-
Notifications
You must be signed in to change notification settings - Fork 0
/
tax_slab_new.py
201 lines (193 loc) · 9.39 KB
/
tax_slab_new.py
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83
84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111
112
113
114
115
116
117
118
119
120
121
122
123
124
125
126
127
128
129
130
131
132
133
134
135
136
137
138
139
140
141
142
143
144
145
146
147
148
149
150
151
152
153
154
155
156
157
158
159
160
161
162
163
164
165
166
167
168
169
170
171
172
173
174
175
176
177
178
179
180
181
182
183
184
185
186
187
188
189
190
191
192
193
194
195
196
197
198
199
200
201
import sys
std_deduction = 50000
taxable_hra = 0
while True:
print("\n T A X C A L C U L A T O R \n")
tax_option = int(input('''Enter the tax regime you would like to opt for:
1 - FY 2019-20
2 - FY 2020-21
Your Choice : '''))
if tax_option > 2 or tax_option <= 0:
print("Invalid Choice")
break
else:
print("INCOME : ")
print("--------------------------------------------------------------")
ctc = float(input("\tEnter your CTC : "))
print("\n")
basic = 0.4 * ctc
if tax_option == 1:
print("HRA : ")
print("--------------------------------------------------------------")
hra_recieved = float(input("\tEnter HRA recieved per annum : "))
rent = float(input("\tEnter Total Rent paid per annum : "))
city = int(input('''\tAre you from Metropolitan City ? :
Press 1 for YES
Press 2 for NO
Your Choice : '''))
print("\n")
# HRA can be claimed in three ways
# 1. Rent - 10% of basic
# 2. Actual HRA
# 3. 50% or 40% of basic
# Select lowest one
hra_1 = rent - 0.1 * basic
hra_2 = hra_recieved
if city == 1:
hra_3 = 0.5 * basic
else:
hra_3 = 0.4 * basic
min_hra = min(hra_1, hra_2, hra_3)
if min_hra <= 0:
taxable_hra = hra_recieved
else:
taxable_hra = min_hra
print("DEDUCTIONS : ")
print("--------------------------------------------------------------")
# taking only EPF and Investments under 80C along with home loan
EPF = float(input("\tEnter EPF : "))
i80C = float(input("\tEnter Investments under 80C : "))
i80D = float(input("\tEnter Investments under 80D : "))
i80 = float(input("\tEnter Investments under sec 80 (other than C and D and E) : "))
home_loan = float(input("\tEnter Home Loan: "))
education_loan = float(input("\tEnter Education Loan Interest amount: "))
print("\n")
if EPF + i80C >= 150000: # max allowance is 1.5 lakhs
if home_loan >= 200000: #max allowance is 2 lakhs
if i80D >= 150000:
if i80 >= 100000:
deductions = 600000 + education_loan
else:
deductions = 500000 + i80 + education_loan
else:
if i80 >= 100000:
deductions = 450000 + i80D + education_loan
else:
deductions = 350000 + i80 + i80D + education_loan
else:
if i80D >= 150000:
if i80 >= 100000:
deductions = 400000 + home_loan + education_loan
else:
deductions = 300000 + i80 + home_loan + education_loan
else:
if i80 >= 100000:
deductions = 250000 + home_loan + i80D + education_loan
else:
deductions = 150000 + home_loan + i80D + i80 + education_loan
else:
if home_loan >= 200000:
if i80D >= 150000:
if i80 >= 100000:
deductions = EPF + i80C + 450000 + education_loan
else:
deductions = EPF + i80C + 350000 + i80 + education_loan
else:
if i80 >= 100000:
deductions = EPF + i80C + i80D + 300000 + education_loan
else:
deductions = EPF + i80C + i80D + i80 + 200000 + education_loan
else:
if i80D >= 150000:
if i80 >= 100000:
deductions = EPF + i80C + home_loan + 250000 + education_loan
else:
deductions = EPF + i80C + i80D + home_loan + i80 + 150000 + education_loan
else:
if i80 >= 100000:
deductions = EPF + i80C + i80D + home_loan + 100000 + education_loan
else:
deductions = EPF + i80C + i80D + home_loan + i80 + education_loan
# gross salary = ctc - (EPF + gratuity)
# there is no gratuity
gross_salary = ctc - EPF
# calculating total taxable income (also known as Gross Taxable income)
# Taxable Income = Gross Salary – Section 80C deduction – Standard Deduction – HRA – Professional Tax
# There is no professional tax
taxable_income = gross_salary - std_deduction - taxable_hra - (deductions - EPF)
# Calculating Tax
# Tax Slab for fy 2019-20
if taxable_income < 250000:
final_tax = 0
elif 250000 < taxable_income < 500000:
tax = 0.05 * (taxable_income - 250000)
final_tax = tax + (0.04 * tax)
elif 500000 < taxable_income < 1000000:
tax = 12500 + (0.2 * (taxable_income - 500000))
final_tax = tax + (0.04 * tax)
elif 1000000 < taxable_income < 5000000:
tax = 112500 + (0.312 * (taxable_income - 1000000))
final_tax = tax + (0.04 * tax)
elif 5000000 < taxable_income < 10000000:
tax = 112500 + (0.3432 * (taxable_income - 1000000))
final_tax = tax + (0.04 * tax)
if tax_option == 2:
print("HRA : ")
print("--------------------------------------------------------------")
hra_recieved = 0.0
rent = 0.0
city = 0
print("You will not get HRA or rent!!!")
print("\n")
taxable_hra = hra_recieved
print("DEDUCTIONS : ")
print("--------------------------------------------------------------")
EPF = float(input("\tEnter EPF : "))
i80C = float(input("\tEnter Investments under 80C : "))
i80D = float(input("\tEnter Investments under 80D : "))
home_loan = float(input("\tEnter Home Loan: "))
print("There will be NO deductions on EPF, Ivestments under 80C or home loan!")
print("\n")
deductions = 0.0
# gross salary = ctc - (EPF + gratuity)
# there is no gratuity
gross_salary = ctc - EPF
# calculating total taxable income (also known as Gross Taxable income)
# Taxable Income = Gross Salary – Section 80C deduction – Standard Deduction – HRA – Professional Tax
# There is no professional tax
taxable_income = gross_salary - taxable_hra
# Calculating Tax
# Tax slab for fy 2020-21
if taxable_income < 250000:
final_tax = 0
elif 250000 < taxable_income < 500000:
tax = 0.05 * (taxable_income - 250000)
final_tax = tax + (0.04 * tax)
elif 500000 < taxable_income < 750000:
tax = 25000 + (0.104 * (taxable_income - 500000))
final_tax = tax + (0.04 * tax)
elif 750000 < taxable_income < 1000000:
tax = 37500 + (0.156 * (taxable_income - 750000))
final_tax = tax + (0.04 * tax)
elif 1000000 < taxable_income < 1250000:
tax = 62500 + (0.208 * (taxable_income - 1000000))
final_tax = tax + (0.04 * tax)
elif 1250000 < taxable_income < 1500000:
tax = 75000 + (0.26 * (taxable_income - 1250000))
final_tax = tax + (0.04 * tax)
elif 1500000 < taxable_income < 5000000:
tax = 75000 + (0.312 * (taxable_income - 1500000))
final_tax = tax + (0.04 * tax)
elif 5000000 < taxable_income < 10000000:
tax = 85800 + (0.3432 * (taxable_income - 1500000))
surcharge = 1.1 * tax
final_tax = surcharge + (0.04 * tax)
print("FINAL REPORT : ")
print("--------------------------------------------------------------")
print("\t\tBASIC INCOME : ", basic)
print("\t\tGROSS SALARY:", gross_salary)
print("\t\tHRA EXEMPTION : ", taxable_hra)
print("\t\tTAXABLE INCOME : ", taxable_income)
print("\t\tT A X : ", int(final_tax))
# Take Home Salary = Gross Salary – (Income Tax + Professional Tax)
print("\t\tTAKE-HOME SALARY : ", gross_salary - final_tax)
print("\n")
while True:
choice = int(input('''Press 1 to Calculate again\nPress 2 to Exit '''))
if choice == 1:
break
elif choice == 2:
sys.exit()
else:
print("Invalid Choice")
continue