ABCDEFGHIJKLMNOPQRSTUVWXYZAAABACADAEAFAGAHAIAJAKALAMANAOAPAQARASATAUAVAWAXAYAZBABBBCBDBEBFBGBHBIBJBKBLBMBNBOBPBQBRBSBTBUBVBWBXBYBZCACBCCCDCECFCGCHCICJCKCLCMCNCOCPCQCRCSCTCUCV
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BEST OPTION AND INCOME TAX CALCULATION FOR ALL CATEGORY SALARIED EMPLOYEES & PENSIONERS FOR ASSESSMENT YEAR 2024-25
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INCOME TAX STATEMENT CUM WORK SHEET FOR THE FINANCIAL YEAR 2023-24 (ALL AGE GROUP Upto 60, 60-80 & Above 80)
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NAME OF EMPLOYEE :PEN /
Pensioncode
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DESIGNATION &
NAME OF OFFICE :		PAN :
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TAN of
Deductor :
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613005880048800PARTICULARS OF SALARY / PENSION DRAWNAGE IF >= 60
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EARNINGSDEDUCTIONS SAME MONTH
SALARY ?		NO
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 MONTHPAYDAHRASP/HTA/
CCA		OtherP FSLIFBSGISLICNPSINCOME
TAX		TOTAL DEDUCTONSTOTAL EARNINGS
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123456789101112131415
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3/20235000035002000000000000055500
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4/20235000035002000000000000055500
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5/20235000035002000000000000055500
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6/20235000035002000000000000055500
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7/20235000035002000000000000055500
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8/20235000035002000000000000055500
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9/20235000035002000000000000055500
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10/20235000035002000000000000055500
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11/20235000035002000000000000055500
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12/20235000035002000000000000055500
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1/20245000035002000000000000055500
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2/2024500003500200000000000055500
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DA Arrto PF00000000
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DA Arr cash00000000
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PRArrtoPF00000000
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PRArr cash00000000
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PRA IntPF00000000
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PRA Intcash00000000
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Salary Arr000000 00
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EL surrender5000000000050000
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FA/Bonus/Ex8400000000084000
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Total73400042000240000000000000800000
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1- (a)Gross Salary Income (includes Pay, DA, HRA, CCA, IR,DA/PR Arrear,OT, SEL, FA/Bonus etc.)800000
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(b)Employer's Contribution to NPS0
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(c)Perquisite - u/s 17(2) 0
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(d)Profits in lieu of salary - u/s 17(3) if any0
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(e)Any excess salary refunded to be excluded from salary income0
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1- Total Salary Income (a+b+c+d)800000
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2- Deduct: HRA in the case of persons who actually incur expenditure by way of rent:
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(I)Actual HRA received during the year
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(II)Actual rent paid in excess of 1/10th of the salary.
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(III)50% of Pay +DA ( in metros) & 40% elsewhere
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(I) to (III) whichever is least is exempted.0642000
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3- Deduct: Allowance to the extent exempt u/s 100
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4- Balance (1-2-3)800000
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5- Deduct:
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(a)Standard deduction - u/s 16 (ia) 50000
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(b)Entertainment Allowance - u/s 16 (ii)0
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(c)Professional Tax - u/s 16 (iii)0
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6- Net salary income (4-5)750000
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7- Interest on HBA Deducted as loss in Income from House Property .(Max. Rs.30000 before1-4-99 or 2 Lakh Sec.24(b) 0
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8- Any other income (Business, Capital gains,Bank Interest or Other Sources) ബാങ്കു പലിശയടക്കമുള്ള മറ്റുവരുമാനങ്ങള്‍0
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9- Any other TDS or TCS paid (ഡി.ഡി.ഒ മുഖാന്തിരമല്ലാതെ മറ്റുവരുമാനങ്ങളില്‍ നിന്നു പിടിച്ചിട്ടുള്ള നികുതി)0
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10- Gross Total Income (6-7+8)750000
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11- (a)80D-Health Insurance & Checkup - Mediclaim (Family Max.50000 / 75000 / 100000 as the case of Sr.Citi)-ref rule6000
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(b)80DD-Expense on treatment of mentally or physically handicapped dependants(max 125000-ref rule)0
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(c)80DDB-Expenditure incurred on medical treatment of self / dependant for specified (see list) deceases.(max40000/100000sr.cit)0
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(d)80E-Interest paid for educational loan taken for higher education of self/dependent children(no limit) 0
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(e)80EE-New House purchase loan after 2016-17 Interest bal 2017-18 (see conditions)0
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(f)80CCG-Notified Equity Saving scheme-Rajiv Gandhi Equity Saving(see Limit)0
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(g)80U-For Employee with disability (Rs75000 or If >80% disability 1.25L)0
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(h)80G-Donations to relief Funds and charitable institutions Including CMDRF - (see conditions) 0
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(I)80GGC-Donations made to any Political party-incash 2000 only (see conditions) 0
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(j)80GG-for individuals who do not own a residential house & do not receive HRA (see conditions&Limit) 0
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(k)80TTA-Deduction for Income from any bank/PO SB Interest (Max. 10000)0
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(l)80TTB-Deduction for Income from any bank/PO FD Interest for senior citizens (Max. 50000)0
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(m)80 CCD(1B) Employee's Contribution to NPS (Max. 50000 Addl – see conditions)0
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(n)80 CCD(2) Employer's Contribution to NPS (Max. 10% of PAY+DA-see conditions)0
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Deduct:Total of 116000
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12(1) Sec. 80C
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(a)Life Insurance Premia of self, spouse and children (salary deduction)0
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(b)Contribution towards GPF/KASEPF0
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(c)Contribution towards SLI,GIS,FBS,PLIC,(salary deduction)0
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(d)Contribution made ULIP,UTI,LIC ( other than salary deduction)0
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(e)Tax saver in scheduled bank / Post Office for a period of not less than 5 years0
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(f)Purchase of NSC / tax saving units of Mutual Fund / UTI0
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(g)Contribution to any deposit scheme or pension fund setup by NHB0
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(h)Tution fees for the full time education of any two children.0
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(I)Principal part of HBA Repayment & stamp duty paid for purchase of property0
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(j)Subscription to equity shares , debentures of an eligible issue.0
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(k)Subcription to eligible units of mutual fund,Infrastructure bonds ICICI,IDBI etc.,0
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(l)Any other deduction Ch VIA/80C0
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(m)0
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2- (n)80CCC-Payment for annuity plan of the LIC or any other insurer.0XNPNP1NP2tot
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3- (o)80CCD(1)-Contribution of employee to PPF/NPS (see conditions)0015000000
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Deduction (Maximum Rs. 150000) : Total of 100000
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13-Total Taxable income (10-11-12) നികുതി വിധേയ വരുമാനം (OLD REGIME)744000
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14-Tax on Total Income. (Below 60 yrs- 250000 വരെ 0 ,250001 to 500000 വരെ 5%,500001 to 1000000 വരെ 20%,1000000 മേല്‍ 30%)
 (60y & Above - 300000 വരെ 0 ,300001 to 500000 വരെ 5%,500001 to 1000000 വരെ 20%,1000000 മേല്‍ 30%)
 (80y & Above - 500000 വരെ 0 ,500001 to 1000000 വരെ 20%,1000000 മേല്‍ 30%) (OLD REGIME)		61300
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15-Add: Surcharge:Total income if exceeds 50 L 10%, if exceeds1Cr 15%, if exceeds 2Cr 25% & 37% if exceeds Rs. 5 Cr.0
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16-Income Tax and Surcharge payable.(14+15)61300
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17-Less: Rebate for income upto 5 Lakhs u/s 87A (OLD REGIME) max 125000
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18-Total Tax Payable (16-17)61300
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19-Health and Education Cess [@4% of (18)]2452
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20-Less: Relief for arrears of salary u/s 89(1) [Use form 10E]0
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21-Income Tax Payable on existing scheme option (18+19-20) ആകെ അടക്കേണ്ട ഇന്‍കം ടാക്സ് സംഖ്യ (OLD REGIME)63752
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22-Total Taxable income (1+8-O66) നികുതി വിധേയ വരുമാനം (NEW REGIME)750000
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23-Tax on Total Income. (ALL category- 300000 വരെ 0 ,300001 to 600000 വരെ 5%,600001 to 900000 വരെ 10%,900001 to 1200000 വരെ 15%,1200001to1500000വരെ 20% ,1500000മേല്‍ 30%) (NEW REGIME)30000
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24Add: Surcharge:Total income if exceeds 50 L 10%, if exceeds1Cr 15%, if exceeds 2Cr 25% & 37% if exceeds Rs. 5 Cr.0
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25Income Tax and Surcharge payable.(23+24)30000
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26Less: Rebate for income upto 7 Lakhs u/s 87A(NEW REGIME) max250000
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Marginal relief 87A (NEW PROVISION)-200000