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:

ParticularsRupeesRupeesRupeesRupeesRupees
 (i)(ii)(iii)(iv)(v)
Gross Salary Income (including allowances)2,50,0006,00,00010,50,00055,50,0001,10,50,000
Contribution of G.P.F.45,00050,0001,00,0001,00,0001,00,000

Computation of Total Income and tax payable thereon

ParticularsRupees
(1)
Rupees
(ii)
Rupees
(iii)
Rupees
(iv)
Rupees
(v)
Gross Salary2,50,0006,00,00010,50,00055,50,0001,10,50,000
Less: Standard deduction u/s 16(ia)5000050000500005000050000
Less: Deduction U/s 80C45,00050,0001,00,0001,00,0001,00,000
Taxable Income1,55,0005,00,0009,00,00054,00,0001,09,00,000
      
(A) Tax thereonNilNil*92,50014,32,50030,82500
Surcharge   1,43,2504,62,375
Add: Health & Education Cess @ 4%.NilNil370063,0301,41,795
Total tax payableNilNil96,20016,38,78036,86,670
  • @ 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.

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