Income Tax Work Sheet 2020-21 (Assessment Year 2021-22)
Enter Fixed monthly amount of Medical Allowance received if any
Select category to choose relevant tax slab-- The categories are General Male and Female, Senior Citizen-who is of the age of 60 years or more at any time during the year in which income is earned and Very Senior Citizen-who is of the age of 80 years or more at any time during the year in which income is earned-There is no difference in Tax slab between Male and Female in the year 2020-21
Enter 7TH CPC Basic Pay as on March 2020. If your pay in Pay band changes in the middle of the year due to MACP or promotion it can be changed in month wise Income Worksheet generated once you hit "Calculate income tax button"
Select your level of Pay in the new 7CPC Pay Matrix - pre-revised GP is given for reference
Select Annual Increment month
Enter Grade Pay as on March 2020. If your pay in Pay band changes in the middle of the year due to MACP or promotion it can be changed in month wise Income Worksheet generated below
Enter monthly pension-pension as on March-2020. Enter total monthly pension including Basic Pension, DA and fixed medical allowance if any as per bank passbook-Do not include commuted portion of pension in this field
Enter the monthly portion of commuted pension if you had commuted the pension-This portion is required to calculate DA amount involved in the same
Enter any other Pay or allowance not mentioned here. You can edit the type of pay or allowance which will be heading of this pay in the worksheet
Type out the name of pay or allowance not speicifically mentioned here-The description entered here will be the heading of this pay/allowance type in the worksheet
Enter family planning special pay as on March-2017
Select yes if you are covered by NPS. Employee Contribution under NPS qualifies for deduction / exemption from IT under Section 80CCD(1) up to Rs. 1.5 lakh as per Finance Act 2017. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE. As far as Employer Contribution to NPS is concerned, the same qualifies for deduction under Section 80CCD(2). Employer Contribution to NPS (14%) can be deducted under Section 80CCE over and above Rs 1.5 lakh limit stipulated in Section 80C. Contribution in NPS by Government Employees as well as by Government will be calculated by this tool itself if NPS option is selected as yes. If you are making NPS contribution over and above 10% of Basic pay enter the differential amount in Additional NPS Savings field given below. Exemption for addditional NPS limited to Rs.50,000
If you receive NPA choose yes option-NPA will be automatically calculated @20% on pay+gp
Select Transport Allowance received from March 2020. If your Transport allowance changes in the middle of the year it can be changed in Income tax Worksheet generated below
If you are receiving double Transport Allowance allowed for visually challenged then select yes. IT exemption in this case will be Rs. 3200 per month if allowance is Rs. 1600 per month. They are also entitled to Income Tax Exemption on Transport Allowance under Section 10(14) of IT Act up to Rs. 3200 per month
Enter Bonus received in the year 2020-21
Enter total Children Education Allowance received this year
Enter Over-Time amount and Honorarium received this Year
Bank interest earned. Enter the taxable interest only i.e Over and above Rs. 10000 in normal cases and Rs. 50,000 in the case of Senior Citizens
Arrears of dearness allowance for the period from Jan-2020 to March-2020-DA arrears for these 3 months has been calculated based on the data entered by you and suggested in this field. If you find that it is correct keep it as such or enter the da arrears manually in this field. DA Arrears received in Sep/Oct 2020 need not be included as the same will be added automatically total DA amount
Enter income earned through Agriculture. Click this link for detailed Income Tax Provisions on Agricultural Income
Enter Annual value of any other Income here
Enter arrears of pay and allowances received during this year
Enter interest paid on Educational loan if any - Under Section 80E of the Income Tax Act a deduction with no limit will be allowed in respect of repayment of interest on loan taken for higher education, for self, spouse and children of individual- Click the document link found against this field for detailed provision under Income Tax in respect of this deduction
Deduction of Rs. 75,000/- in respect of tax payer suffering from a physical disability. In the case of severe disability, deduction of Rs. 125,000/- will be allowed. Certificate from the approved medical authorities regarding the extent of disability will have to be produced (Rule 11D)- Click the document link found against this field for detailed provision under Income Tax in respect of this deduction
Deduction is available upto Rs. 25,000/- for health insurance and health check-up for self and family and up to Rs. 25,0000 for parents (Rs. 50,000 for senior citizen parents)
Rent paid subject to ceiling as deduction under Section 80GG if HRA not received. Least of rent paid minus 10% of total income Rs. 5000/- per month 25% of total income. Click the document link found against this field for detailed provision under Income Tax in respect of this deduction
In the case of salaried employee who is taking care of physically challanged Dependent Relative, an amount with the maximum limit of Rs.75000/- spent towards medical treatment or rehabilitation can be deducted from the income (In the case of severe disability maximum deduction would be Rs. 1,25,000).
Enter Donation paid to Political Parties. Donation paid in Cash can not be claimed under this section. For more details check the link in title in the previous box - Click this Link for more details about provisions of Income Tax in respect of this deduction
Deduction in respect of specified disease for self or dependent relatives is allowed lower of Rs.40,000 or actual amount paid. This deduction amount increases to Rs.80,000 in case of senior citizen.
Enter the amount paid as donation to scientific research and rural development - Click this Link for more details about provisions of Income Tax in respect of this deduction
Enter the donation made to charitable organisation etc. Click this Link for more details about provisions of Income Tax in respect of this deduction
Enter any other deduction eligible under Chapter VIA and Section 10
Enter the amount that could be claimed by you as Income Tax relief under Section 89 of the IT Act, for the Arrears of pay received by you during this year 2020-21
Enter Rebate entitled for Agriculture Income earned if any. Click this link for detailed Income Tax Provisions on Agricultural Income
Enter the Rent paid (Annual Rent) for the house occupied. This detail is required to calculate the eligible income tax exemption for HRA received- Want to know how Income Tax Exemption on HRA is calculated ? Click the document link against this field to get details
Select Yes if you require Income Tax Exemption on HRA. This tool calculates HRA exemption as per option chosen whether DA is to be taken as part of pay - If DA is taken for calculating retirement benefits, DA has to be included with Basic pay while determining the exemption for HRA - Otherwise DA need not be taken in to account - In the case of non-nps Central Goverrnment Employees Pension which is the retirement beneift is fixed without taking into accouunt the DA at the time of retirement - In the case of NPS employees retirement benefit includes DA - - Checkout document link for more details
Select Yes if DA is to be taken as part of pay to calculate HRA exemption - If DA is taken for calculating retirement benefits, DA has to be included with Basic pay while determining the exemption for HRA - Otherwise DA need not be taken in to account - In the case of non-nps Central Goverrnment Employees Pension which is the retirement beneift is fixed without taking into accouunt the DA at the time of retirement - In the case of NPS employees retirement benefit includes DA - Checkout document link for more details
Enter the professional tax amount paid to City Corporation authorities during the year 2020-21
Enter the children education allowance - tuition fees paid intended to be deducted from income - Maximum Rs 2400/- Rs.100 per child per montn for maximum of two children
Enter the Income Tax deducted by employer or paid by you so far directly during the year 2020-21
Enter income tax deducted in respect of Interest Income by banks - This field is required to be filled when you receive interest for the bank deposits etc and shown the interest as income in the Income category
Enter subscription made in Provident Fund schemes during the year 2020-21 - Contribution in provident fund can be deducted under Section 80C. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter deposits in National Savings Scheme during the year 2020-21 - Deposits in NSC qualifies for deduction under Section 80C. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter contribution for Pension Fund / Annuity Plans in Fund Houses such as LIC etc during the year 2020-21 - Contribution for Pension and Annuity Plans qualifies for deduction under Section 80CCD(1) and 80CCC respectively. Contribution in NPS by Government Employees need not be entered here as this tool would automatically calculate eligible NPS contribution for deduction under Section 80CCD(1) if NPS option is selected as Yes. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter contribution made in CGEGIS. It qualifies for deduction under Section 80C. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter Tuition Fees paid for School education of first two Children - It qualifies for deduction under Section 80C. Click this link for more details on Income Tax provision on Tuition Fee. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter Investments made in Mutual Fund ELSS Funds. It qualifies for deduction under Section 80C. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter Investments / Premium in respect of in Unit Linked Insurance Plans. It qualifies for deduction under Section 80C. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter Principal Portion of Housing Loan EMI paid if any. It qualifies for deduction under Section 80C. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter Subscription made in PPF. It qualifies for deduction under Section 80C. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter Premium paid for Life Insurance Plans. It qualifies for deduction under Section 80C. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter premium amount paid in Postal Life Insurance which qualifies for deduction under Section 80C . Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
Enter additional investment in NPS over and above deducted by employer which is 10% of Basic Pay. This additional savings is qualified for additional deduction of Rs.50,000/- over and above savings limit of Rs. 1.50 lakh, under Section 80CCD(1B)
Enter any other savings / premium / Investments which qualifies for deduction under Section 80C Section 80CCC. Total deduction / exemption under Section 80C, 80CCC, 80CCD(1) is limited to Rs. 1.5 lakh as per Section 80CCE
As per Income Tax Act,a Deduction of Rs 30,000 is allowed against interest on borrowed capital. However, a deduction on account of interest up to a maximum limit of Rs 2 lakh is available if the loan has been taken on or after April 1, 1999 for constructing or acquiring the house, and the construction or acquisition has been completed within three years from the end of the financial year in which capital was borrowed. In case the property is let out, the entire amount of interest accrued during the year is deductible
The basis of calculating Income from House property is the annual value. If property is self occupied or not letout, maximum Income Tax exemption on interest on housing loan i.e loss on house property will be Rs. 2 lakh. When propery is letoutmunicipal taxes, and 30% of total annual value as rebate for maintenance can to be deducted from Annual Value/Rent. This tool would take care of all these calculations
As per Finance Bill 2018-19 in addition to Deduction of Interest up to Rs. 2 Lakhs from the total income Section 80 EE provides for additional deduction of HBA Interest up to Rs. 50,000 for loan sanctioned or disbursed during the year 2020-21. First time buyer and when loan not exceeding Rs. 35 lakh will be eligible and total cost of property not exceeding Rs.50 lakh
As per Finance Bill 2020-21 in addition to Deduction of Interest up to Rs. 2 Lakhs from the total income Section 80 EEA provides for additional deduction of HBA Interest up to Rs. 1,50,000 for loan sanctioned or disbursed during the year 2020-21. First time buyer and when loan not exceeding Rs. 45 lakh will be eligible
Total Monthly Salary Income includes Govt Contribution in NPS if eligible and opted for the same
Total of all Income received -other than monthly salary Income
Gross Total of Salary Income and other Income
This tool calculates HRA exemption as per option chosen whether DA is to be taken as part of pay - If DA is taken for calculating retirement benefits, DA has to be included with Basic pay while determining the exemption for HRA - Otherwise DA need not be taken in to account - In the case of non-nps Central Goverrnment Employees Pension which is the retirement beneift is fixed without taking into accouunt the DA at the time of retirement - In the case of NPS employees retirement benefit includes DA
Exempted portion of Transport Allowance is NIL from 2018-19 for normal Employees otherthan visually impaired, orthopaedically handicapped, deaf and dumb/hearing impaired. In respect of physically challanged Employees Income Tax Exemption on Transport Allowance will be Rs. 3200 per month
Standard Deduction up to Rs.50000 allowed under Section 17(2) of Income Tax Act
Total of Deductions allowed under chapter VIA and Section 10 - Checkout document link against Deductions in entry form above for details
Total of Eligible Deductions under Section 80C, 80CCC, 80CCD(1) -Limited to Rs. 1.50 lakh as per Section 80 CCE - Contribution by Govt in NPS is fully exempted (without any limit and over and above Rs. 1.50 lakh limit) as per Section 80CCD(2) of IT Act. Section 80CCD(1B) provides additional deduction over and above the limit of Rs. 1.5 lakh up to Rs. 50,000 in respect of investment in NPS. Checkout document link against Savings in entry form above for details
Total of Monthly salary income and other income less hra exemption, transport allowance exemption, and professional tax. In case of self occupied house property, interest paid for housing loan up to Rs. 2 lakh will be Loss from house property. In case of rented out property income or loss determined based on annual value and interest paid etc. Use the Entry Form above to calculate income or loss
Aggregate Income less Section 80C, CCC, CCD Deductions and Chapter VIA Deductions
Taxable Income when opted for New Tax Regime under Section 115BAC of Income Tax Act
Balance Income Tax payable in Old Tax Regime - It is calculated by deducting Agri Rebate, rebate of up to Rs.12,500 under Section 87A, Section 89 relief for arrears of salary, Tax already deducted by employer and Tax paid on interest income from Total Income.
Balance Income Tax payable in New Tax Regime (Optional) - It is calculated by deducting rebate of up to Rs.12,500 under Section 87A and Tax already deducted by employer and Tax paid on interest income from Total Income.
Tax rebate of up to Rs.12500 for Taxable income up to Rs. 5 lakh as per Section 87A
Tax rebate of up to Rs.12500 for Taxable income up to Rs. 5 lakh as per Section 87A
