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GST Formula

$$\begin{aligned} \text{GST Amount} &= \text{Original Cost} \times \frac{\text{GST\%}}{100} \\ \text{Total Price} &= \text{Original Cost} + \text{GST Amount} \end{aligned}$$

Goods and Services Tax (GST) is a comprehensive indirect tax levied on the supply of goods and services. When computing transactions, you either add GST to find the final customer price, or subtract (remove) GST from the final retail price to find the pre-tax base cost.

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HRA Exemption Formula

$$HRA\ Exempt = \min\left( \text{Actual HRA}, \text{Rent Paid} - 10\%\ \text{Basic}, 50\%\ \text{Basic\ (Metro)}\ \text{or}\ 40\%\ \text{Basic\ (Non-Metro)} \right)$$

House Rent Allowance (HRA) exemption is calculated under Section 10(13A) of the Income Tax Act. It determines the tax-exempt portion of the HRA received by salaried individuals living in rented accommodations.

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Income Tax Formula

$$\begin{aligned} \text{Net Taxable Income} &= \text{Gross Income} - \text{Deductions} \\ \text{Total Tax} &= \text{Slab Tax} - \text{Rebate} + \text{Cess (4\%)} \end{aligned}$$

Income tax is computed progressively based on income tax slabs. Taxpayers can choose between the Old Regime (which allows major deductions but has higher tax rates) and the New Regime (which has lower rates but restricts most deductions).

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TDS Formula

$$\begin{aligned} \text{TDS Amount} &= \text{Payment Amount} \times \frac{\text{TDS Rate}}{100} \\ \text{Net Payable} &= \text{Payment Amount} - \text{TDS Amount} \end{aligned}$$

Tax Deducted at Source (TDS) is a mechanism where the person responsible for making specific payments deducts income tax before releasing the funds to the payee. The tax deducted is credited to the payee's tax account (Form 26AS).

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