Income Tax Calculation Worksheet

DANFOSS POWER SOLUTIONS INDIA PRIVATE LIMITED Ascent Payroll

PAN : AAFCS2954P/ TAN : PNED09715G F.Y. : 2018-19 / A.Y. : 2019-20
Employee: 0108 Babasaheb K Jawale Calculation Month: January-2019
Date of Joining: 03/08/2005 PAN: AIFPJ2886G Tax Category: MEN
1. Gross Salary Actual(Rs.) Projection(Rs.) Total(Rs.)
Basic 247,840 49,568 297,408
House Rent Allowance 99,140 19,828 118,968
Special Allowance 65,837 12,176 78,013
Leave Encashment 10,740 0 10,740
Ex Gratia 59,482 0 59,482
Incentive 22,251 0 22,251
Shift Allowance - Ex Hour 328,151 0 328,151
Gift 5,000 0 5,000
Picnic Allowance 2,000 0 2,000
Arrears Special Allow -4,957 0 -4,957
Totals: 835,484 81,572 917,056
HRA Exemption Calculation
Period Basic Rent Paid HRA Recd Rent Paid Less 40/50% Salary Least of
Non Metro Metro (A) 10% Salary (B) (C) (A,B,C)

Apr-2018 24,784 8,300 0 9,914 5,822 9,914 5,822

May-2018 24,784 8,300 0 9,914 5,822 9,914 5,822
Jun-2018 24,784 8,300 0 9,914 5,822 9,914 5,822
Jul-2018 24,784 8,300 0 9,914 5,822 9,914 5,822
Aug-2018 24,784 8,300 0 9,914 5,822 9,914 5,822
Sep-2018 24,784 8,300 0 9,914 5,822 9,914 5,822
Oct-2018 24,784 8,300 0 9,914 5,822 9,914 5,822
Nov-2018 24,784 8,300 0 9,914 5,822 9,914 5,822
Dec-2018 24,784 8,300 0 9,914 5,822 9,914 5,822
Jan-2019 24,784 8,300 0 9,914 5,822 9,914 5,822
Feb-2019 24,784 8,300 0 9,914 5,822 9,914 5,822
Mar-2019 24,784 8,300 0 9,914 5,822 9,914 5,822
Totals: 297,408 99,600 118,968 69,864 118,968 69,864

WORKSHEET :
1. Gross Salary 917,056
2. Less: Allowances Exempt Under Section 10
House Rent Allowance 69,864
Gift 5,000
Total 74,864
3. Balance (1-2) 842,192
4. Deductions:
Standard Deduction 40,000
Tax On Employment 2,500
5. Aggregate of 4 42,500
6. Income chargeable under the head 'Salaries' (3-5) 799,692
7. Add: Any other income reported by the employee
Total of above 0
8. Gross total income (6+7) 799,692
9. Deductions under Chapter VI-A Qualifying Deductible
Gross Amount
(A) Section 80C, 80CCC and 80CCD Amount Amount
(a) Section 80 C
a. Provident Fund 35,688 35,688
b. Life Insurance Premium 35,498 35,498
c. Children Education 130,000 130,000
Total of Section 80C, 80CCC and 80CCD 201,186 201,186 150,000
(B) Other Sections under Chapter VI-A
a. Section 80 DDB 60,000 40,000
Total of Other Sections under Chapter VI-A 60,000 40,000 40000
Printed On 02/02/2019 11:03:17 AM Calculation based on Estimated Declaration Page 1 of 2
10. Aggregate of deductible amount under Chapter VIA 190,000
11. Total Income (8-10) 609,700
12. Tax on total income 34,440
13. Less: rebate u/s 87A 0
*
14. Tax payable and surcharge thereon 34,440 + 0 34,440
15. Add: Education CESS 4.00% on (14) 1,378
16. Less: Rebate Under Section 89 0
17. Total Tax Liability (14+15-16) 35,818
18. Less Tax deducted at source till December-2018 24,311
19. Tax payable/refundable (17-18) 11,507
20. Tax payable/refundable this month 3,836
Income tax calculated as follows:
From To Tax Percent % Tax

0 250,000 0 0
250,000 350,000 5 5,000
350,000 500,000 5 7,500
500,000 609,700 20 21,940
34,440
Total Tax on income 609,700 (excluding surcharge, CESS and Rebate) *

Printed On 02/02/2019 11:03:17 AM Calculation based on Estimated Declaration Page 2 of 2