Calculation of Income tax an Employee Below 60 Age A.Y.2018-19

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Calculation of Income tax an Employee Below 60 Age A.Y.2018-19

ANNEXURE-I

SOME 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

 

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