Tax Planning
Accessible to : All employees included in payroll
The tax planning tool helps you to evaluate between Old Regime and New Regime which is a better option for you. You can see the tax saving potential and also evaluate the savings which you can do by doing additional investments or declarations.
Old Regime
If you
are currently mapped to Old Regime you will see the tax planning chart as shown
below.
You can evaluate the impact of doing additional savings by selecting the heads shown in the table. If you select a row the system will calculate its tax saving impact based on your current tax slab and it is shows to you as Tax Saving Potential.
You should do additional tax savings if you have Tax to be paid. Even if you do not have any tax to be paid if you do the savings you will get a tax refund from the government. The refund amount is not shown on this page as if will depend upon your personal income tax return filing.
If you want to evaluate the impact of changing your tax regime you can use the drop-down on top of the page to change the option and then click on "Recalculate",
Basis of calculation of various figure is shown below -
Gross Income = Salary + Previous Employer Income + Profits in
lieu of Salary + Other Income + Perquisite Income - Deduction u/s 16
Total Taxable Income = Gross Income - Exemption u/s 10 - Deduction
u/c VI-A
Total Tax Liability = Tax + Cess + Surcharge on Gross Income
Tax Paid = Actual Tax + Cess + Surcharge Paid at Current + Previous
Employers
Tax Saved = Total Tax Liability - Tax on Total Taxable Income
- Rebate u/s 87A - Marginal Relief
Tax To Be Paid = Total Tax Liability - Tax Paid - Tax Saved
Note
1. Tax Planner is designed to give you insights on your potential tax savings
and evaluate Old Vs New Regime as an option for you. It's accuracy is not comparable
to the accuracy of the calculations done when payroll is being processed. It
should be used for planning purpose only
2. Please go through the points mentioned on the page to understand other assumptions
/ constraints which are used to build this tool
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