Zero Income Tax.pdf - Debdut Karmakar

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Total Cost to Company 2,041,162.00 Tax Free Components Car Maintenace Meal Coupons NPS (Employer Contribution) EPF (Employer Contribution) Mobile Phone and Internet Bill Reimbursement Uniform Allowance Children Education/Hostel Allowance Newspaper/Journal Allowance Gift voucher Leave Travel Allowance 400,200.00 HRA (Rent Paid is Rs 53,000 and in Metro City) 530,000.00 Standard Deduction (increased to Rs 50,000 in Budget 2019) 50,000.00 Gratuity (Not part of Salary but part of CTC – Non Taxable) 50,962.00 Tax Deductions Section 80C Exemption – 1,50,000 NPS 80CCD(1B) Tax Exemption – 50,000 Medical Insurance (Self & Parents) – 60,000 Interest on Education Loan – 50,000 310,000.00 Home Loan Exemption 200,000.00 Income after Deductions [1 – (2 + 3 + 4 + 5 + 6)] 500,000.00 Basic Tax Exemption 250,000.00 Income Tax [5% of 9] 12,500.00 Rebate u/s 87A 12,500.00 Tax Payable [11 – 12] 0.00 Gross Annual Income/Salary (with all allowances) 1,250,000.00 1,250,000.00 Less: Allowances exempt u/s 10(for Service Period) -200,000.00 (I) H.R.A. exemption 150,000.00 Basic Salary (Basic+DA) 300,000.00 150,000.00 Rent Paid 300,000.00 270,000.00 H.R.A received 150,000.00 150,000.00 (II) Standard Deduction for Salaried & Pensioner (Rs 50,000) Budget 2019 50,000.00 50,000.00 (iii) Any Other Exempted Receipts/ allowances 0.00 0.00 (iv) Professional Tax 0.00 0.00 Income under the head salaries 1,050,000.00 Add: Any other income from other sources 0.00 0.00 1. Interest received from following Investments a. Bank ( Saving /FD /Rec ) 0.00 b. N.S.C.(accrued/ Recd ) 0.00 c. Post Ofice M.I.S (6 yrs.) 0.00 d. Post Office Recring Deposit (5 yrs.) 0.00 2. Any Other Income 0.00 3. Any Other Income 0.00 Less: Exemption on Home Loan Interest (Sec 24) -135,836.00 Loss from house property (Section 24) 135,836.00 -135,836.00 Additional tax exemption for First Time Home Buyers (Budget 2016) 0.00 0.00 Interest paid on Home Improvement Loan (max 30,000) 0.00 0.00 Gross Total Income 914,164.00 Less: Deduction under Sec 80C (Max Rs.1,50,000/-) 150,000.00 -150,000.00 A. EPF & VPF Contribution 72,080.00 B. Public Provident Fund (PPF) 0.00 C. Senior Citizen’s Saving Scheme (SCSS) 0.00 D. N.S.C (Investment + accrued Interest before Maturity Year) 0.00 E. Tax Saving Fixed Deposit (5 Years and above) 61,336.00 F. Tax Savings Bonds 0.00 G. E.L.S.S (Tax Saving Mutual Fund) 0.00 H. Life Insurance Premiums 100,000.00 I. New Pension Scheme (NPS) (u/s 80CCC) 0.00 J. Pension Plan from Insurance Companies/Mutual Funds (u/s 80CCC) 0.00 K. 80 CCD Central Govt. Employees Pension Plan (u/s 80CCD) 0.00 L. Housing. Loan (Principal Repayment) 0.00 M. Sukanya Samriddhi Account N. Stamp Duty & Registration Charges 0.00 O. Tuition fees for 2 children 0.00 Less: Additional Deduction under Sec 80CCD NPS (Max Rs 50,000/-) 50,000.00 -50,000.00 Less: Deduction under RGESS Sec 80CCG (Max Rs. 50,000/-) 0.00 0.00 Less: Deduction under chapter VI A -32,251.00 A. 80 D Medical Insurance premiums (for Self ) 0.00 0.00 B. 80 D Medical Insurance premiums (for Parents) 22,251.00 22,251.00 C. 80 E Int Paid on Education Loan 0.00 0.00 D. 80 DD Medical Treatment of handicapped Dependent 0.00 0.00 E. 80DDB Expenditure on Selected Medical Treatment for self/ dependent 0.00 0.00 F. 80G, 80GGA, 80GGC Donation to approved funds 0.00 0.00 G. 80GG For Rent in case of NO HRA Component (Budget 2016) 0.00 0.00 H. 80U For Physically Disable Assesse 0.00 0.00 I. 80TTA (Rs 50,000 for Senior Citizens & Rs 10,000 for others) (Budget 2018) 10,000.00 10,000.00 Less: Deduction under Sec 80CCD(2) NPS (Employer Contribution) 100,000.00 100,000.00 -100,000.00 Less: Deduction under Sec 80EEA (Interest on Home Loan for Affordable Home) (Budget 2019) 150,000.00 150,000.00 -150,000.00 Less: Deduction under Sec 80EEA (Interest on Auto Loan for Electronic Vehicle) (Budget 2019) 160,000.00 160,000.00 -150,000.00 Total Income 281,913.00 Tax Rebate of Rs. 12,500 (For Income of less than 5 lakhs) (Budget 2019) -12,500.00 Total Tax Payable 0.00 Tax Surcharge @ 10%/15%/25%/37% (Income more than 50 Lakhs/1 cr/2 cr/5 cr) (Budget 2019) 0.00 Add; Edn Cess + Health Cess @ 4% 0.00 Net Tax Payable 0.00 Advance Tax Paid 0.00 Tax Remianing to be Paid 0.00 Tax to Total Income Ratio 0.00 Salary Components Annual Monthly Remarks Basic Salary 1,060,000.00 88,333.00 Fully Taxable House Rent Allowance 530,000.00 44,167.00 Partially Tax Exempted Car Maintenance 28,800.00 2,400.00 Tax Free if bills submitted Meal Coupons 26,400.00 2,200.00 Tax Free up to Rs 50/meal (22 working days) NPS (Employer Contribution) 106,000.00 8,833.00 Tax Free up to 10% of basic salary EPF (Employer Contribution) 127,200.00 10,600.00 Tax Free up to 12% of basic salary Phone & Internet Bill Reimbursement 36,000.00 3,000.00 Tax Free if bills submitted Uniform Allowance 24,000.00 2,000.00 Tax Free if bills submitted Children Education/Hostel Allowance 4,800.00 400.00 Tax Free if bills submitted Newspaper/Journal Allowance 12,000.00 1,000.00 Tax Free if bills submitted Gift voucher 5,000.00 Tax Free up to Rs 5,000 LTA (Leave Travel Allowance) 30,000.00 Tax Free if bills submitted Gratuity 50,962.00 Paid while Leaving company Cost to Company 2,041,162.00 162,933.00