Calculation of Income tax in the case of an employee (Male or Female) below the age of sixty years
ILLUSTRATIONS
Example 1
For Assessment Year 2018-19
(A) Calculation of Income tax in the case of an employee(Male or Female) below the age of sixty years and having gross salary income of:
i) Rs.2,50,000/- ,
ii) Rs.5,00,000/- ,
iii) Rs.10,00,000/-
iv) Rs.55,00,000/-. and
v) Rs. 1,10,00,000/-
(B) What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices:
|
PARTICULARS |
RUPEES |
RUPEES |
RUPEES |
RUPEES |
RUPEES |
|
(i) |
(ii) |
(iii) |
(iv) |
(v) |
|
|
Gross Salary Income (including allowances) |
2,50,000 |
4,00,000 |
10,00,000 |
55,00,000 |
1,10,00,000 |
|
Contribution of G.P.F. |
45,000 |
50,000 |
1,00,000 |
1,00,000 |
1,00,000 |
Computation of Total Income and tax payable thereon
|
PARTICULARS |
RUPEES |
RUPEES |
RUPEES |
RUPEES |
RUPEES |
|
(I) |
(II) |
(III) |
(IV) |
(V) |
|
|
Gross Salary |
2,50,000 |
4,00,000 |
10,00,000 |
55,00,000 |
1,10,00,000 |
|
Less: Deduction U/s 80C |
45,000 |
50,000 |
1,00,000 |
1,00,000 |
1,00,000 |
|
Taxable Income |
2,05,000 |
3,50,000 |
9,00,000 |
54,00,000 |
1,09,00,000 |
|
(A) TAX THEREON |
NIL |
2,500* |
92,500 |
14,32,500 |
30,82,500 |
|
Surcharge |
1,43,250 |
4,62,375 |
|||
|
Add: |
Nil |
50 |
1850 |
31,515 |
70,898 |
|
(i) Education Cess @ 2%. |
Nil |
25 |
925 |
15,758 |
35,449 |
|
(ii) Secondary and Higher Education Cess @1% |
|||||
|
TOTAL TAX PAYABLE |
NIL |
2,575 |
95,275 |
16,23,023 |
36,51,222 |
* After rebate of Rs 2500 u/s 87A
Source: https://www.incometaxindia.gov.in