Income tax Calculation Example 1 For Assessment Year 2023-24 – Example 1
(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.6,00,000/- , |
| iii) | Rs.10,50,000/- |
| iv) | Rs.55,50,000/-. and |
| v) | Rs. 1,10,50,000/- |
(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 | 6,00,000 | 10,50,000 | 55,50,000 | 1,10,50,000 |
| 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 (1) | Rupees (ii) | Rupees (iii) | Rupees (iv) | Rupees (v) |
| Gross Salary | 2,50,000 | 6,00,000 | 10,50,000 | 55,50,000 | 1,10,50,000 |
| Less: Standard deduction u/s 16(ia) | 50000 | 50000 | 50000 | 50000 | 50000 |
| Less: Deduction U/s 80C | 45,000 | 50,000 | 1,00,000 | 1,00,000 | 1,00,000 |
| Taxable Income | 1,55,000 | 5,00,000 | 9,00,000 | 54,00,000 | 1,09,00,000 |
| (A) Tax thereon | Nil | Nil* | 92,500 | 14,32,500 | 30,82500 |
| Surcharge | 1,43,250 | 4,62,375 | |||
| Add: Health & Education Cess @ 4%. | Nil | Nil | 3700 | 63,030 | 1,41,795 |
| Total tax payable | Nil | Nil | 96,200 | 16,38,780 | 36,86,670 |
- @ or Aadhaar number, as the case may be,
- After rebate of Rs 12500 u/s 87A
- It may be noted that tax liability may not be the same in case the taxpayer opts for concessional tax
- regime under section 115BAC of the Act.
Exp:55%
No comments:
Post a Comment
Indian Military Veterans Viewers, ..
Each of you is part of the Indian Military Veterans message.
We kindly request you to make healthy use of this section which welcomes the freedom of expression of the readers.
Note:
1. The comments posted here are the readers' own comments. Veterans news is not responsible for this in any way.
2. The Academic Committee has the full right to reject, reduce or censor opinion.
3. Personal attacks, rude words, comments that are not relevant to the work will be removed
4. We kindly ask you to post a comment using their name and the correct email address.
- INDIAN MILITARY VETERANS- ADMIN