Prepare the Income Tax for Ms.

Arul selvi - 2022

Salary component Per Month Per Annum
Basic Salary 50000 600000
HRA 25000 300000
Medical Allowance 5000 60000
Transport allowance 5000 60000
Special Allowance 20000 240000
LTA 30000 30000
Total (Gross Salary) 135000 1290000

SALARY COMPONENTS Amount Amount Per Annum

Basic Salary 50000 600000
House Rent Allowance* 25000 300000
Medical Allowance 5000 60000
Transport Allowance 5000 60000
Special Allowance 20000 240000
LTA* 30000
Standard Deduction*
Gross Total Income from Salary 1290000

Calculation of gross taxable income in India (Old regime)

SALARY COMPONENTS Amount Total

Income From Salary 1160000
Inome from Other sources 20000
Gross Total Income 1180000
Deductions
80C - PPf,EPF,LIC,Tutions Fee 21600
80D - Medical Insurance Premium
80TTA - Interest From Bank
Total 21600
Gross Taxable Income 1158400

Tax Amount 160020

Add 4% Education Cess 6400.8
Final Tax Amount for pay 166421
Income Taxable amount= Gross salary - Examption - Deduction - Standard Deduction
interest : 5000

2020 - 2021 2021-2022

Exemptions Taxable (Old Tax) Taxable (New Tax)
600000 600000
60000 240000 300000
60000 60000
60000 60000
240000 240000
20000 10000 30000
50000 -50000
130000 1160000 1290000

Calculation of gross taxable income in India (New regime)

SALARY COMPONENTS Amount Total

Income from Salary 1290000
Income From other sources 20000
Gross Total Income 1310000

Deduction is not Applicable Here

Gross Taxbal Income 1310000

Tax Amount 140000

Add- 4% Education Cess 5600
Final Tax Amount to Pay 145600
 15000 180000
600000 60000

HRA Examption Calculation Formula

Statement Calculation
Actual Rent Received from the Employer
Actual Rent Paid - 10% Basic Salary 120000-60000
50% of Basic Salary If you are staying in metro
40% of Basic Salary If you are staying in Non Metro
Note : Less Amount is your HRA Examption As per Income Tax Policy

Income tax (OLD SLAB) 2020 - 2021 Percentage

0 - 2,50,000 Nil Tax
2,50,000-5,00,000 5%
5,00,000 - 10,00,000 20%
Above 10,00,000 30%
Total

Income tax (New SLAB) 2021-2022 Percentage

0 - 2,50,000 Nil
2,50,000 - 5,00,000 5%
5,00,000-7,50,000 10%
7,50,000-10,00,000 15%
10,00,000-12,50,000 20%
12,50,000-15,00,000 25%
More than 15,00,000 30%
Total

Eligible
Maximum Deduction investments/expenses
Section 80C Rs.1,50,000
Rs 25,000 for self Rs
Section 80D 50,000 for parents
Section 80TTA 10,000
 120000

amption Calculation Formula

Amount Examption
300000
60000 60000
300000

our HRA Examption As per Income Tax Policy

Tax Calculation Amount

Nil 0
500000-250000*5% 12500
1000000-500000*20% 100000
158400*30% 47520
160020

Tax Calculation Amount

Nil 0
250000*5% 12500
250000*10% 25000
250000*15% 37500
250000*20% 50000
60000 15000

140000

Amount claimed
Prepare the Income Tax for Mr. Marimuthu - 2021
Salary component Per Month
Basic Salary 70000
HRA 10000
Medical Allowance 7000
Transport allowance 7000
Special Allowance 21000

Gross Salary 115000 1380000

SALARY COMPONENTS Amount Amount Per Annum

Basic Salary 70000 840000
House Rent Allowance* 10000 120000
Medical Allowance 7000 84000
Transport Allowance 7000 84000
Special Allowance 21000 252000
Standard Deduction*
Gross Total Income from Salary 115000 ₹ 1,380,000.00

Calculation of gross taxable income in India (Old regime)

SALARY COMPONENTS Amount Total

Income From Salary ₹ 1,210,000
Inome from Other sources 20000
Gross Total Income 1230000
Deductions
80C - PPT,EPF,LIC,Tutions Fee 21600
80D - Medical Insurance Premium
80TTA - Interest From Bank
Total 21600
Gross Taxable Income 1208400

Tax Amount 175020

Add 4% Education Cess 7000.8
Final Tax Amount for pay 182021

116000
 240000
Rent Pay 15000

Income = Gross salary - Examption - Deduction - Standard Deduction

interest : 5000

other income 20000

2020 - 2021 2021-2022

Exemptions Taxable (Old Regime) Taxable (New Regime)
840000 840000
120000 0 120000
84000 84000
84000 84000
252000 252000
50000 50000
₹ 120,000.00 ₹ 1,210,000.00 ₹ 1,380,000.0

Calculation of gross taxable income in India (New regime)

SALARY COMPONENTS Amount Total

Income from Salary 1380000
Income From other sources 20000
Gross Total Income 1400000

Deduction is not Applicable Here

Gross Taxbal Income 1400000

Tax Amount 162500

Add- 4% Education Cess 6500
Final Tax Amount to Pay 169000
 1800 21600

10000

HRA Examption Calculation Formula

Statement Calculation
Actual Rent Received from the Employer 120000
Actual Rent Paid - 10% Basic Salary 0
50% of Basic Salary If you are staying metro city 420000
40% of Basic Salary If you are staying in Non Metro
Note : Less Amount is your HRA Examption As per Income Tax Policy
84000 84000

Income tax (OLD SLAB) 2020 - 2021 Percentage

0 - 2,50,000 Nil Tax
2,50,000-5,00,000 5%
5,00,000 - 10,00,000 20%
Above 10,00,000 30%
Total

Income tax (New SLAB) 2021-2022 Percentage

0 - 2,50,000 Nil
2,50,000 - 5,00,000 5%
5,00,000-7,50,000 10%
7,50,000-10,00,000 15%
10,00,000-12,50,000 20%
12,50,000-15,00,000 25%
More than 15,00,000 30%
Total

Eligible
Maximum Deduction investments/expenses
Section 80C Rs.1,50,000
Rs 25,000 for self Rs
Section 80D 50,000 for parents
Section 80TTA 10,000
 120000 84000

amption Calculation Formula

Amount Examption

our HRA Examption As per Income Tax Policy

Tax Calculation Amount

Nil 0
250000*5% 12500
500000*20% 100000
208400 62520
175020

Tax Calculation Amount

Nil 0
250000*5% 12500
250000*10% 25000
250000*15% 37500
250000*20% 50000
250000*25% 37500
150000
162500

Amount claimed