Old Regime Tax Calculation

OLD REGIME TAX CALCULATION

Amount

1) Gross Salary Income (Including Allowances, Bonus, Arrear) :
Value of perquisites under section 17(2) :
Profits in lieu of salary under section 17(3) :
Total amount of salary received from other employer(s) :
2) Less: from Salary from the followings
a) Standard Deduction U/S 16(Ia)
b) Entertainment allowance under section 16(ii)
c) P.Tax U/S 16(III)
d) HRA exemption U/S 10(13A)
e) Any allowances u/s 10
f) Interest on HB Loan [U/S 24(b)]
TOTAL (a+b+c+d+e+f) :
3) Net Salary income (1-2) :

4a) Income (or admissible loss) from house property
reported by employee offered for TDS :
4b) Any other Income (Interest etc.) :
(i)
(ii)
(iii) Savings Account Interest
(iv) Family Pension = Rs.
Less: Deduction U/S 57(IIA):
Family Pension after deduction :
Total (i+ii+iii+iv) :
5) Gross Total Income (3+4a+4b) :

6) i) Deduction U/S [80C+80CCC+80CCD(1)] (upto Rs. 1,50,000) :
Other Deductions :
ii) 80CCD(1B) NPS (self Contribution) :
iii) 80CCD(2) NPS (Employer Contribution) :
iv) 80D (for Self) :
v) 80D (for Parent) :
vi) 80DD - Treatment of dependent who is person with disability
(Enter percentage of Disability. Example: 30, 80, 90 etc.) :
vii) 80DDB - Medical treatment of specified disease :
viii) 80E - Interest on loan taken for higher education :
ix) 80EE- Interest on loan taken for residential house property :
x) 80EEA- Interest on loan taken for certain house property :
xi) 80EEB- Deduction in respect of purchase of electric vehicle :
xii) 80G - Donations to certain funds, charitable institutions :
xiii) 80GG - House Rent paid :
xiv) 80GGA - Donations for Scientific Research or Rural Dev. :
xv) 80GGC - Donation to Political party :
xvi) 80U - Deduction In case of a person with disability
(Enter percentage of Disability. Example: 30, 80, 90 etc.) :
xvii) 80TTA - Deduction against interest in savings account :
xviii) Any other deduction under provision(s) of Chapter VI-A :
Total Deduction (6i to 6xviii):

7) Taxable Income (5 - 6):
8) Taxable Income (Rounded off U/S 288A next ten) :

9) Tax on Total Income Salary Slab Slab Tax
Upto Rs. 2,50,000/- = 0
2,50,001/- to 5,00,000/- = 5%
5,00,001/- to 10,00,000/-= 20%
Above 10,00,000/- = 30%
TOTAL TAX :

10) Less :Tax Exempt U/S 87A
(Taxable Income upto 5,00,000) upto Rs. 12,500/- :

11) Tax Payable :
12)Short Term Capital Gain (Tax 20%) :
13)Long Term Capital Gain (Tax 12.5% >125000):
14) Total Tax Payable (11+12+13) :
15) Add : Education Cess @ Rs. 4% :
16) Total Tax Payable (14+15) :
17) Less : Rebate u/s 89(i) :
18) Net Tax Payable :
19) Tax already deducted from pay bill :
: