Personal Income Tax and Residential Status Calculator

Disclaimer:

1. The calculation is based on the amendments introduced by Finance Act 2020, Finance Act 2023 and Finance Act 2024 as amended from time to time.
2. This is just an illustration and shall not be considered as a final tax liability.
3. Please provide the annual information (either total or Exempt), as applicable.
4. This is applicable only in case the individual has one Self Occupied Property and No Business Income.
5. This calculator only applies to individual below the age of 60 years and those who are resident to take benefit of Rebate under section 87A subject to fulfillment of conditions.
6. This calculator is not applicable for individual having Income taxable at special rates .
7. Employer contribution towards provident fund is restricted to 12 percent of basic salary and employer’s contribution towards New Pension Scheme is restricted to 10 percent of basic salary.
8. Interest accrued on retiral benefits exceeding INR 0.75M is not factored in the above calculation.
9. Interest accrued on employee contribution towards provident fund exceeding 0.25M is not factored in the above calculation.
10. Surcharge on Long term capital gain on all type of assets and dividend income capped at 15% if taxable income exceeds 2cr are not factored in the above calculations.
11. For the sake of simplicity family pension income and deduction u/s 80CCH under Agnipath scheme has not been factored in this calculation.
12. Please note that the results are dependent on the information provided by you; the actual tax liability may be different.
13. KPMG does not take any responsibility or ownership for the accuracy of the information.
14. KPMG reserves the right to information provided in this tool.
15. The computation is not binding on any Authority or Court, and hence, no assurance is given that a position contrary to the opinions expressed herein will not be asserted by any authority and / or sustained by an appellate authority or a Court of law. This computation is prepared for the benefit of and from your perspective and does not address any other perspective. No other person shall be entitled to place reliance on this computation. It should not be copied or disclosed to any third party, in whole or in part, without our prior written consent.
16. This tool has provided fields for manually entering the data pertaining to exemption / deductions, etc. It may be noted that if the amount entered in such fields are incorrect, the tool shall provide incorrect values.

Notes:

1. Maximum deduction for medical insurance/expenditure for individual below 60 years of age is Rs. 25,000 which includes expenditure incurred on account of preventive health check-up up to Rs. 5,000. Further medical insurance/expenditure of parents having age 60 years or more, is Rs. 50,000 which includes expenditure incurred on account of preventive health check-up up to Rs. 5,000. Request you to enter the appropriate amount.
2. Total deduction for medical treatment under section 80DDB of the Act is capped at Rs. 40,000. For further details, you may refer to conditions prescribed under Rule 11DD of the Income Tax Rules 1962.
3. For deduction on account of donations towards certain funds, charitable institution, etc., only the amount eligible for deduction under section 80G of the Act needs to be entered.
4. For eligible deduction under section 80DD or Section 80U of the Act, you may refer to conditions prescribed therein. Please enter only the eligible amount of deduction available.
5. Employer contribution towards provident fund is restricted to 12 percent of basic salary. Employer’s contribution to NPS towards the deduction available to employees of all categories enhanced to 14% from 10% of specified salary under Finance Act 2024 those who are opting for New tax regime.