• Skip to main content
  • Skip to primary sidebar
  • Home
  • Aicpin
  • Recent Post
  • Pay Matrix
    • Defence Personnel
      • MNS Officers
  • Recent Govt Orders
    • Dopt orders
    • Finmin orders
  • DA From July 2021
  • Holiday list 2020
Govtempdiary

Govtempdiary

Govtempdiary is leading Central government employees news provider

You are here: Home / CG Staff news / Eight Examples For Income tax Calculation – 2013-14
This image has an empty alt attribute; its file name is b_new.gif Demanded for payment of Dearness Allowance/Dearness Relief with arrears since 01.01.2020
This image has an empty alt attribute; its file name is b_new.gif AICPIN for the month of January 2021
This image has an empty alt attribute; its file name is b_new.gif LTC cash voucher scheme Calculator
This image has an empty alt attribute; its file name is b_new.gif Expected DA from July 2021 Calculator
This image has an empty alt attribute; its file name is b_new.gif List of Kendriya Vidyalaya Schools 2021

Quick links
Hot newsDopt orders
Recent govt ordersRecent post

Eight Examples For Income tax Calculation – 2013-14

September 14, 2018 rajasinghmurugesan

Example 1

For Assessment Year 2013-14

(A) Calculation of Income tax in the case of an employee below the age of sixty years and having gross salary income of:

(i)  Rs. 1,50,000/-,

(ii)  Rs.2,00,000/-,

(iii)  Rs.5,00,000/-,

(iv)  Rs. 10,00,000/-and

(v)  Rs.20,00,000/-.

(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 (i) Rupees (ii) Rupees (iii) Rupees (iv) Rupees(v)
Gross Salary Income (including allowances) 1,50,000 2,00,000 5,00,000 10,00,000 20,00,000
Contribution of G.P.F. 10,000 45,000 50,000 1,00,000 1,00,000

Computation of Total Income and tax payable thereon

Particulars Rupees (i) Rupees (ii) Rupees (iii) Rupees (iv) Rupees (v)
Gross Salary 1,50,000 2,00,000 5,00,000 10,00,000 20,00,000
Less: Deduction U/s 80C 10,000 45,000 50,000 1,00,000 1,00,000
Taxable Income 1,40,000 1,55,000 4,50,000 9,00,000 19,00,000
(A) Tax thereon Nil Nil 25,000 1,10,000 4,00,000
Add:

(i) Education Cess @ 2%.

(ii) Secondary and Higher

Education Cess @1%

Nil

Nil

Nil

Nil

500

2200

250

1100

8000

4000

Total tax payable Nil Nil 25,750 1,13,300 4,12,000
(B) TDS under sec. 206AA in case where PAN is not furnished by the employee Nil Nil 90,000 1,80,000 4,12,000

Example 2

For Assessment Year 2013-14

Calculation of Income Tax in the case of an employee below the age of sixty years having a handicapped dependent ( With valid PAN furnished to employer).

S.No. Particulars Rupees
1 Gross Salary 3,20,000
2 Amount spent on treatment of a dependant, being person with disability (but not severe disability) 7000
3 Amount paid to LIC with regard to annuity for the maintenance of a dependant, being person with disability( but not severe disability) 50,000
4 GPF Contribution 25,000
5 LIP Paid 10,000

Computation of Tax

S.No. Particulars Rupees
1 Gross Salary 3,20,000
Less: Deduction U/s 80DD (Restricted to Rs.50,000/- only) 50,000
2 Taxable income 2,70,000
Less: Deduction U/s 80C (i) GPF Rs.25,000/-

(ii) LIP Rs. 10,000/- = Rs.35,000/-

35,000
3 Total Income 2,35,000
4 Income Tax thereon/payable 3,500
Add:

(i). Education Cess @2%

(ii). Secondary and Higher Education Cess @1%

70

35

5 Total Income Tax payable 3,605
6 Rounded off to 3,610

Example 3

For Assessment Year 2013-14

Calculation of Income Tax in the case of an employee below age of sixty years where medical treatment expenditure was borne by the employer ( With valid PAN furnished to employer).

S.No. Articulars Rupees
1 Gross Salary 3,00,000
2 Medical Reimbursement by employer on the treatment of self and dependent family member 30,000
3 Contribution of GPF 20,000
4 LIC Premium 20,000
5 Repayment of House Building Advance 25,000
6 Tuition fees for two children 60,000
7 Investment in Unit-Linked Insurance Plan 20,000

Computation of Tax

S.No. Particulars Rupees
1 Gross Salary 3,00,000
Add: Perquisite in respect of reimbursement of Medical Expenses In excess of Rs. 15,000/- in view of Section 17(2)(v) 15,000
2 Taxable income 3,15,000
Less: Deduction U/s 80C
(i) GPF Rs. 20,000/-
(ii) LIC Rs. 20,000/-
(iii) Repayment of House Building Advance Rs.25,000/-
(iv) Tuition fees for two children Rs. 60,000/-
(v) Investment in Unit-Linked Insurance Plan Rs. 20,000/-
Total =Rs. 1,45,000/-
Restricted to Rs. 1,00,000/- 1,00,000
3 Total Income 2,15,000
4 Income Tax thereon/payable 1,500
Add:

(i). Education Cess @2%

(ii). Secondary and Higher Education Cess @1%

30

15

5 Total Income Tax payable 1,545
6 Rounded off to 1,550

Example 4

For Assessment Year 2013-14

Illustrative calculation of House Rent Allowance U/s 10 (13A)in respect of residential accommodation situated in Delhi in case of an employee below the age of sixty years (With valid PAN furnished to employer).

S.No. Particulars Rupees
1 Salary 2,50,000
2 Dearness Allowance 1,00,000
3 House Rent Allowance 1,40,000
4 House rent paid 1,44,000
5 General Provident Fund 36,000
6 Life Insurance Premium 4,000
7 Subscription to Unit-Linked Insurance Plan 50,000

Computation of total income and tax payable thereon

S.No. Particulars Rupees
1 Salary + Dearness Allowance + House Rent Allowance 2,50,000+1,00,000+1,40,000 = 4,90,000 4,90,000
2 Total Salary Income 4,90,000
3 Less: House Rent allowance exempt U/s 10(13A):

Least of:

(a)  Actual amount of HRA received= 1,40,000

(b) Expenditure of rent in excess of 10% of salary (including D.A. presuming that D.A. is taken for retirement benefit) (1,44,000-35,000) = 1,09,000

(c) 50% of Salary(Basic+ DA) = 1,75,000

1,09,000
Gross Total Income 3,81,000
Less: Deduction U/s 80C

(i)  GPF Rs. 36,000/-

(ii)  LIC Rs. 4,000/-

(iii) Investment in Unit-Linked Insurance Plan Rs. 50,000/-

Total =Rs.90,000/-

90,000
3 Total Income 2,91,000
Tax payable on total income 9,100
Add:

(i). Education Cess @2%

(ii). Secondary and Higher Education Cess @1%

182

91

Total Income Tax payable 9,373
Rounded off to 9370

Example 5

For Assessment Year 2013-14

Illustrating valuation of perquisite and calculation of tax in the case of an employee below age of sixty years of a private company in Mumbai who was provided accommodation in a flat at concessional rate for ten months and in a hotel for two months ( With valid PAN furnished to employer).

S.No. Particulars Rupees
1 Salary 7,00,000
2 Bonus 1,40,000
3 Free gas, electricity, water etc. (Actual bills paid by company) 40,000
4(a) Flat at concessional rate (for ten month). = Rs. 3,60,000 3,60, 000
4(b) Hotel rent paid by employer (for two month) 1,00,000
4(c) Rent recovered from employee 60,000
4(d) Cost of furniture. 2,00,000
5 Subscription to Unit Linked Insurance Plan 50,000
6 Life Insurance Premium 10,000
7 Contribution to recognized P.F. 42,000
8 Investment in long term infrastructure bonds (80CCF) 20,000

COMPUTATION OF TOTAL INCOME AND TAX PAID THEREON:

S.No. Particulars Rupees
1 Salary 7,00,000
2 Bonus 1,40,000
3 Total Salary(l+2) for Valuation of Perquisites 8,40,000
Valuation of perquisites
4(a) Perq. for flat: Lower of (15% of salary for 10 mnths.=Rs. 1,05,000/-) and (actual rent paid= Rs 3,60,000) Rs. 1,05,000 1,38,600 Rs l,38,600
4(b) Perq for hotel : Lower of (24% of salary of 2 mths.=Rs 33,600) and (actual payment= Rs 1,00,000) Rs. 33,600
4(c) Perquisites for furniture(Rs.2,00,000) @ 10% of cost 20,000
4(c)(i) Total of [4(a)+(b)+(c)] (1,05,000+ 33,600+ 20,000) Rs. 158,600

Less: rent recovered (-)Rs. 60,000

= Rs. 98,600

4(d) Add

perq. for free gas, electricity, water etc. Rs.40,000 (+) Rs 98,600

[4(c)(i)] = Rs l,38,600

Total perquisites

5 Gross Total Income (Rs.8,40,000+ 1,38,600) 9,78,600
6 Gross Total Income 9,78,600
7 Less: Deduction U/s 80C & 80CCF:

(i). Provident Fund (80C) :42,000

(ii) LIC (80C) :10,000

(iii) Subscription to Unit Linked Insurance Plan(80C) :50,000/-

(iv) Investment in Infrastructure Bond(80CCF) :20,000

Total = 1,22,000

Restricted to Rs 1,00,000 u/s 80C and Rs 20,000 u/s 80CCF

1,20,000
8 Total Income 8,58,600
9 Tax Payable 1,01,720
10 Add:

(i) Education Cess @2%

(ii) Secondary and Higher Education Cess @1%

2,034

1,017

11 Total Income Tax payable 1,04,771
12 Rounded off to 1,04,770

Example 6

For Assessment Year 2013-14

Illustrating Valuation of perquisite and calculation of tax in the case of an employee below the age of 60 years of a Private Company posted at Delhi and repaying House Building Loan ( With valid PAN furnished to employer)

S.No. Particulars Rupees
1 Salary 3,00,000
2 Dearness Allowance 1,00,000
3 House Rent Allowance 1,80,000
4 Special Duties Allowance 12,000
5 Provident Fund 60,000
6 LIP 10,000
7 Deposit in NSC VIII issue 30,000
8 Rent Paid by the employee for house hired by her 1,20,000
9 Repayment of House Building Loan (Principal) 60,000
10 Tuition Fees for three children (Rs. 10,000 per child) 30,000

Computation of total income and tax payable thereon

S.No. Particulars Rupees
1 Gross Salary (Basic+DA+HRA+SDA) 5,92,000
Less: House rent allowance exempt U/s 10 (13A)

Least of:

(a). Actual amount of HRA received. :Rs. 1,80,000

(b). Expenditure on rent in excess of 10% of salary (Including D.A.)assuming D.A. is including for retirement benefits (1,20,000- 40,000) :Rs. 80,000

(c). 50% of salary (including D.A) : Rs. 2,00,000

80,000
2 Gross Total Taxable Income 5,12,000
Less: Deduction U/s 80C

(i). Provident Fund : 60,000

(ii). LIP : 10,000

(iii). NSC VIII Issue : 30,000

(iv). Repayment of HBA : 60,000

(v). Tuition Fees (Restricted to two children) : 20,000

Total : 1,80,000

Restricted to 1,00,000

1,00,000
Total Income 4,12,000
Income Tax thereon/payable 21,200
Add:

(i)  Education Cess @ 2%

(ii)  Secondary and Higher Education Cess @ 1%

424

212

Total Income Tax payable 21836
Rounded off to 21840

Example 7

For Assessment Year 2013-14

A. Calculation of Income tax in the case of a retired employee above the age of sixty years but below the age of 80 years and having gross pension of:

  i.  Rs. 4,50,000/-,

ii.  Rs. 8,00,000/-,

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 (i) Rupees (ii)
Gross Pension 4,50,000 8,00,000
Contribution of P.P.F. 70,000 70,000

Computation of Total Income and tax payable thereon

Particulars Rupees (i) Rupees (ii)
Gross Pension 4,50,000 8,00,000
Less: Deduction u/s 80C 70,000 70,000
Taxable Income 3,80,000 7,30,000
Tax thereon 13,000 71,000
Add:

(i)  Education Cess @ 2%.

(ii) Secondary and Higher Education Cess @ 1%

260

130

1420

710

Total tax payable 13,390 73,130
TDS under sec. 206AA in case where PAN is not furnished by the employee 26,000 1,46,000

Example 8

For Assessment Year 2013-14

A. Calculation of Income tax in the case of a retired employee above the age of 80 years and having gross pension of:

iii. Rs. 4,50,000/-,

iv. Rs. 8,00,000/-,

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 (i) Rupees (ii)
Gross Pension 4,50,000 8,00,000
Contribution of P.P.F. 70,000 70,000

Computation of Total Income and tax payable thereon

Particulars Rupees (i) Rupees (ii)
Gross Pension 4,50,000 8,00,000
Less: Deduction U/s 80C 70,000 70,000
Taxable Income 3,80,000 7,30,000
Tax thereon Nil 46,000
Add:

(i) Education Cess @ 2%.

(ii) Secondary and Higher Education Cess @ 1%

920

460

Total tax payable Nil 47,380
TDS under sec. 206AA in case where PAN is not furnished by the employee Nil 1,46,000

MORE DETAILS VISIT- law.incometaxindia.gov.in-Circular Page

Circular No. 8/2012, dated 5-10-2012

Related posts:

  1. Calculation of Income tax an Employee Below 60 Age A.Y.2018-19
  2. Income Tax Calculation of House Rent Allowance U/S 10 (13A)
  3. Income Tax Calculation Ay 2018-19 – Handicapped Dependent
  4. Calculation of Income Tax – Above The Age Of 80 Years
  5. Calculation Of Income Tax Assessment Year 2018-19 – Medical Treatment Expenditure
  6. Calculation of Income tax – Retired employee above the age of sixty years but below the age of 80 years
  7. Income Tax Calculation For House Rent Allowance – U/s 10 (13A)
  8. Calculation Of Tax – House Building Loan
  9. Examples of Income Tax Calculation
  10. Income Tax Exemption u/s 10 (13A)
  11. Income Tax Rates Assessment Year 2018-19,2019-20
  12. Rates of Income-Tax for the financial year 2017-18
  13. Rates of income-tax in respect of income liable to tax for the assessment year 2016-2017
  14. How to calculate the Income Tax exemption on House Rent Allowance
  15. Income Tax (3rd Amendment) Rules, 2019[Income Tax Form No. 16] – Notification
  16. One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C.
  17. Salaried Taxpayers with total Income up to Rs.5 lakh Exempted from filing Income Tax Return for Assessment Year 2011-12
  18. PIB: Income Tax Exemption limit increased to Rs.5 Lakh in Budget 2019
  19. EXEMPTION FROM FILING ITR (INCOME TAX RETURN) NOT EXTENDED THIS ASSESSMENT YEAR 2013-14 – CBDT
  20. Calculating Your Income Tax Liability 2010-11

Filed Under: CG Staff news September 14, 2018 1 Comment

LTC cash voucher scheme 2020
LTC cash voucher scheme 2020

AICPIN for the month of January 2021 – DA Calculator updated

February 26, 2021 By rajasinghmurugesan Leave a Comment

Consumer Price Index for Industrial Workers (2016=100) –January, 2021 depicts downward trend Gangwar says, fall in inflation will improve purchasing power of the working class All-India Consumer Price Index for Industrial Workers (2016=100) for January, 2021 decreased to 118.2 points compared to 118.8 points for December, 2020. In percentage terms, it went down by 0.51% […]

PCDA Circular : Implementation of recommendation of 7th CPC – Grant of Non-Functional Up gradation (NFU)

February 23, 2021 By selva Leave a Comment

PCDA Circular : Implementation of recommendation of 7th CPC – Grant of Non-Functional Up gradation (NFU) IMPORTANT CIRCULAR (Through PCDA (WC) Website) No. AN/III/1874/NFU Dated: – 17.02.2021 To, 1.All Sub Offices and IFAs (under PCDA (WC) Chd.) 2. All Sections (Main Office, PCDA (WC) Chd.) Subject: Implementation of recommendation of 7th CPC- Para 11.12.140- Grant […]

Kolkata (Phase -III) Housing Scheme

February 21, 2021 By selva Leave a Comment

Kolkata (Phase -III) Housing Scheme CENTRAL GOVERNMENT EMPLOYEES WELFARE HOUSING ORGANISATION(An Autonomous body of Govt. of India, under the aegis of M/o Housing & Urban Affairs)6th floor, `A’ Wing, Janpath Bhawan, Janpath, New Delhi-110001Ph: 011-23717249, 23739722, 23355408 Fax: 011-23717250 AnnouncesKOLKATA (PHASE – III) HOUSING SCHEME(WBHIRA No. HIRA/P/SOU/2021/001183) ABOUT THE ORGANISATION: Central Government Employees Welfare Housing […]

CGHS : Empanelment of AYUSH Hospital/Centers under CGHS/CS (MA) Rules

February 21, 2021 By selva Leave a Comment

Empanelment of AYUSH Hospital/Centers under CGHS/CS (MA) Rules F.No.S. 110011/90/2016-CGHS (HEC)/AYUSH/Pt.II Government of India Ministry of Health& Family Welfare Directorate General of Central Government Health Scheme Nirman Bhavan , New Delhi Date: 12 February, 2021 OFFICE MEMORANDUM Subject:- Empanelment of AYUSH Hospital/Centers under CGHS/CS (MA) Rules. With reference to the above mentioned subject attention is […]

Finmin Order : Clarification on Cash Management Guidelines – Regarding

February 20, 2021 By selva Leave a Comment

Finmin Order : Clarification on Cash Management Guidelines – regarding F.No.12(13)-B(W&M)/2020 Ministry of FinanceDepartment of Economic Affairs(Budget Division) New Delhi,17th February, 2021. OFFICE MEMORANDUM Subject: Clarification on Cash Management Guidelines – regarding. Clarifications have been sought regarding expenditure ceiling during last quarter and last month of 2020-21. It is clarified that the reference to this […]

CPAO : Documents to be submitted by family pensioner alongwith the formats

February 19, 2021 By selva Leave a Comment

CPAO : Documents to be submitted by family pensioner alongwith the formats CPAO/Tech/Bank Performance/37 Vol-III(A)/2020-21/81 Dated: 12.022021 To, The Head of CPPC/GBD _______________________ ________________________ ________________________ Subject:- Documents to be submitted by family pensioner alongwith the formats. Sir/Madam, Your kind attention is invited to CCS Pension (Rules) 1981, Para 24 of the “Scheme for Payment of […]

CGEGIS : Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2021 to 31.03.2021.

February 19, 2021 By selva Leave a Comment

Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the period from 01.01.2021 to 31.03.2021. No. 7(2)/EV/2016 Government of IndiaMinistry of FinanceDepartment of Expenditure New Delhi, the 15th February, 2021 OFFICE MEMORANDUM Sub: Central Government Employees Group Insurance Scheme-1980 – Tables of Benefits for the savings fund for the […]

Finmin Order : Clarification regarding queries being received in respect of Special Cash Package equivalent in lieu of Leave Travel Concession Fare for Central Government Employees during the block 2018-21.

February 18, 2021 By selva Leave a Comment

Finmin Order : Clarification regarding queries being received in respect of Special Cash Package equivalent in lieu of Leave Travel Concession Fare for Central Government Employees during the block 2018-21. No.12(2)/2020/E-II.A Government of India Ministry of Finance Department of Expenditure North Block New Delhi Dated 16th February, 2020 OFFICE MEMORANDUM Subject: Clarification regarding queries being […]

Rajya Sabha Q&A : Methodology for Fixation of Basic Pay 

February 10, 2021 By selva Leave a Comment

Rajya Sabha Q&A : Methodology for Fixation of Basic Pay GOVERNMENT OF INDIA MINISTRY OF PERSONNEL, PUBLIC GRIEVANCES AND PENSIONS (DEPARTMENT OF PERSONNEL AND TRAINING) RAJYA SABHA UNSTARRED QUESTION NO. 427 (TO BE ANSWERED ON 04.02.2021) METHODOLOGY FOR FIXATION OF BASIC PAY 427 SHRI NEERAJ SHEKHAR: Will the PRIME MINISTER be pleased to state: (a) […]

More Posts from this Category

List of Holidays during the year 2021 for central government offices in Tripura

Regarding list of public and restricted holidays during the year 2021 for central government offices located in Tripura

Holiday list in the State of Haryana during the Calendar year 2021

Holiday list both public holidays and restricted holidays in the State of Haryana during the Calendar year 2021, dated December 3, 2020

Recent comments

  • shiva on Guidelines for Admission in KVS 2020-2021
  • Nagaraja on 7th Pay Commission Pay Matrix table
  • Suraj on Posting/transfer of defence civilian employees on compassionate grounds or on mutual basis
  • Suraj on Posting/transfer of defence civilian employees on compassionate grounds or on mutual basis
  • Suraj on Posting/transfer of defence civilian employees on compassionate grounds or on mutual basis
  • S.Jayaraman on Pension seva SBI (state bank of India)
  • kalaiselviprabakaran on Guidelines for Admission in KVS 2020-2021
  • Kamlesh Yadav on LTC Leave Enhancement Calculator For Block Year 2018-2021
  • tejal on LTC Leave Enhancement Calculator For Block Year 2018-2021
  • Meghna Thapa on Kendriya Vidyalaya Bengdubi Admission, Results, Fee structure, Address, Contacts

Reader Interactions

Comments

  1. dharamdas says

    December 11, 2013 at 1:53 pm

    WHETHER TOTAL AMOUNT OF CHILDREN EDUCATION ALLOWANCE EXEMPT FROM INCOME TAX OR OTHERWISE

    Reply

Leave a Reply Cancel reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Primary Sidebar

Search

calcuators

  • Expected DA from July 2021- Calculator
  • HRA calculator 2020 (DA>25%)
  • Tax benefit calculator 2020
  • Expected DA For Bank Employees From November 2020
  • 7th pay commission calculator [updated]
  • Promotion/MACP Option form Calculator
  • 7th Pay Commission Pension Calculator
  • Bonus Calculator 2020
  • LTC Leave Enhancement Calculator For Block Year 2018-2021
  • LTC cash voucher scheme Ready reckoner

Pay Matrix table

  • Defence Personnel
  • MNS Officers
  • Tamil nadu
  • Rajasthan
  • Odisha
  • Gujarat
  • Haryana
  • Jharkhand
  • Madhya Pradesh
  • Nagaland
  • Tripura
  • Uttrakhand
  • Assam
  • Bihar

CSD Price list

  • CSD Car Price List 2021
  • Maruti Suzuki CSD Car Price List 2021

KVS Schools list

  • List of Kendriya Vidyalaya Schools
Copyright© 2010–2021

Central Government Employees News - Govtempdiary