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

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