan principal amount -
k) Sukanya Samriddhi Scheme 35,000
l) Tuition fees paid for children (Max. for 2 Children) 20,000
m) Any other Investment eligible for Income Tax deductions, with Details - 150,000

(ii) Section 80CCD (1B) up to Rs. 50,000/- -

(iii).Deductions u/s 80D (Maximum up to Rs. 50,000/- (25000 + 25000) 75,000


Upto Rs.25000 shell be allowed [Rs.50000 if parent is a senior citizen / very senior citizen]

(iv) Deductions u/s 80E (100%) (Education Loan Intrest) -

(V) 80DDB Expenditure on Selected Medical Treatment for self/ dependent -

(vi) Section 80GG (If you not received HRA from Employer) max 5000/- P.M -

(vii) 80U For Physically Disable Assesse -

(viii) Section 80TTA & 80TTB 10,000


(Rs 50,000 for Senior Citizens & Rs 10,000 for others)

(xi) Section 80 EEA (Interest on Home Loan Budget 2019) up to 1.5 Lak -

(xi) Section 80 EEB (Interest on Auto Loan for Electronic Vehicle Budget 2019) up to 1.5 Lak -

9.Total Deductions ( I to xi) 235,000

10.Total Income (7-9 ) 723,400

11.Tax on total Income 57,180


12.Rebate U/S 87a -
13.Tax Payable on total income (12-13) 57,180
14.Education & Health Cess 4% 2,287
15. Tax payable (13-14) 59,467
1 Section 80TTA Section 80TTB
individuals and HUF senior citizens
Interest on savings account only Interest on all kinds of deposits
Upto Rs 10,000 Upto Rs 50,000

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