API Pricing

Overview

Use this API to calculate the income tax liability of individuals & HUF under the New Regime.

Problem

Every year government changes guidelines in determining the tax liability of a person.
This makes it difficult for HRMS platforms in managing tax computations, leading to erroneous tax liability calculations.
Tax liability also changes depending on the chosen tax regime.

Solution

API to calculate Income Tax Liability as per the New Tax Regime.
API gets constantly updated as per the latest tax guidelines

Endpoint

HTTP Method	Endpoint
POST	/calculators/income-tax/new

Request

Follow the below guidelines to pass income details to calculate Income Tax per New Regime.

Body

Param	Type	Description	Example
financial_year	`string`	The financial year for which Income Tax has to be calculated.	FY 2020-21
pan	`string`	PAN number of the taxpayer.	XXXPX0000X
filing_category	`string`	Category of the type of filing	General
residential_status	`string`	Resident, Not Ordinarily Resident or Non-resident.	Resident
basic_salary	`num`	Basic Salary of Taxpayer.	720000
hra_received	`num`	Home Rent Allowance	120000
rent_paid	`num`	Actual Rent Paid	240000
address	`json object`	Address of the Taxpayer
other_allowances	`num`	Othe Taxable Allowances given to the Taxpayer	200000
interest_paid_on_let_out_hp_loan	`num`	Interest on Borrowed Capital on Home Loan. (Rented out)	350000
rent_received	`num`	Rent received from home rental.	1200
property_tax_paid	`num`	Municipal Tax paid on home ownership.	0
interest_paid_on_self_occupied_hp_loan	`num`	Interest on Borrowed Capital on Home Loan. (Self-occupied)	11000
savings_interest	`num`	Savings Account Interest	50000
fd_interest	`num`	Fixed deposit Interest	50000
dividend_income	`num`	Dividend Income.	12000
other_income	`num`	Other Income	100000
stcg_15	`num`	Short-Term Capital Gains 15%	150000
stcg_30	`num`	Short-Term Capital Gains 30%	0
stcg_slab	`num`	Short-Term Capital Gains slab	0
ltcg_10	`num`	Long-Term Capital Gains 10%	0
ltcg_20	`num`	Long-Term Capital Gains 20%	0
regular_business_turnover	`num`	Business Turnover	0
regular_business_profit	`num`	Business Profits	0
speculative_business_turnover	`num`	Speculative Business Turnover	0
speculative_business_profit	`num`	Speculative Busines Profit	0
elss	`num`	Section 80C - ELSS investments	50000
nps	`num`	Section 80C - NPS investments	50000
ppf	`num`	Section 80C - PPF investments	50000
epf	`num`	Section 80C - EPF investments	0
lic_premium	`num`	Section 80C - LIC Premium investments	50000
other_investment	`num`	Section 80C - Other investment	0
deduction_80_ccd_1_b	`num`	Employee's contribution made u/s 80CCD(1B)	30000
deduction_80_ccd_2	`num`	Employer's contribution made u/s 80CCD(2)	0
deduction_80_d_self	`num`	Medical - For Self and Family	25000
deduction_80_d_parents	`num`	Medical - For Parents	0
deduction_80_d_parents_senior	`num`	Medical - For Parents (Sr. Citizen)	0
deduction_80_g	`num`	Donation to Charity u/s 80G	0
deduction_80_e	`num`	Interest On Education Loan u/s 80E	0
deduction_80_eea	`num`	Interest on home loan taken between 01/04/2019 - 31/03/2023. Value of home is upto 45,00,000 u/s 80EEA	0
deduction_80_eeb	`num`	Interest on Electric Vehicle Loan u/s 80EEB	0
deduction_80_gg	`num`	Self employed or salaried with no HRA can claim deduction upto Rs. 60,000 u/s 80GG	0

Address

Param	Type	Description	Example
city	`string`	Taxpayer's city	Mumbai

Sample CURL Request

curl --request POST \
     --url https://api.sandbox.co.in/calculators/income-tax/old \
     --header 'Authorization: xxxxxxxxxxxxxxxx' \
     --header 'Content-Type: application/json' \
     --header 'accept: application/json' \
     --header 'x-api-key: xxxxxxxxxxxxxxxxxxxx' \
     --header 'x-api-version: 1.0' \
     --data '
{
     "financial_year": "FY 2020-21",
     "pan": "XXXPX0000X",
     "filing_category": "General",
     "residential_status": "Resident",
     "basic_salary": 720000,
     "hra_received": 120000,
     "rent_paid": 240000,
     "address": {
          "city": "Mumbai"
     },
     "other_allowances": 50000,
     "interest_paid_on_let_out_hp_loan": 200000,
     "rent_received": 350000,
     "property_tax_paid": 1200,
     "interest_paid_on_self_occupied_hp_loan": 0,
     "savings_interest": 11000,
     "fd_interest": 50000,
     "dividend_income": 12000,
     "other_income": 100000,
     "stcg_15": 0,
     "stcg_30": 0,
     "stcg_slab": 0,
     "ltcg_10": 0,
     "ltcg_20": 0,
     "regular_business_turnover": 0,
     "regular_business_profit": 0,
     "speculative_business_turnover": 0,
     "speculative_business_profit": 0,
     "elss": 50000,
     "nps": 50000,
     "ppf": 50000,
     "epf": 0,
     "lic_premium": 50000,
     "other_investment": 0,
     "deduction_80_ccd_1_b": 30000,
     "deduction_80_ccd_2": 0,
     "deduction_80_d_self": 25000,
     "deduction_80_d_parents": 0,
     "deduction_80_d_parents_senior": 0,
     "deduction_80_g": 0,
     "deduction_80_e": 0,
     "deduction_80_eea": 0,
     "deduction_80_eeb": 0,
     "deduction_80_gg": 0
}
'

❗️
Test Environment Not Available

Response

Param	Type	Description	Example
gross_total_income	`num`	Gross Total Income	1107160
cyla	`num`	Current Year's Loss Adjustment	0
cfl	`num`	Carry Forward Loss	0
total_deductions_under_chapter_vi_a	`num`	Total Deductions under Ch. 6	0
gross_taxable_income	`num`	Gross Taxable Income	1107160
tax_on_total_income	`num`	Tax on Total Income	96432
rebate	`num`	Rebate	0
surcharge	`num`	Surcharge	0
health_and_education_cess	`num`	Health and Education Cess	3858
total_tax_payable	`num`	Total Tax payable	100290
effective_tax_rate	`num`	Effective Tax Rate	9

Response Caching

Response caching is not available for this API. Learn more about our response caching mechanism here

Wallet Charge

Since Income Tax Calculator per New Regime API is not a Paid API, no wallet charge will take place.

Versioning

This API is currently in major version 1.0. Refer to our versioning policies here