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.