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Personal Taxation - Raakesh Thayyil

Rates of Income-tax

General
Rate of tax
Income Level Click for Calculator
(%)
upto 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


Rate of tax
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 years


Rate of tax
Income 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 columns
-

Income from House Property


Annual Value -
Less:
30% of Annual Value -
Interest on Housing Loan (not to
-
exceed Rs. 1.5 lakhs)
-
-

Income from Other Sources -


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 & 15,000 for Senior Cit
Senior Citizens - 20,000 for Self & Spouse for Senior Ci
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!


*Investments
Term Deposits over fivepension
in specified years with Scheduled
funds Banks80CCC
under Section eligibleisfor
now
deduction
entitled to under Section
deduction upto80C
Rs. 1 lac as against the earler Rs. 10,000.
However, overall deduction under Section 80C, 80CCC & 80CCD
remains unchanged at Rs. 1 lac
y these columns
for Self & 15,000 for Senior Citizen Parents
for Self & Spouse for Senior Citizens
Personal Taxation - Raakesh Thayyil

Rates of Income-tax

General
Rate of tax
Income Level Click for Calculator
(%)
upto 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


Rate of tax
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 years


Rate of tax
Income 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 columns
-

Income from House Property


Annual Value -
Less:
30% of Annual Value -
Interest on Housing Loan (not to
-
exceed Rs. 1.5 lakhs)
-
-

Income from Other Sources -


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 & 15,000 for Senior Cit
Senior Citizens - - 20,000 for Self & Spouse for Senior Ci
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 for
deduction
entitled to under Section
deduction upto80C
Rs. 1 lac as against the earler Rs. 10,000.
However, overall deduction under Section 80C, 80CCC & 80CCD
y these columns
for Self & 15,000 for Senior Citizen Parents
for Self & Spouse for Senior Citizens
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)


Assumptions

Salary includes Base Salary and House Rent Allowance


HRA is exempt from tax under Section 10(13A) of the Income tax Act, 1961 ('the Act') as per the calculation done
below. Accommodation has been assumed to be situated in Delhi, Mumbai, Calcutta or Chennai

Calculation of HRA exemption under Section 10(13A) of the Act

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 Tax rate

Less than Rs.150,000 Nil


150,001 to 300,000 10%
300,001to 500,000 20%
above 500,000 30%

A surcharge of 10% is applicable in case the total income exceeds Rs.10,00,000

An education cess of 3% is applicable on total tax and surcharge.


Personal Taxation - Raakesh Thayyil

Rates of Income-tax

General
Rate of tax
Income Level Click for Calculator
(%)
upto 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


Rate of tax
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 years


Rate of tax
Income 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 columns
-

Income from House Property


Annual Value -
Less:
30% of Annual Value -
Interest on Housing Loan (not to
-
exceed Rs. 1.5 lakhs)
-
-

Income from Other Sources -


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 & 15,000 for Senior Cit
Senior Citizens - - 20,000 for Self & Spouse for Senior Ci
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 for
deduction
entitled to under Section
deduction upto80C
Rs. 1 lac as against the earler Rs. 10,000.
However, overall deduction under Section 80C, 80CCC & 80CCD
y these columns
for Self & 15,000 for Senior Citizen Parents
for Self & Spouse for Senior Citizens
Personal Taxation - Raakesh Thayyil

Rates of Income-tax

General

Income Level Rate of tax (%) The Calculator is Below


upto 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 Rate of tax (%)


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 Rate of tax (%)


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 -
Interest on Housing Loan (not to exceed Rs.
1.5 lakhs) -
-
-

Income from Other Sources -

Gross Total Income -


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 years


Tax on Total Income -
Surcharge -
Education Cess -
-

Effective Tax Rate #DIV/0!

* Term Deposits over five years with Scheduled Banks eligible for deduction under
Section 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, overall deduction under Section
80C, 80CCC & 80CCD remains unchanged at Rs. 1 lac
Personal Taxation - Raakesh Thayyil

Rates of Income-tax

General
Rate of tax
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


Rate of tax
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


Rate of tax
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 -
Interest on Housing Loan (not to exceed
Rs. 1.5 lakhs)
-
-

Income from Other Sources -


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 under
Section 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, overall
deduction under Section 80C, 80CCC & 80CCD remains unchanged at Rs. 1 lac
COMPUTATION OF TOTAL INCOME AND TAX
STATUS : INDIVIDUAL

Amount Taxable (Rs)


COMPUTATION OF TOTAL INCOME
Post Budget

SALARY AND ALLOWANCES

Base Salary -
Taxable House Rent Allowance -

GROSS SALARY -

Less Standard Deduction u/s 16 0

NET TAXABLE SALARY -

INCOME UNDER THE HEAD HOUSE PROPERTY 0

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 0

LESS REBATE u/s 88 0


LESS REBATE u/s 88B 0
LESS REBATE u/s 88C 0

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) #DIV/0!


Assumptions

Salary includes Base Salary and House Rent Allowance


HRA is exempt from tax under Section 10(13A) of the Income tax Act, 1961 ('the Act') as per the calculation done
below. Accommodation has been assumed to be situated in Delhi, Mumbai, Calcutta or Chennai

Calculation of HRA exemption under Section 10(13A) of the Act


(Amount in Rs.)
Gross salary level 1,500,000

Salary for the purpose of HRA -

Actual HRA received (A) 0


10 % of salary 0
50 % of salary (B) 0
Rent Paid 0
Rent Paid over 10% of salary (C) 0

HRA exempt (Least of A, B & C) 0

Taxable HRA 0

Tax has been calculated on the basis of the following tax rates:

Income level Tax rate

Less than Rs.100,000 Nil


100,001 to 150,000 10%
150,001to 2,50,000 20%
above 250,000 30%

A surcharge of 10% is applicable in case the total income exceeds Rs.10,00,000

An education cess of 2% is applicable on total tax and surcharge.