Skip to Content
0
Former Member
Jan 25, 2014 at 04:55 AM

24q Calculation

229 Views

Dear all,

I am not able to understand my 24 q calculation.

While generating this report, it shows taxable income 66113.55 for april.

I am not able to understand how this calculation is done. Kindly help me with this.

/101 Total gross amount 1,19,104.00 /110 Net payments/deductions -22,002.00 /111 EPF Basis 18,730.00 /112 ESI Basis 38,904.00 /113 ESI Basis Nominal 38,904.00 /114 HRA Basis 18,730.00 /115 COA/CLA Basis 1,66,333.60 /116 Gratuity Basis 18,730.00 /118 PTax Basis 56,704.00 /119 PTax Basis Nominal 38,904.00 /124 Mon Reg Income 39,904.00 /125 Mon Irr Income 43,426.60 /127 Annual Perk 28,670.00 /128 Leave Encashment Basis 18,730.00 /129 Voluntary Retirement Bas. 18,730.00 /12H Nominal basis for Housing 18,730.00 /12I HRA eligibility - Nominal 8,300.00 /12N Monthly Regular Salary 39,904.00 /130 Exemption U/S 10 99,924.00 /130 Exemption U/S 10 0 /131 Any other Income -53,557.00 /133 Annual Exemptions 12,000.00 /134 Annual Non-perk amounts 62,400.00 /135 Form 217 2(A) Annual Perk 28,670.00 /137 1DSD Basis Actual 18,730.00 /138 Form 217 2(A) Basis 97,650.00 /139 VPF Basis 18,730.00 /140 LWF Basis 18,730.00 /3C1 Ann car perk 21,600.00 /3F1 Ee PF contribution 2,248.00 /3F3 Er PF contribution 1,707.00 /3F4 Er Pension contribution 541 /3F5 Ee Mon PF contribution 2,248.00 /3F6 Ee Ann PF contribution 26,976.00 /3F8 EDLI adm chrgs * 1,00,000 65,000.00 /3F9 PF adm chrgs * 1,00,000 2,06,03,000.00 /3FA PF basis for Ee contrib 18,730.00 /3FB PF Basis for Er Contrib 18,730.00 /3FC Pension Basis for Er cont 6,500.00 /3FE Interest accrued on total 108 /3FJ VPF basis for Ee contrib 18,730.00 /3FL PF Basis for Er Contrib 6,500.00 /3G1 Grat Contrib -monthly 900.91 /3G4 Gratuity Basis - Actual 18,730.00 /3I1 Deduction u/s 80 1,00,000.00 /3I2 Gross amount u/s 88 1,26,976.00 /3J1 Loan-Int Perk 7,070.00 /3LE Nom. CEA amt monthly 2,290.00 /3LH Nom. CHA amt monthly 2,290.00 /3O9 Deds S24 (Interest) -53,557.00 /3P1 Prof Tax - split period 200 /3P2 Professional Tax Basis 56,704.00 /3P3 Prof Tax - Full period 200 /3Q1 HRA calculation value 2,66,728.00 /3Q1 HRA calculation value 0 /3R4 Non-metro HRA Basis Amt 18,730.00 /410 Ann Reg Income 4,78,848.00 /410 Ann Reg Income 0 /411 Ann Irr Income 43,426.60 /411 Ann Irr Income 0 /413 Annual Perk 28,670.00 /413 Annual Perk 0 /416 Gross Salary 5,71,547.60 /418 Balance 4,71,623.60 /422 Empmnt tax (Prof Tax) 2,400.00 /424 Aggrg Deduction 2,400.00 /426 Incm under Hd Salary 4,69,223.60 /430 Gross Tot Income 4,15,666.60 /432 Agg of Chapter VI 1,00,000.00 /434 Total Income 3,15,670.00 /436 Tax on total Income 11,567.00 /446 Tax payable 11,567.00 /447 Sec and Higher Educ Cess 116 /449 Education Cess 231 /450 Tax payable and surcharge 11,914.00 /456 Tax deducted so far 0 /458 Net tax payable 11,914.00 /460 Income Tax 993 /470 Total Tax deductible 993 /4CE CEA Monthly Exemption 200 /4E1 CEA Annual Exemption 2,400.00 /4E4 HRA Annual Exemption 85,524.00 /4E4 HRA Annual Exemption 0 /4ME Monthly Education cess 19.25 /4MH Monthly Higher Edu cess 9.63 /4MI Monthly Taxable Income 66,113.55 /4MT Monthly Tax payable 964.12 /4T1 Income Tax Slab Rates 3,27,237.00 /4T1 Income Tax Slab Rates 0 /4TE Edu Cess Ded Till Date 0 /4TT Tax Payable Ded Till Date 0 /550 Statutory net pay 1,15,663.00 /559 Bank transfer 93,661.00 /560 Net pay 93,661.00 /700 Wage/salary + ER shares 1,22,459.59 /840 Diff.curr.from aver.month 0 /845 Total paid non-work 0 /LBD taxed interest rate adv. 746.66 /LBM Int.rate adv./curr.month 746.66 /LCI Interest-bearing capital 58,609.00 /LLB Loan balance 56,609.00 /LRP Regular repayment 2,000.00 /TPA Total Package 55,124.00 1000 Basic 18,730.00 1020 House Rent Allownace 8,300.00 1040 Education Allowance 2,290.00 1050 Hostel Allowance 2,290.00 1060 Personal Persuit Allowanc 2,290.00 1070 Uniform Allowance 1,000.00 1080 Canteen Allowance 1,350.00 2000 Medical Reimbursement 1,250.00 2010 LTA 1,500.00 2020 Car Running Expences 5,200.00 2030 PF @ 12% 2,248.00 2040 Bonus@22% 4,121.00 2045 Bonus 26,626.60 2050 Gratuity 901 2090 Bonus Projection 20,603.00 3030 Special Allowances 3,654.00 3060 Bilakhia Welfare Trust -2 3070 Advance Against Salary -20,000.00 4040 Car Running Reimbursement 62,400.00 4090 Performance Incentive 16,800.00 4320 LTA advance 18,000.00 4410 HRA Exmp 8,300.00 7012 Personal Loan - EMI 2,000.00 93F8 EDLI adm chrgs * 1,00,000 0.33 93F9 PF adm chrgs * 1,00,000 206 93LX Nom. CTX amt monthly Uni 2,290.00 93LY Nom. CTX amt monthly Pers 1,000.00 9UAL Uniform Allowances 12,000.00

Let me know, howw this calculation is done.

Regard

KKS