Calculation of Income tax an Employee Below 60 Age A.Y.2018-19
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:
Computation of Total Income and tax payable thereon
* After rebate of Rs 2500 u/s 87A
ANNEXURE-I
SOME ILLUSTRATIONS
Example 1For 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 |
| 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 |
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