Income Tax [New Regime]
New Regime under Income Tax Act offers lower slab rates without benefits of tax deductions. Businesses can use Sandbox API to calculate tax payable under New Tax Regime.
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 Fintech and 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 | Resource |
|---|---|
| POST | /it-calculator/new |
Request
Body
| Param | Type | Description | Example |
|---|---|---|---|
| RAW_BODY | json | Income Tax Return | See Payload |
Sample CURL
curl --request POST \
--url https: //api.sandbox.co.in/it-calculator/new \
--header 'accept: application/json' \
--header 'authorization: xxxxxxxx' \
--header 'content-type: application/json' \
--header 'x-api-key: xxxxxxxxxx' \
--header 'x-api-version: 1.0'
{
"@entity": "itr_1",
"form": "ITR-1",
"status": "In Progress",
"regime": "New",
"regime_action": "Opt In",
"form_10_ie_acknowledgement_number": "746284759374836",9
"assessment_year": "AY 2022-23",
"type": "Original",
"due_date": "31/07/2022",
"is_audit_liable": false,
"filed_under_section": "After the due date u/s 139(4)",
"filed_on": "22/03/2023",
"id": "49490557E6220D2A96D27ADD46C19723",
"incomes": [
{
"net_salary": 1630000,
"tds": {
"tax_amount": 365500,
"tan": "DHGK47639U",
"financial_year": "FY 2021-22",
"income_head": "Salary",
"credit_amount": 1455000,
"deductor": "Acne Infosoft",
"id": "F7DD5B81BD471A3EE0530100007F8A86",
"@entity": "tds"
},
"gross_income": 1630000,
"deductions": [
{
"qualified": 0,
"eligible": 0,
"section": "16(ii)",
"id": "F7DD92B630DD266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
},
{
"qualified": 5000,
"eligible": 0,
"section": "16(iii)",
"id": "F7DD92B630DE266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
},
{
"qualified": 50000,
"eligible": 0,
"section": "16(ia)",
"id": "F7DD92B630DC266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
}
],
"@entity": "salary",
"head": "Salary",
"net_taxable_income": 1630000,
"perquisites": 20000,
"is_foreign": false,
"is_exempt": false,
"basic_salary": 1600000,
"employer": {
"address": {
"area": "Vastrapur",
"country": "India",
"city": "Ahmedabad",
"street": "Vastrapur Lake",
"id": "22CD7221504894CDA6B1333BBCC9DA0B",
"state": "Gujarat",
"postal_code": "380015",
"@entity": "address"
},
"name": "Acne Infosoft",
"category": "Other",
"@entity": "employer"
},
"id": "22CD7221504894CDA6B1333BBCC9DA0B",
"allowances": [
{
"qualified": 80000,
"eligible": 0,
"is_exempt": true,
"section": "10(5)",
"id": "F7DD92B630DF266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 0,
"eligible": 0,
"is_exempt": true,
"section": "10(10)",
"id": "F7DD92B630E0266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 0,
"eligible": 0,
"is_exempt": true,
"section": "10(10AA)",
"id": "F7DD92B630E4266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 0,
"eligible": 0,
"is_exempt": true,
"section": "10(10A)",
"id": "F7DD92B630E2266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 40000,
"eligible": 0,
"is_exempt": true,
"section": "10(13A)",
"id": "F7DD92B630E3266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 0,
"eligible": 0,
"is_exempt": true,
"section": "10",
"id": "F7DD92B630E1266AE0530100007F9A70",
"@entity": "allowance"
}
],
"taxable_income": 1630000,
"profit": 10000
},
{
"co_owners": [],
"nav": 0,
"gross_income": 0,
"address": {
"area": "Navrangpura",
"country": "India",
"city": "Ahmedabad",
"street": "HL College",
"id": "F7DD92B630E5266AE0530100007F9A70",
"state": "Gujarat",
"postal_code": "380015",
"@entity": "address"
},
"deductions": [],
"@entity": "self_occupied_house_property_income",
"head": "House Property",
"net_taxable_income": 0,
"exemptions": [
{
"qualified": 0,
"eligible": 0,
"section": "24(b)",
"id": "F7DD92B630E6266AE0530100007F9A70",
"@entity": "exemption"
}
],
"annual_value": 0,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Self Occupied",
"id": "716B8997477AD8B14D64A493A2A68CE9",
"taxable_income": 0
},
{
"head": "Other",
"gross_income": 6982,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Savings Interest",
"id": "F7DD5B81BD481A3EE0530100007F8A86",
"deductions": [],
"taxable_income": 6982,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 25000,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Fixed Deposit Interest",
"id": "F7DD5B81BD491A3EE0530100007F8A86",
"deductions": [],
"taxable_income": 25000,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 0,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Interest on Tax Refund",
"id": "F7DD5B81BD4A1A3EE0530100007F8A86",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 0,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Other Interest",
"id": "F7DD5B81BD4B1A3EE0530100007F8A86",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 15000,
"is_foreign": false,
"is_exempt": true,
"sub_head": "PPF Interest",
"id": "F7DD5B81BD521A3EE0530100007F8A86",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 27000,
"is_foreign": false,
"is_exempt": true,
"sub_head": "Other Exempt Income",
"id": "F7DD5B81BD531A3EE0530100007F8A86",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 30000,
"is_foreign": false,
"is_exempt": true,
"sub_head": "Gift",
"id": "F7DD5B81BD541A3EE0530100007F8A86",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
},
{
"head": "Other",
"net_taxable_income": 12000,
"gross_income": 12000,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Dividend from Domestic Company",
"id": "F7DD92B630F1266AE0530100007F9A70",
"deductions": [],
"taxable_income": 12000,
"@entity": "dividend_income",
"quarter": 1
},
{
"head": "Other",
"net_taxable_income": 12000,
"gross_income": 12000,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Dividend from Domestic Company",
"id": "F7DD92B630F2266AE0530100007F9A70",
"deductions": [],
"taxable_income": 12000,
"@entity": "dividend_income",
"quarter": 2
},
{
"head": "Other",
"net_taxable_income": 15000,
"gross_income": 15000,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Dividend from Domestic Company",
"id": "F7DD92B630F3266AE0530100007F9A70",
"deductions": [],
"taxable_income": 15000,
"@entity": "dividend_income",
"quarter": 3
},
{
"head": "Other",
"net_taxable_income": 17000,
"gross_income": 17000,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Dividend from Domestic Company",
"id": "F7DD92B630F4266AE0530100007F9A70",
"deductions": [],
"taxable_income": 17000,
"@entity": "dividend_income",
"quarter": 4
},
{
"head": "Other",
"gross_income": 0,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Family Pension",
"id": "F7DD92B630F9266AE0530100007F9A70",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 20000,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Income From Other Sources",
"id": "F7DD92B630FA266AE0530100007F9A70",
"deductions": [],
"taxable_income": 20000,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 0,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Dividend from Foreign Company",
"id": "F7DD92B630FB266AE0530100007F9A70",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
}
],
"chapter_vi_a_deductions": [
{
"qualified": 50000,
"eligible": 0,
"section": "16(ia)",
"id": "F7DD92B630DC266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
},
{
"qualified": 5000,
"eligible": 0,
"section": "16(iii)",
"id": "F7DD92B630DE266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
},
{
"qualified": 0,
"eligible": 0,
"section": "16(ii)",
"id": "F7DD92B630DD266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
}
],
"tax_credits": [
{
"tax_amount": 365500,
"tan": "DHGK47639U",
"financial_year": "FY 2021-22",
"income_head": "Salary",
"credit_amount": 1455000,
"deductor": "Acne Infosoft",
"id": "F7DD5B81BD471A3EE0530100007F8A86",
"@entity": "tds"
}
],
"tax_payer": {
"address": {
"area": "Mumatpura",
"country": "India",
"city": "Ahmedabad",
"street": "Mumatpura Road",
"id": "C31ADB50645E4B94EB68ABEE622C2330",
"state": "Gujarat",
"postal_code": "380047",
"@entity": "address"
},
"filing_category": "General",
"gender": "Male",
"last_name": "Curram",
"pan_holder_type": "Individual",
"@entity": "individual",
"dob": "25/04/1995",
"contact": {
"country_code": "91",
"mobile": "8226795678",
"id": "C31ADB50645E4B94EB68ABEE622C2330",
"email": "[email protected]",
"@entity": "contact"
},
"residential_status": "Resident",
"aadhaar": "738298734567",
"id": "C31ADB50645E4B94EB68ABEE622C2330",
"tax_payer_status": "Active",
"pan": "AJFPA4867Q",
"first_name": "Sam",
"fathers_name": "Jimmy"
},
"bank_accounts": [
{
"account_number": "231293120",
"country": "India",
"is_refund_account": true,
"bank_name": "SBI",
"id": "75947736D4717C21C82156B33A93DBD2",
"type": "Savings",
"ifsc": "SBIN0021260",
"is_foreign_account": false,
"@entity": "bank_account"
}
],
"tax_computation": {
"surcharge": 0,
"interest_234_b": 0,
"gross_normal_income": 0,
"gross_total_income": 1737982,
"interest_234_a": 0,
"interest_234_c": 0,
"carry_forward_loss": 0,
"total_chapter_vi_a_deduction": 0,
"total_taxable_house_property": 0,
"tax_payable_on_special_rate_income": 0,
"total_taxable_business_profession": 0,
"total_taxable_capital_gains": 0,
"total_normal_income": 1737982,
"total_special_income": 0,
"net_tax_payable": 274249,
"@entity": "tax_computation",
"tax_payable_matrix": [
[
1737982,
250000,
1487982,
258894
],
[
0,
0,
0,
0
],
[
0,
0,
0,
0
],
[
0,
0,
0,
0
],
[
0,
0,
0,
0
],
[
0,
0,
0,
0
],
[
1737982,
250000,
1487982,
258894
]
],
"tax_payable_on_normal_rate_income": 258894,
"fees_234_f": 5000,
"total_exempt_income": 72000,
"total_tax_collected_at_source": 0,
"total_tax_deducted_at_source": 365500,
"relief": 0,
"total_advance_tax": 0,
"total_taxable_salary": 1630000,
"total_taxable_other": 107982,
"current_year_loss_adjusted": 0,
"rebate": 0,
"brought_forward_loss_adjusted": 0,
"tax_payable_on_total_income": 258894,
"gross_special_income": 0,
"aggregate_income": 0,
"cess": 10355,
"total_income": 1737982,
"due": 0,
"total_interest_and_penalty": 5000,
"tax_after_rebate": 258894,
"total_taxes_paid": 365500,
"gross_tax_payable": 269249,
"total_self_assessment_tax": 0,
"refund": 91250
}
}
Response
| Param | Type | Description | Example |
|---|---|---|---|
| ITR | json | Income Tax Return | See Response |
Updated 4 months ago