Sunday, 29 July 2018

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

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

Gross Salary Income (including allowances)2,50,0004,00,00010,00,00055,00,0001,10,00,000
Contribution of G.P.F.45,00050,0001,00,0001,00,0001,00,000

Computation of Total Income and tax payable thereon
Gross Salary2,50,0004,00,00010,00,00055,00,0001,10,00,000
Less: Deduction U/s 80C45,00050,0001,00,0001,00,0001,00,000
Taxable Income2,05,0003,50,0009,00,00054,00,0001,09,00,000
(A) Tax thereonNil2,500*92,50014,32,50030,82,500
(i)   Education Cess @ 2%.Nil2592515,75835,449
(ii) Secondary and Higher Education Cess @1%
Total tax payableNil2,57595,27516,23,02336,51,222
* After rebate of Rs 2500 u/s 87A

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