Income Tax per New Regime

About

  • The API calculates Income Tax Liability as per New Regime.
  • The API requires information as a JSON Request Body and calculates gross_taxable_income, tax_on_total_income and other information (check the response below).

Definitions

  • Income Tax Liability is calculated as per New Regime or Old Regime.

📘

To know more about old vs new regime check this out

Quicko Blog


Endpoint

HTTP Method

Endpoint

Description

POST

/calculators/income-tax/new

A Request Body (JSON) is uploaded for calculating the Income Tax Liability as per new Regime.

API EndpointAPI Endpoint

Request Body

Field

Type

Description

Example

financial_year

string

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

string

Address of the Taxpayer

"city": "Mumbai

other_allowances

num

Othe Taxable Allowances given to Taxpayer/

200000

interest_paid_on_let_out_hp_loan

num

Interest on Borrowed Capital on Home Loan. (Rented out)

350000

rent_received

num

Rent recieved 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

Divdended 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 Saving Deposits u/s 80TTA

0

deduction_80_eeb

num

Interest on Electric Vehicle Loan u/s 80EEB

0

deduction_80_gg

num

Interest On Education Loan u/s 80E

0


Response

Param

Description

Example

Type

gross_total_income

Gross Total Income

1107160

num

cyla

Current Year's Loss Adjustment

0

num

cfl

Carry Forward Loss

0

num

total_deductions_under_chapter_vi_a

Total Deductions under Ch. 6

0

num

gross_taxable_income

Gross Taxable Income

1107160

num

tax_on_total_income

Tax on Total Income

96432

num

rebate

Rebate

0

num

surcharge

Surcharge

0

num

health_and_education_cess

Health and Education Cess

3858

num

total_tax_payable

Total Tax payable

100290

num

effective_tax_rate

Effective Tax Rate

9

num


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