HOW TO USE THIS FILE

► This file is only useful if you work in Indian private sector.

► Just carefully fill up your inputs in the yellow coloured cells in each of the sheets. Excel will do the calculations.
► Broadly all general salary components have been included though salary structure is designed differently in different organ
► Tax has been calculated as per the tax rules and rates applicable for FY 2019-20 (ie. AY - 2020-21).
► Tax rates coloured brown in Tax Computation Sheet can be duly edited with updates.
► In the Monthwise Sheet, TDS has been calculated on Declaration basis (Row no. 25) until December. This row can be edite
TDS deducted each month by your firm. Hence coloured yellow.
► It is presumed that employer deducts tax on declaration basis until Dec 2019. TDS is recalculated and deducted on the bas
proofs in Jan, Feb and March.
► Row no. 26 in Monthwise Sheet calculates TDS on actual basis, irrespective of how much employer deducted tax in the ear
e calculations.
fferently in different organisations.

ber. This row can be edited with actual

and deducted on the basis of actual

er deducted tax in the earlier months.

BASIC DETAILS
Employer Name: Awesome Inc. Date of Joining: 1-May-19
Employee Name: Grace Vas Designation: Asst. Manager
Employee Code: 12345 Division: HR
PAN: AAQPP3149P Location: Mumbai
Financial Year 2019-2020

SALARY STRUCTURE ANNUAL MONTHLY

Fixed CTC ₹ 1,200,000 ₹ 100,000
PART A : FIXED COMPONENTS
A.1 Monthly Payouts ₹ 1,066,000 ₹ 88,833
Basic Pay 50% of CTC ₹ 600,000 ₹ 50,000
House Rent Allowance Metro ₹ 300,000 ₹ 25,000
Conveyance Allowance ₹ 19,200 ₹ 1,600
Medical Allowance ₹ 15,000 ₹ 1,250
Other Allowance ₹ 9,000 ₹ 750
Special Allowance ₹ 122,800 ₹ 10,233

A.2 EMPLOYER'S CONTRIBUTION TO PF 12% of Basic ₹ 72,000 ₹ 6,000

Employee's Contribution to NPS -> 2% of Basic ₹ 12,000 ₹ 1,000

Whether Employee wants Employer to contribute to NPS ? Yes
A.3 EMPLOYER'S CONTRIBUTION TO NPS ₹ 12,000 ₹ 1,000

PART B : REIMBURSEMENTS AGAINST BILLS ₹ 50,000 ₹ 4,167

LTA ₹ 20,000 ₹ 1,667
Telephone facilities ₹ 30,000 ₹ 2,500
Meal Vouchers ₹ - ₹ -
Car fuel reimbursements ₹ - ₹ -

TOTAL FIXED COST TO COMPANY ₹ 1,200,000 ₹ 100,000

INVESTMENTS MADE BY EMPLOYEE : DECLARATION VISAVIS ACTUALS
Employee Name: Grace Vas Date of Joining 1-May-19
Employee Code: 12345 PAN AAQPP3149P

Submission Date ► 30-Jun-19 31-Dec-19

Sr. Proposed/ Actual Documents Submitted ?
Reference Investment Description Narration
No. Declared Amount Spent to be submitted (Yes/ No)

Monthly Rent below Rs 10000 : Only rent receipts

Please fill Annual rent amount -->
1 u/s 10(13A) Rent paid by Employee ₹ 96,000 ₹ 96,000 Monthly Rent above Rs 10000 : Rent receipts, Rent No
(For exemption in HRA)
Agreement & PAN of LandLord

2 u/s 80C Investment u/s 80C Employee's Contribution to PF ₹ 66,000 ₹ 66,000 Not Applicable. Taken from Salary Register NA
3 u/s 80C Investment u/s 80C 5 year tax saving Fixed Deposits with Bank ₹ 90,000 ₹ 90,000 Copy of Tax FD Certificates Yes
4 u/s 80C Investment u/s 80C Contribution to Public Provident Fund ₹ 30,000 ₹ 30,000 Copy of Payment receipt/ Passbook NA
5 u/s 80C Investment u/s 80C Life Insurance Premium - Pension Plan & ULIP ₹ - ₹ - Copy of Premium receipt NA
6 u/s 80C Investment u/s 80C Repayment of Housing Loan Principal ₹ - ₹ - Certificate from Bank/ Financial Institution NA
7 u/s 80C Investment u/s 80C Stamp duty & registration cost for house purchase ₹ - ₹ - Certificate from Bank/ Financial Institution NA
8 u/s 80C Investment u/s 80C Mutual Funds (Equity) ₹ - ₹ - Statement of holding No
9 u/s 80C Investment u/s 80C National Savings Certificate (NSC) ₹ - ₹ - Copy of NSC certificate No
10 u/s 80C Investment u/s 80C Tuition fees (upto 2 children) ₹ - ₹ - Copy of NSC certificate No
11 u/s 80C Investment u/s 80C Sukanya Samriddhi Account ₹ - ₹ - Copy of Deposit receipt No
Employee's Contribution to National Pension
12 u/s 80CCD(1) Investment u/s 80CCD(1) ₹ 11,000 ₹ 11,000 Not Applicable. Taken from Salary Register NA
Scheme (NPS)
Copy of Payment receipt (deduction amount shall not
13 u/s 80CCD(1B) Investment u/s 80CCD(1B) Voluntary Lumpsum Investment under NPS ₹ - ₹ - No
exceed Rs. 50,000/-)

Medical insurance premium for self/ spouse and Copy of Premium payment receipt (max amount is Rs
14 u/s 80D Deduction u/s 80D ₹ - ₹ - No
children (none is sr. citizen) 25000)
Medical insurance premium for self/ spouse and Copy of Premium payment receipt (max amount is Rs
15 u/s 80D Deduction u/s 80D ₹ - ₹ - No
children (Employee/ Spouse is sr. citizen) 30000)
Medical insurance premium for parents who are Copy of Premium payment receipt (max amount is Rs
16 u/s 80D Deduction u/s 80D ₹ - ₹ - No
not senior citizens. 25000)
Medical insurance premium for parents who are Copy of Premium payment receipt (max amount is Rs
17 u/s 80D Deduction u/s 80D ₹ - ₹ - No
senior citizens. 30000)
Preventive Health check up expenses on self/ Medical expenses receipt (Rs 5000 should be within
18 u/s 80D Deduction u/s 80D ₹ 5,000 ₹ 5,000 No
spouse and children - max Rs 5000 the total deduction available under sec 80D)

1) Medical certificate of disability from a Govt hospital

certifying disability of the dependant. This certificate
needs to be renewed periodically.
Expenditure on dependent with disability (not
19 u/s 80DD Deduction u/s 80DD ₹ - ₹ - 2) Self declaration about the expenses/ copies of No
severe) (upto Rs 75000)
premium receipts, if any
(Refer Form 10 IA)
Deduction is allowed irrespective of actual spending

1) Medical certificate of disability from a Govt hospital

certifying disability of the dependant. This certificate
needs to be renewed periodically.
Expenditure on dependent with disability (severe)
20 u/s 80DD Deduction u/s 80DD ₹ - ₹ - 2) Self declaration about the expenses/ copies of No
(upto Rs 125000)
premium receipts, if any
(Refer Form 10 IA)
Deduction is allowed irrespective of actual spending

Expenditure on specified disease Medical certificate from prescribed authority in form

21 u/s 80DDB Deduction u/s 80DDB ₹ - ₹ - No
(Individual and dependants - below age - 60 years) 10-I u/s 80DDB/ Limit upto Rs 40000

Expenditure on specified disease Medical certificate from prescribed authority in form

22 u/s 80DDB Deduction u/s 80DDB (Individual and dependants - above age - 60 years, ₹ - ₹ - 10-I u/s 80DDB No
but below - 80 years) Limit upto Rs 60000
Medical certificate from prescribed authority in form
Expenditure on specified disease
23 u/s 80DDB Deduction u/s 80DDB ₹ - ₹ - 10-I u/s 80DDB No
(Individual and dependants - above 80 years)
Limit upto Rs 80000

Interest on Loan taken from Financial

Interest on Loan Institution(FI) / Charitable Institution(CI) for
24 u/s 80E ₹ - ₹ - Certificate from FI/CI No
for Higher Education pursing higher education for himself/herself or for
his/her relative.

Maximum deduction allowable Rs. 50,000/-

subject to following conditions
1. loan should have been taken between 01-04-
2016 to 31-03-2017.
Interest on Loan taken for Certificate from Bank/ FI (Maximum deduction
25 u/s 80EE 2. loan amount does not exceeds Rs. 35 Lacs ₹ - ₹ - No
Residential House Property allowable is Rs. 50,000/-).
3. Cost of House property does not exceeds Rs. 50
Lacs
4. Assessee does not hold any other house
property at the time of sanctioning loan

Loss on House Property Interest on housing loan (loan taken prior to

26 u/s 24 ₹ - ₹ - Certificate from FI/CI No
(Self occupied) 1/4/1999 - max Rs 30000)
Up to Rs. 200,000 if acquisition or construction
Loss on House Property
27 u/s 24 completed within 5 years from the end of the fin. ₹ - ₹ - Certificate from FI/CI No
(Self occupied - First Home)
year in which loan is taken, else Rs. 30,000.

Interest on housing loan (No limit on claim)

Loss on House Property (Let
Net Loss under House Property will be allowable
28 u/s 24 out property - First/ ₹ - ₹ - Certificate from FI/CI No
deduction against other income subject to
second)
maximum of Rs. 2,00,000/-

Loss on House Property (Let

Net Deemed/ Actual rent out of the Let out
28.1 u/s 24 out property - First/ ₹ - ₹ - Certificate from FI/CI No
Property
second)

The interest paid can be claimed in equal parts in

five fin. years post completion or handing over.
Loss on House Property
29 u/s 24 Net Loss under House Property will be allowable ₹ - ₹ - Certificate from FI/CI No
(under construction)
deduction against other income subject to
maximum of Rs. 2,00,000/-
MONTHWISE SALARY PAY-OUT FOR FY - 2019-2020
Employer Name: Awesome Inc. Financial Year 2019-2020 Employee Resigning during the Year ? No
Employee Name: Grace Vas Date of Joining 1-May-19 Location Mumbai Last Working Day for Employee 12-Dec-19
Employee Code: 12345 PAN AAQPP3149P PT Applicable ? Yes Last Working Day for the Year 31-Mar-20

Days in Month 30 days 31 days 30 days 31 days 31 days 30 days 31 days 30 days 31 days 31 days 29 days 31 days 366 days
Days Worked 0 days 31 days 30 days 31 days 31 days 30 days 31 days 30 days 31 days 31 days 29 days 31 days 336 days
Loss of Pay 0 day(s) 0 day(s) 0 day(s) 0 day(s) 0 day(s) 0 day(s) 0 day(s) 0 day(s) 0 day(s) 0 day(s) 0 day(s) 0 day(s) 0 day(s)
Apr-2019 May-2019 Jun-2019 Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Mar-2020 Total
NA Joining Month Regular Regular Regular Regular Regular Regular Regular Regular Regular Regular

Part A : Fixed Components (As appearing in Payslip)

Gross Salary
Basic Pay - 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 50,000 550,000
House Rent Allowance - 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 25,000 275,000
Conveyance Allowance - 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 1,600 17,600
Medical Allowance - 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 1,250 13,750
Other Allowance - 750 750 750 750 750 750 750 750 750 750 750 8,250
Special Allowance - 10,233 10,233 10,233 10,233 10,233 10,233 10,233 10,233 10,233 10,233 10,233 112,563
Unclaimed Reimb. Arrears paid off in March/ Exit Month - - - - - - - - - - - 15,837 15,837
Gross Salary - 88,833 88,833 88,833 88,833 88,833 88,833 88,833 88,833 88,833 88,833 104,670 993,000

Less: Deductions
Professional Tax - 200 200 200 200 200 200 200 200 200 200 200 2,200
TDS - 4,877 4,877 4,877 4,877 4,877 4,877 4,877 4,877 7,321 7,321 7,321 60,979
TDS on Declared basis (Apr to Dec) - 4,877 4,877 4,877 4,877 4,877 4,877 4,877 4,877 - - -
TDS on Actual basis (Jan to Mar) - - - - - - - - - 7,321 7,321 7,321
Employee Const to PF - 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 66,000
Employee Const to NPS - 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 11,000
Total Deductions - 12,077 12,077 12,077 12,077 12,077 12,077 12,077 12,077 14,521 14,521 14,521 140,179
Net Salary - 76,756 76,756 76,756 76,756 76,756 76,756 76,756 76,756 74,312 74,312 90,149 852,821

Part B : Eligible Reimbursements

LTA - 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 1,667 18,337
Telephone facilities - 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 2,500 27,500
Meal Vouchers - - - - - - - - - - - - -
Car fuel reimbursements - - - - - - - - - - - - -
Total Reimbursements - 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 4,167 45,837
Actual Reimbursements Paid
LTA - - - - - - - - - - - - -
Telephone facilities - - - - - - - - - 30,000 - - 30,000
Meal Vouchers - - - - - - - - - - - - -
Car fuel reimbursements - - - - - - - - - - - - -
Reimbursements Paid - - - - - - - - - 30,000 - - 30,000
O/s Reimbursements paid as Taxable Arrears in March
LTA - 1,667 3,334 5,001 6,668 8,335 10,002 11,669 13,336 15,003 16,670 18,337 18,337
Telephone facilities - 2,500 5,000 7,500 10,000 12,500 15,000 17,500 20,000 -7,500 -5,000 -2,500 -2,500
Meal Vouchers - - - - - - - - - - - - -
Car fuel reimbursements - - - - - - - - - - - - -
O/s Reimbursements - 4,167 8,334 12,501 16,668 20,835 25,002 29,169 33,336 7,503 11,670 15,837 15,837

TOTAL CTC PAYOUT - 95,833 95,833 95,833 95,833 95,833 95,833 95,833 95,833 125,833 95,833 111,670 1,100,000
Monthly Gross Salary - 88,833 88,833 88,833 88,833 88,833 88,833 88,833 88,833 88,833 88,833 104,670 993,000
Employer's Contribution to PF - 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 6,000 66,000
Employer's Contribution to NPS - 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 11,000
Reimbursements Paid - - - - - - - - - 30,000 - - 30,000
 Computation of Income Tax on Salary
Employee Name: Grace Vas Date of Joining 1-May-19
Employee Code: 12345 PAN AAQPP3149P
Financial Year 2019-2020 Assessment Year 2020-2021

Tax Calculation Tax Calculation

Particulars
Basis: Declared Investments Basis: Actual Investments
I INCOME FROM SALARY
Part A : Fixed Components
Basic Pay 552,329 550,000
House Rent Allowance 276,164 275,000
Conveyance Allowance 17,675 17,600
Medical Allowance 13,808 13,750
Other Allowance 8,285 8,250
Special Allowance 113,043 112,563
Arrears of taxable reimbursements 15,837
Gross Salary A 981,304 993,000
Part B : Reimbursements
LTA 18,411 -
Telephone facilities 27,616 30,000
Meal Vouchers - -
Car fuel reimbursements - -
Reimbursements claimed and paid B 46,027 30,000
Less : Exemptions from Salary Income C 79,167 63,131
Part A : Fixed Components
HRA received 276,164 275,000
50% (for metro)/ 40% (for non-metro) of Salary 276,164 275,000
Excess rent paid over and above 10% of Basic Salary 33,140 33,131
HRA Exemption 33,140 33,131
Part B : Reimbursements
LTA 18,411 -
Telephone facilities 27,616 30,000
Meal Vouchers - -
Car fuel reimbursements - -
Gross Income from Salary E = A+B-C-D 948,164 959,869
Less: Profession Tax F 2,301 2,200
Less: Standard Deduction G 50,000 50,000
TAXABLE INCOME FROM SALARY H = E-F-G 895,863 907,669
II LOSS FROM HOUSE PROPERTY I - -
Interest on House Property (Self Occupied) - -
Interest on House Property (Self Occupied - First Home) - -
Loss on House Property (Letout Property - First/ Second) - -
Interest on House Property (Under-construction) - -

III OTHER INCOME REPORTED J - -

IV GROSS TAXABLE INCOME K = H+I+J 895,863 907,669
V DEDUCTIONS UNDER CH VI-A L 177,000 177,000
Combined Exemption under 80C , 80CCD(1) & 80CCD(1B) 161,000 161,000
Investments u/s 80C 150,000 150,000
Employee's Contribution to NPS (u/s 80CCD(1)) 11,000 11,000
Lumpsum Investment to NPS u/s 80CCD(1B) - -
U/s 80CCD(2) (Employer's Contribution to NPS) 11,000.00 11,000.00
U/s 80D 5,000 5,000
U/s 80DD - -
U/s 80DDB - -
U/s 80E - -
U/s 80EE - -
VI NET TAXABLE INCOME M=K-L 718,863 730,669

Tax calculated as under (under Old Regime)

Income limit Tax rate
Slab1 Upto 250,000 0%
Slab2 > 2,50,000 & Upto 500,000 5% 12,500 12,500
Slab3 > 5,00,000 & Upto 1,000,000 20% 43,773 46,134
Slab4 Above 1,000,000 30% - -
TAX ON INCOME N 56,273 58,634
Less: Rebate u/s 87A Income Upto 500,000 Rebate - 12,500 O 0 0
Tax (Net of Rebate) P = N-O 56,273 58,634
Surcharge Rate Income> 50 lacs & <1 Crore 10% Q - -
Surcharge Rate Income>1 Crore 15% R - -
Education Cess Mandatory 4% S 2,251 2,345
TOTAL TAX DEDUCTIBLE FROM SALARY T = P+Q+R+S 58,524 60,979
TDS on Salary per month 4,877 5,082
TDS paid 60,979
Difference (Refund)/Short Payment-> -
 PERSONAL INVESTMENT WORKSHEET
Particulars Narration Apr-2019 May-2019 Jun-2019 Jul-2019 Aug-2019 Sep-2019 Oct-2019 Nov-2019 Dec-2019 Jan-2020 Feb-2020 Mar-2020 Total
Net Salary received - 76,756 76,756 76,756 76,756 76,756 76,756 76,756 76,756 74,312 74,312 90,149 852,821

Less: Personal Expenses

Monthly Fixed Notes for self reference 50% - 38,378 38,378 38,378 38,378 38,378 38,378 38,378 38,378 37,156 37,156 45,075 426,411
Emergency expenses Notes for self reference 20% - 15,351 15,351 15,351 15,351 15,351 15,351 15,351 15,351 14,862 14,862 18,030 170,564
- 53,729 53,729 53,729 53,729 53,729 53,729 53,729 53,729 52,018 52,018 63,104 596,975

Net Salary Income Available for Investments - 23,027 23,027 23,027 23,027 23,027 23,027 23,027 23,027 22,294 22,294 27,045 255,846

I. Tax eligible Investments <-Let this be consistent with your declared investments
Tax FDs Notes for self reference - 10,000 - - 10,000 10,000 10,000 10,000 10,000 10,000 10,000 10,000 90,000
Others 1 Notes for self reference - - - - - 10,000 10,000 10,000 - - - - 30,000
Others 2 Notes for self reference - - - - - - - - - - - - -
- 10,000 - - 10,000 20,000 20,000 20,000 10,000 10,000 10,000 10,000 120,000

Balance Incomes after mandatory investments - 13,027 23,027 23,027 13,027 3,027 3,027 3,027 13,027 12,294 12,294 17,045 135,846

II. Other Investments

A. Short Term Goals
Equities Notes for self reference - - 10,000 - - - - - - - - - 10,000
Debt Instruments Notes for self reference - - - - - - - - - - - - -
Mutual Funds Notes for self reference - - - - - - 10,000 - - - - - 10,000
Others Notes for self reference - - - - - - - - - - - - -
- - 10,000 - - - 10,000 - - - - - 20,000
B. Long Term Goals
Equities Notes for self reference - - - - - - - - - - - -
Debt Instruments Notes for self reference - - - - - - - - - - - - -
Mutual Funds Notes for self reference - - - - - - - - - - - 115,846 115,846
Others Notes for self reference - - - - - - - - - - - - -
- - - - - - - - - - - 115,846 115,846

Income available for Investments 255,846

Total Invested 255,846
Ok