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 calculatesgross_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
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. |
Request Body
Field | Type | Description | Example |
---|---|---|---|
financial_year |
| FInancial year for which Income Tax has to be calculated. | FY 2020-21 |
pan |
| PAN number of the taxpayer. | XXXPX0000X |
filing_category |
| Category of the type of filing | General |
residential_status |
| Resident, Not Ordinarily Resident or Non-resident. | Resident |
basic_salary |
| Basic Salary of Taxpayer. | 720000 |
hra_received |
| Home Rent Allowance | 120000 |
rent_paid |
| Actual Rent Paid | 240000 |
address |
| Address of the Taxpayer | "city": "Mumbai |
other_allowances |
| Othe Taxable Allowances given to Taxpayer/ | 200000 |
interest_paid_on_let_out_hp_loan |
| Interest on Borrowed Capital on Home Loan. (Rented out) | 350000 |
rent_received |
| Rent recieved from home rental. | 1200 |
property_tax_paid |
| Municipal Tax paid on home ownership. | 0 |
interest_paid_on_self_occupied_hp_loan |
| Interest on Borrowed Capital on Home Loan. (Self occupied) | 11000 |
savings_interest |
| Savings Account Interest | 50000 |
fd_interest |
| Fixed deposit Interest | 50000 |
dividend_income |
| Divdended Income. | 12000 |
other_income |
| Other Income | 100000 |
stcg_15 |
| Short Term Capital Gains 15% | 150000 |
stcg_30 |
| Short Term Capital Gains 30% | 0 |
stcg_slab |
| Short Term Capital Gains slab | 0 |
ltcg_10 |
| Long Term Capital Gains 10% | 0 |
ltcg_20 |
| Long Term Capital Gains 20% | 0 |
regular_business_turnover |
| Business Turnover | 0 |
regular_business_profit |
| Business Profits | 0 |
speculative_business_turnover |
| Speculative Business Turnover | 0 |
speculative_business_profit |
| Speculative Busines Profit | 0 |
elss |
| Section 80C - ELSS investments | 50000 |
nps |
| Section 80C - NPS investments | 50000 |
ppf |
| Section 80C - PPF investments | 50000 |
epf |
| Section 80C - EPF investments | 0 |
lic_premium |
| Section 80C - LIC Premium investments | 50000 |
other_investment |
| Section 80C - Other investment | 0 |
deduction_80_ccd_1_b |
| Employee's contribution made u/s 80CCD(1B) | 30000 |
deduction_80_ccd_2 |
| Employer's contribution made u/s 80CCD(2) | 0 |
deduction_80_d_self |
| Medical - For Self and Family | 25000 |
deduction_80_d_parents |
| Medical - For Parents | 0 |
deduction_80_d_parents_senior |
| Medical - For Parents (Sr. Citizen) | 0 |
deduction_80_g |
| Donation to Charity u/s 80G | 0 |
deduction_80_e |
| Interest On Saving Deposits u/s 80TTA | 0 |
deduction_80_eeb |
| Interest on Electric Vehicle Loan u/s 80EEB | 0 |
deduction_80_gg |
| Interest On Education Loan u/s 80E | 0 |
Response
Param | Description | Example | Type |
---|---|---|---|
gross_total_income | Gross Total Income | 1107160 |
|
cyla | Current Year's Loss Adjustment | 0 |
|
cfl | Carry Forward Loss | 0 |
|
total_deductions_under_chapter_vi_a | Total Deductions under Ch. 6 | 0 |
|
gross_taxable_income | Gross Taxable Income | 1107160 |
|
tax_on_total_income | Tax on Total Income | 96432 |
|
rebate | Rebate | 0 |
|
surcharge | Surcharge | 0 |
|
health_and_education_cess | Health and Education Cess | 3858 |
|
total_tax_payable | Total Tax payable | 100290 |
|
effective_tax_rate | Effective Tax Rate | 9 |
|
Updated about 1 month ago