Income Tax per New Regime
About
- The API calculates Income Tax Liability as per New Regime.
- The API requires information as a JSON
Request Bodyand calculatesgross_taxable_income,tax_on_total_incomeand 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 | 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 |
Updated 7 months ago