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Tax Simulator

This document contains payroll and tax details for an employee. It lists earnings from salary and allowances amounting to 251,424 and exemptions of 98,486, resulting in gross salary of 152,938. It then calculates deductions, income from other sources, and taxable income of 572,653. The tax on this amount is calculated at various slabs and comes to 27,032.

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Anil Kesarkar
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We take content rights seriously. If you suspect this is your content, claim it here.
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43 views

Tax Simulator

This document contains payroll and tax details for an employee. It lists earnings from salary and allowances amounting to 251,424 and exemptions of 98,486, resulting in gross salary of 152,938. It then calculates deductions, income from other sources, and taxable income of 572,653. The tax on this amount is calculated at various slabs and comes to 27,032.

Uploaded by

Anil Kesarkar
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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Basic 130,276 260,552

House Rent Allowance 65,140 130,276


Conveyance Allowance 45,608 91,216
Medical Reimbursement 5,000 10,000
CEA 2,400 4,800
Washing Allowance 3,000 6,000
LTA Reimbursement 0 32,569
Total Earning 251,424 535,413
House Rent Allowance
Washing Allowance
LTA Reimbursement
Total Exemptions
a) Standard Deduction
b) Prof Tax
Total Deduction u/s 16
b) Income From Let Out House Property
c) Income from House Property [6(a)+6(b)]
Deduction u/s VIA
Provident Fund
Life Insurance Premium

Total Deduction u/s 80C


Total Eligibal Deduction u/s 80C
Employer's National Pension Scheme
80CCD(2)
Total Deduction u/s 80-CCD(2)
Total Taxable Income (Rounded Off To
Next 10 Rs.) at source
Tax deducted
1 Salary Earning
2 Exemptions
3 Gross Salary (1-2)
4 Deduction u/s 16
5 Income From Salaries (3-4)
6 a) Interest on self occupied House Property
7 Any other income reported by Employee
8 Gross Total Income [5+6(c)+7]
9 Deduction under chapter VIA
10 Deduction u/s 80C
11 Deduction u/s 80-CCD(2)
12 Total Taxable Income [8-(9+10+11)]
13 Tax on Total Income
14 Income Tax Rebate u/s 87 A
15 Net Tax on Total Income (13-14)
16 Surcharge
17 Health and Education cess
18 Total Tax Payable (15+16+17)
19 Previous Employer
20 Current Employer
21 Other Income Tax
22 Total Tax Deducted (20+21)
23 Balance Tax Payable
24 Total Tax Deductible For The Month
390,828 390,828 Tax working Rate of Taxable
195,416 195,416 Rs.0/- to Tax 0% Amount 0
136,824 136,824 Rs.250000/-
Rs.250001/- to 5% 249999
15,000 15,000 Rs.500000/-
Rs.500001/- to 10% 249999
7,200 7,200 Rs.750000/-
Rs.750001/- to 15% 249999
9,000 9,000 Rs.1000000/-
32,569 32,569
786,837 786,837 Taxable income 786,837
56,917 0 572,653
9,000 0
32,569 0
98,486 0
50,000 0
2,500 0
52,500 0
0 0
0 0

46,898 0
16,300

63,198 0
63,198 0
0 0
0 0
572,660 786,840

688,351 786,837

635,851 786,837
0 0
0 0
635,851 786,837
0 0

572,653 786,837
27,032 43,026
0 0
27,032 43,026
0 0
1,081 1,721
28,113 44,747
0 0
10,124 10,124
0 0
10,124 10,124
17,989 34,623
2,249 4,328
Tax Per Total Tax
Slab 0 0 250,000 0 250000 0
12500 12500 250000 12500 250000 12500
25000 37500 286837 28683.7 72660 7266
5526 43026
Basic 130,276 260,552
House Rent Allowance 65,140 130,276
Conveyance Allowance 45,608 91,216
Medical Reimbursement 5,000 10,000
CEA 2,400 4,800
Washing Allowance 3,000 6,000
LTA Reimbursement 0 32,569
Total Earning 251,424 535,413
House Rent Allowance
Washing Allowance
LTA Reimbursement
Total Exemptions
a) Standard Deduction
b) Prof Tax
Total Deduction u/s 16
b) Income From Let Out House Property
c) Income from House Property [6(a)+6(b)]
Deduction u/s VIA
Provident Fund
Life Insurance Premium
ELSS
Total Deduction u/s 80C
Total Eligibal Deduction u/s 80C
Employer's National Pension Scheme
80CCD(2)
Total Deduction u/s 80-CCD(2)
Total Taxable Income (Rounded Off To
Next 10 Rs.) at source
Tax deducted
1 Salary Earning
2 Exemptions
3 Gross Salary (1-2)
4 Deduction u/s 16
5 Income From Salaries (3-4)
6 a) Interest on self occupied House Property
7 Any other income reported by Employee
8 Gross Total Income [5+6(c)+7]
9 Deduction under chapter VIA
10 Deduction u/s 80C
11 Deduction u/s 80-CCD(2)
12 Total Taxable Income [8-(9+10+11)]
13 Tax on Total Income
14 Income Tax Rebate u/s 87 A
15 Net Tax on Total Income (13-14)
16 Surcharge
17 Health and Education cess
18 Total Tax Payable (15+16+17)
19 Previous Employer
20 Current Employer
21 Other Income Tax
22 Total Tax Deducted (20+21)
23 Balance Tax Payable
24 Total Tax Deductible For The Month
390,828 390,828 Tax working Rate of Taxable Tax Per
195,416 195,416 Rs.0/- to Tax 0% Amount 0 Slab 0
136,824 136,824 Rs.250000/-
Rs.250001/- to 5% 249999 12500
15,000 15,000 Rs.500000/-
Rs.500001/- to 10% 249999 25000
7,200 7,200 Rs.750000/-
Rs.750001/- to 15% 249999 5526
9,000 9,000 Rs.1000000/-
32,569 32,569
786,837 786,837 786,837
56,917 0 512,653
9,000 0
32,569 0
98,486 0
50,000 0
2,500 0
52,500 0
0 0
0 0

46,898 0
16,300
60,000
123,198 0
123,198 0
0 0
0 0
572,660 786,840

688,351 786,837

635,851 786,837
0 0
0 0
635,851 786,837
0 0

572,653 786,837
27,032 43,026
0 0
27,032 43,026
0 0
1,081 1,721
28,113 44,747
0 0
10,124 10,124
0 0
10,124 10,124
17,989 34,623
2,249 4,328
Total Tax
0
12500 250000 12500
37500 12653 1265.3
43026

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