Name Sumit Singh

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Date of Birth 6/3/1970 YYYY Cells
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Particulars Age (Years) 53

Income Tax Calculator F.Y 2023-24 & A.Y 2024-25 (New Tax Regime-Default)-115BAC
Gross Income from Salaries and Allowances 1,500,000.00
Add: Income From Other Sources 50,000.00
Gross Total Income(G.T.I) 1,550,000.00
Max
Less: Standard Deduction (Max Limit Rs.50,000) Introduced in Budget 2023 50,000.00 1.Go
1. G
Less: Employer's Contribution to NPS U/S 80CCD(2) - (Bas
Free
Less: Exemption on Leave encashment U/S 10(10AA) - 2.Ot
2. O
No L
25,0
Less: Transport Allowance for a Specially-Abled person(Max Rs. 38,400 per year) - can
Less: Interest on Home Loan Taken For Let-Out Property U/S 24(b) - Ded
Less: Any Other Allowable Deduction under New Tax Regime(Like Agniveer Scheme) - for l

Net Taxable Income after Deductions 1,500,000.00

Tax Rebate of Rs. 25,000 (For Income up to Rs. 7 Lakh) -
Tax Liability 150,000.00
Add: Surcharge @10%/15% (If income exceeds Rs.50 Lakh & Rs.1 Cr. Respectively) -
Add: Cess @ 4% 6,000.00
Total Tax Liability 156,000.00
Advance Tax Paid 10,000.00
Balance Tax to be Paid 146,000.00
Tax to Gross Income Ratio 10.40%

Income Tax Calculator F.Y 2023-24 & A.Y 2024-25 (Old Tax Regime)
Gross Income from Salaries and Allowances 1,500,000.00
Less: Exemptions U/S 10 -52,500.00
(i) H.R.A Exemption (Least of the following three) -
For Metro 50% of Basic
Resident of (Select from Dropdown)------------------> Non-Metro Salary. For Non-Metro
Rent
40% paid over 10% of Basic
a. Basic Salary (Basic+DA) - - Salary i.e.
b. Rent Paid - - Rent paid-10%(Basic+DA)
c. H.R.A received - -
Maximum Deduction
(ii) Standard Deduction for Salaried & Pensioners (Rs. 50,000) 50,000.00 50,000.00 U/S
Rs.25,00,000
(iii) Retirement Leave Encashment U/S 10(10AA) - 10(10AA), as
- per Budget
2023
(iv) Tax on Employment 2,500.00 2,500.00
Income From Salaries(After Deduction U/S 10) 1,447,500.00
Add: Income from Other Sources 50,000.00 50,000.00
1. Income from Other Sources:
a. Bank(Savings A/C/ F.D/Recurring)/N.S.C/Post Office MIS/Other 50,000.00
Maximum Deduction U/S
Income from House Properties 24(b) Rs.2,00,000/-. Only -
a.Interest paid on House Building Loan (U/S 24) - allowed for- one house.

b.Additional Tax benefits for first time home buyers - -

c.Rent received from let out properties after Municipal Taxes - -
Gross Total Income (G.T.I) 1,497,500.00
Less: Deduction U/S 80C(Max eligible amount Rs. 150000/-)
a. EPF & GPF Contribution 180,000.00 150,000.00 -150,000.00
b. Public Provident Fund (PPF) -
 Income Tax Calculator F.Y 2023-24 & A.Y 2024-25 (Old Tax Regime)
c. N.S.C (Investment + accrued Interest before Maturity Year) -
d. Tax Saving Fixed Deposit (5 Years and above) -
e. E.L.S.S (Tax Saving Mutual Fund)
f. Life Insurance Premiums paid -
g. New Pension Scheme (NPS) (U/S 80CCC) -
h. Pension Plan from Insurance Co./Mutual Funds (u/s 80CCC) -
i. Principal Repayment on House Building Loan -
j. Sukanya Samriddhi Yojana -
k.Stamp Duty & Registration Fees on House Buying -
l. Tuition fees for children(max 2 children) -
Less: Additional deduction for NPS U/S 80CCD(1B)-Max Rs. 50000) 50,000.00 -50,000.00
Self,Spouse and
Less: Deduction under chapter VI-A Children max -50,000.00
For Senior Citizens max
a. 80 D Medical Insurance premium (Self, Spouse & Child) 25,000.00 25,000.00
Rs.25000/-(including
Rs.50000/-(including
b. 80 D Medical Insurance premium (for Sr. Citizen Parents) 25,000.00 Rs.5000/-
Rs.5000/-
25,000.00for
for
For Severe disability
preventive
preventive Health
Health
c. 80 E Interest Paid on Education Loan - more -80%
senior citizenRs.
than
Checkup)
Checkup)
For
d. 80 DD Medical Treatment for dependent handicapped - 125000/-
Rs.100000/-and forfor
- and
others Rs.75000/-
others Rs.40000/-.
e. 80DDB Expenditure on Medical Treatment for self/ dependent - -
f. 80G, 80GGA, 80GGC Donation to approved funds - -
For self severe
g. 80GG Rent paid in case of no HRA received - -
disability Rs.125000/-
h. 80U For Physically Disabled person - and for others
-
i. 80TTA/B (Rs. 10,000 for others & Rs. 50,000 for Senior Citizens) - Rs.75000/-.-
Max exemption 14% of
j. Contribution to Agnipath Scheme (u/s 80CCH) - Basic+DA for - Govt.
Less: Employer Contribution to NPS U/S 80CCD(2) 50,000.00 Employees.
50,000.00Others -50,000.00
@10%
Net Taxable Income after all deductions 1,197,500.00
Tax Rebate of Rs. 12,500 (For Income less than 5 Lakh) -
Tax Liability 171,750.00
Surcharge @10%/15% (If income > Rs. 50 Lac & Rs. 1 Cr. Respectively) -
Add: Cess @ 4% 6,870.00
Net Tax Payable 178,620.00
Advance Tax Paid -
Balance Tax to be Paid 178,620.00
Tax to Gross Income Ratio 11.52%

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