Income Tax per New Regime

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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.

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To know more about old vs new regime check this out

Quicko Blog


Endpoint

HTTP MethodEndpointDescription
POST/calculators/income-tax/newA Request Body (JSON) is uploaded for calculating the Income Tax Liability as per new Regime.

API EndpointAPI Endpoint

Request Body

FieldTypeDescriptionExample
financial_year stringFInancial year for which Income Tax has to be calculated.FY 2020-21
pan stringPAN number of the taxpayer.XXXPX0000X
filing_category stringCategory of the type of filingGeneral
residential_status stringResident, Not Ordinarily Resident or Non-resident.Resident
basic_salary numBasic Salary of Taxpayer.720000
hra_received numHome Rent Allowance120000
rent_paid numActual Rent Paid240000
address stringAddress of the Taxpayer"city": "Mumbai
other_allowances numOthe Taxable Allowances given to Taxpayer/200000
interest_paid_on_let_out_hp_loan numInterest on Borrowed Capital on Home Loan. (Rented out)350000
rent_received numRent recieved from home rental.1200
property_tax_paid numMunicipal Tax paid on home ownership.0
interest_paid_on_self_occupied_hp_loan numInterest on Borrowed Capital on Home Loan. (Self occupied)11000
savings_interest numSavings Account Interest50000
fd_interest numFixed deposit Interest50000
dividend_income numDivdended Income.12000
other_income numOther Income100000
stcg_15 numShort Term Capital Gains 15%150000
stcg_30 numShort Term Capital Gains 30%0
stcg_slab numShort Term Capital Gains slab0
ltcg_10 numLong Term Capital Gains 10%0
ltcg_20 numLong Term Capital Gains 20%0
regular_business_turnover numBusiness Turnover0
regular_business_profit numBusiness Profits0
speculative_business_turnover numSpeculative Business Turnover0
speculative_business_profit numSpeculative Busines Profit0
elss numSection 80C - ELSS investments50000
nps numSection 80C - NPS investments50000
ppf numSection 80C - PPF investments50000
epf numSection 80C - EPF investments0
lic_premium numSection 80C - LIC Premium investments50000
other_investment numSection 80C - Other investment0
deduction_80_ccd_1_b numEmployee's contribution made u/s 80CCD(1B)30000
deduction_80_ccd_2 numEmployer's contribution made u/s 80CCD(2)0
deduction_80_d_self numMedical - For Self and Family25000
deduction_80_d_parents numMedical - For Parents0
deduction_80_d_parents_senior numMedical - For Parents (Sr. Citizen)0
deduction_80_g numDonation to Charity u/s 80G0
deduction_80_e numInterest On Saving Deposits u/s 80TTA0
deduction_80_eeb numInterest on Electric Vehicle Loan u/s 80EEB0
deduction_80_gg numInterest On Education Loan u/s 80E0

Response

ParamDescriptionExampleType
gross_total_income Gross Total Income1107160num
cyla Current Year's Loss Adjustment0num
cfl Carry Forward Loss0num
total_deductions_under_chapter_vi_a Total Deductions under Ch. 60num
gross_taxable_income Gross Taxable Income1107160num
tax_on_total_income Tax on Total Income96432num
rebate Rebate0num
surcharge Surcharge0num
health_and_education_cess Health and Education Cess3858num
total_tax_payable Total Tax payable100290num
effective_tax_rate Effective Tax Rate9num