Income Tax [Old Regime]
Old Regime under Income Tax Act offers benefits of Tax Deductions but levies higher slab rates. Businesses can use Sandbox API to calculate tax payable under Old Tax Regime.
Overview
Use this API to calculate the income tax liability of a person under the Old 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 Old Tax Regime.
- API gets constantly updated as per the latest tax guidelines.
Endpoint
| HTTP Method | Resource |
|---|---|
| POST | /it-calculator/old |
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/old \
--header 'accept: application/json' \
--header 'authorization: xxxxxxxx' \
--header 'content-type: application/json' \
--header 'x-api-key: xxxxxxxxxx' \
--header 'x-api-version: 1.0'
{
"incomes": [
{
"net_salary": 500000,
"tds": {
"tax_amount": 20000,
"tan": "XXXX12345X",
"financial_year": "FY 2021-22",
"income_head": "Salary",
"credit_amount": 447600,
"deductor": "Quicko",
"id": "F7DD5B83ADF31A3EE0530100007F8A86",
"@entity": "tds"
},
"gross_income": 600000,
"deductions": [
{
"qualified": 0,
"eligible": 0,
"section": "16(ii)",
"id": "F7DD92B86753266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
},
{
"qualified": 2400,
"eligible": 2400,
"section": "16(iii)",
"id": "F7DD92B86754266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
},
{
"qualified": 50000,
"eligible": 50000,
"section": "16(ia)",
"id": "F7DD5B83ADF21A3EE0530100007F8A86",
"is_chapter_vi_a": false,
"@entity": "deduction"
}
],
"@entity": "salary",
"head": "Salary",
"net_taxable_income": 447600,
"perquisites": 0,
"is_foreign": false,
"is_exempt": false,
"basic_salary": 600000,
"employer": {
"address": {
"area": "Ahmedabad",
"country": "India",
"city": "Ahmedabad",
"street": "A",
"id": "CE6AAA4BA064831C7C1842141B5724A5",
"state": "Gujarat",
"postal_code": "380001",
"@entity": "address"
},
"name": "Quicko",
"category": "Other",
"@entity": "employer"
},
"id": "CE6AAA4BA064831C7C1842141B5724A5",
"allowances": [
{
"qualified": 0,
"eligible": 0,
"is_exempt": true,
"section": "10(5)",
"id": "F7DD92B86755266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 0,
"eligible": 0,
"is_exempt": true,
"section": "10(10)",
"id": "F7DD92B86756266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 0,
"eligible": 0,
"is_exempt": true,
"section": "10(10AA)",
"id": "F7DD92B8675A266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 0,
"eligible": 0,
"is_exempt": true,
"section": "10(10A)",
"id": "F7DD92B86758266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 100000,
"eligible": 100000,
"is_exempt": true,
"section": "10(13A)",
"id": "F7DD92B86759266AE0530100007F9A70",
"@entity": "allowance"
},
{
"qualified": 0,
"eligible": 0,
"is_exempt": true,
"section": "10",
"id": "F7DD92B86757266AE0530100007F9A70",
"@entity": "allowance"
}
],
"taxable_income": 447600,
"profit": 0
},
{
"head": "Other",
"gross_income": 5000,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Savings Interest",
"id": "F7DD92B8675B266AE0530100007F9A70",
"deductions": [],
"taxable_income": 5000,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 0,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Fixed Deposit Interest",
"id": "F7DD92B8675C266AE0530100007F9A70",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 0,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Interest on Tax Refund",
"id": "F7DD92B8675D266AE0530100007F9A70",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
},
{
"head": "Other",
"gross_income": 0,
"is_foreign": false,
"is_exempt": false,
"sub_head": "Other Interest",
"id": "F7DD92B8675E266AE0530100007F9A70",
"deductions": [],
"taxable_income": 0,
"@entity": "other_income"
}
],
"regime_action": "Stay",
"regime": "Old",
"tax_computation": {
"surcharge": 0,
"interest_234_b": 0,
"gross_normal_income": 0,
"gross_total_income": 452600,
"interest_234_a": 0,
"interest_234_c": 0,
"carry_forward_loss": 0,
"total_chapter_vi_a_deduction": 55000,
"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": 397600,
"total_special_income": 0,
"net_tax_payable": 1000,
"@entity": "tax_computation",
"tax_payable_matrix": [
[
397600,
250000,
147600,
7380
],
[
0,
0,
0,
0
],
[
0,
0,
0,
0
],
[
0,
0,
0,
0
],
[
0,
0,
0,
0
],
[
0,
0,
0,
0
],
[
397600,
250000,
147600,
7380
]
],
"tax_payable_on_normal_rate_income": 7380,
"fees_234_f": 1000,
"total_exempt_income": 0,
"total_tax_collected_at_source": 0,
"total_tax_deducted_at_source": 20000,
"relief": 0,
"total_advance_tax": 0,
"total_taxable_salary": 447600,
"total_taxable_other": 5000,
"current_year_loss_adjusted": 0,
"rebate": 7380,
"brought_forward_loss_adjusted": 0,
"tax_payable_on_total_income": 7380,
"gross_special_income": 0,
"aggregate_income": 0,
"cess": 0,
"total_income": 397600,
"due": 0,
"total_interest_and_penalty": 1000,
"tax_after_rebate": 0,
"total_taxes_paid": 20000,
"gross_tax_payable": 0,
"total_self_assessment_tax": 0,
"refund": 19000
},
"assessment_year": "AY 2022-23",
"due_date": "31/07/2022",
"type": "Original",
"tax_credits": [
{
"tax_amount": 20000,
"tan": "XXXX12345X",
"financial_year": "FY 2021-22",
"income_head": "Salary",
"credit_amount": 447600,
"deductor": "Quicko",
"id": "F7DD5B83ADF31A3EE0530100007F8A86",
"@entity": "tds"
}
],
"@entity": "itr_1",
"form": "ITR-1",
"tax_payer": {
"address": {
"area": "A",
"country": "India",
"city": "A",
"street": "A",
"id": "5C7472876D08DCDD5C31C54D61787704",
"state": "Assam",
"postal_code": "111111",
"@entity": "address"
},
"filing_category": "General",
"gender": "Male",
"last_name": "March",
"pan_holder_type": "Individual",
"residential_status_description": "You were in India for 182 days or more during the previous year [section 6(1)(a)]",
"@entity": "individual",
"dob": "16/02/1983",
"contact": {
"country_code": "91",
"mobile": "9999999999",
"id": "5C7472876D08DCDD5C31C54D61787704",
"email": "[email protected]",
"@entity": "contact"
},
"residential_status": "Resident",
"aadhaar": "820222341245",
"id": "5C7472876D08DCDD5C31C54D61787704",
"tax_payer_status": "Active",
"pan": "EDJPS0011N",
"first_name": "Test",
"fathers_name": "K"
},
"filed_under_section": "After the due date u/s 139(4)",
"id": "95763B2DE5985E2ADE80492AD6AC085D",
"bank_accounts": [
{
"account_number": "00011000111134",
"country": "India",
"is_refund_account": true,
"bank_name": "HDFC BANK",
"id": "67558B8AEED8181B9335CDCB6B5B6718",
"type": "Savings",
"ifsc": "HDFC0000001",
"is_foreign_account": false,
"@entity": "bank_account"
}
],
"chapter_vi_a_deductions": [
{
"qualified": 0,
"eligible": 0,
"section": "80CCD(1)",
"id": "76464AB781AB051D99A92C8E39CC72B3",
"is_chapter_vi_a": true,
"@entity": "deduction"
},
{
"qualified": 0,
"eligible": 0,
"section": "80CCC",
"id": "B5E66B47C4BDE27177ED465B6DB92778",
"is_chapter_vi_a": true,
"@entity": "deduction"
},
{
"qualified": 50000,
"eligible": 0,
"section": "16(ia)",
"id": "F7DD5B83ADF21A3EE0530100007F8A86",
"is_chapter_vi_a": false,
"@entity": "deduction"
},
{
"qualified": 2400,
"eligible": 0,
"section": "16(iii)",
"id": "F7DD92B86754266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
},
{
"qualified": 50000,
"eligible": 50000,
"section": "80C",
"id": "36B2B991296CE36A525B35201D1C3BB4",
"is_chapter_vi_a": true,
"@entity": "deduction"
},
{
"qualified": 0,
"eligible": 0,
"section": "16(ii)",
"id": "F7DD92B86753266AE0530100007F9A70",
"is_chapter_vi_a": false,
"@entity": "deduction"
},
{
"qualified": 5000,
"eligible": 5000,
"section": "80TTA",
"is_chapter_vi_a": true,
"@entity": "deduction"
}
],
"status": "In Progress",
"is_audit_liable": false
}
Response
| Param | Type | Description | Example |
|---|---|---|---|
| ITR | json | Income Tax Return | See Response |
Updated 4 months ago