Income Tax per New Regime
As per the Budget in 2020, Income Tax under the New Regime will have lower slab rates but won't include any deductions and exemptions. Persons can calculate their income tax liability as per New Regime using Sandbox API.
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
Updated about 1 month ago