Income tax Calculation Example for Salary Employees 2023-24

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.