WESTERN SPARROW

WESTERN SPARROW

Anticipatory Income Tax Calculator (FY 2024 - 25)

Basic Details
Name:
Designation:
PAN:
Office:
Age category:
Tax slab:
Income Details
Enter Gross Salary / Pension for each month:
(includes Basic Pay, DA, HRA, Interim Relief, OT Allowance, Deputation Allowance, Medical Allowance, etc.)
March - 2023:
April - 2023:
May - 2023:
June - 2023:
July - 2023:
August - 2023:
September - 2023:
October - 2023:
November - 2023:
December - 2023:
January - 2024:
February - 2024:
Arrear Details and Others:
DA Arrears:
Pay Revision Arrears:
Any Other Arrears:
Leave Surrender:
Festival Allowance / Bonus / Ex-gratia and Incentive:
Any Other Income:
Excess Pay drawn, Dies non, etc.:
Deduct HRA - if you are paying Rent
Total Rent paid for the financial year:
Actual HRA received during the year:
Total salary received during the year (Basic pay + DA only):
Deduction Details
1. Conveyance Allowance:
2. Professional Tax Paid:
3. Housing Loan Interest - Max : Rs. 2 Lakh (Additional Rs. 1.5 Lakh under Section 80EEA):
4. Mediclaim (maximum of Rs. 25,000 / 50,000 + parents Rs. 25,000 / 50,000):
5. Medical treatment of mentally or physically handicapped dependents (Max : Rs. 1.25 Lakh):
6. Medical treatment for specified diseases (Max : Rs. 1 Lakh):
7. Interest paid for Education Loan taken for higher education (Max : No Limit):
8. Donation to various charitable and other funds including PM's National Relief Fund (Max : No Limit):
9. Contribution made to political party / electoral trust (Max : No Limit):
10. Deduction for person with disability (Max: Rs. 75,000; if disability over 80% Rs. 1.25 lakh):
11. Subscription to long term infrastructure Bonds u/s. 80CCF (Max: Rs. 20,000/-):
12. Remaining Contribution to NPS (Max: Rs. 50,000/-):
13. Interest paid for Electric Vehicle Loan (Max : Rs. 1.5 Lakh):
14. Interest income from SB account, Fixed deposit, Post office, ... (Max : Rs.10,000/- ; Rs.50,000/- for senior citizens):
15. Other income:
i.
ii.
Additional Deduction Details
1. Life Insurance premia of self, spouse or children:
2. Purchase of NSC VIII issue:
3. Contribution to GPF (Subscription, DA Arrear, Pay Revision Arrear, etc.):
4. Contribution to SLI, GIS, FBS, GPAIS, etc. (Total):
5. Term deposit with Scheduled Bank for a fixed period of not less than 5 years:
6. Purchase of tax saving units of Mutual Fund or UTI:
7. Tuition fees for full-time education to any 2 children:
8. Housing Loan Repayment (Principal) and Stamp duty paid for purchase of property:
9. Subscription to equity shares or debentures of an eligible issue:
10. Contribution to PPF account of Self, Spouse or Children:
11. Subscription of Infrastructure Bonds of NABARD:
12. Deposit under Senior Citizen Saving Scheme:
13. Five year Time Deposit in Post Office:
14. Contribution to NPS (Max : 10% of Basic + DA):
15. Payment to Annuity Plan of Pension fund like LIC:
16. Any Other:
i.
ii.
Tax deducted from salary, Advance tax
Income tax deducted from salary, Advance tax paid:

Anticipatory Income Tax PDF generated will follow the format provided by Information Kerala Mission (Source document of Kerala Gov)

What is Anticipatory Income Tax in India?

Anticipatory income tax is the estimated tax that an individual or a business is expected to pay based on their projected income for a particular period. This estimate helps in managing cash flow and ensuring compliance with tax regulations, reducing the risk of underpayment penalties.


Why Use an Anticipatory Income Tax Calculator?

Using an anticipatory income tax calculator has several benefits:

  1. Accurate Estimation: It provides an accurate estimation of the tax liability based on your projected income and deductions.
  2. Financial Planning: Helps in better financial planning by giving a clear picture of your tax obligations.
  3. Avoid Penalties: Ensures that you are not caught off guard by a large tax bill at the end of the year, thus avoiding penalties for underpayment.
  4. Decision Making: Assists in making informed decisions about investments and expenses by understanding their impact on your tax liability.

How to Use the Anticipatory Income Tax Calculator with Western Sparrow ?

Using the anticipatory income tax calculator on this page is simple and straightforward. Follow these steps:

  1. Enter Basic Details: Fill in your name, designation, PAN, and office details.
  2. Select Age Category and Tax Slab: Choose the appropriate age category and the tax regime (old or new).
  3. Input Income Details: Enter your gross salary/pension for each month, including any arrears and other incomes.
  4. Enter Deduction Details: Provide information on various deductions you are eligible for, such as housing loan interest, medical expenses, donations, etc.
  5. Submit the Form: After filling in all the details, click on the “CALCULATE” button to get your estimated tax liability.


How to Download Anticipatory Income Tax Form ?

Once you have calculated your anticipatory income tax, you can easily download the form:

  1. Calculate the Tax: Ensure all required fields are filled and submit the form to calculate your tax.
  2. Generate PDF: After calculation, a link to download the PDF of your anticipatory income tax statement will appear.
  3. Download the Form: Click on the “DOWNLOAD ANTICIPATORY INCOME TAX STATEMENT” button or link to get the form in PDF format.
  4. Save and Print: Save the PDF to your device and print it for your records or submission purposes.

By using this anticipatory income tax calculator, you can manage your tax obligations efficiently and ensure compliance with tax regulations.