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Calculation of Income tax an Employee Below 60 Age A.Y.2018-19

September 27, 2018 rajasinghmurugesan

Calculation of Income tax an Employee Below 60 Age A.Y.2018-19

ANNEXURE-I

SOME ILLUSTRATIONS

Example 1

For Assessment Year 2018-19

(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.5,00,000/- ,
iii) Rs.10,00,000/-
iv) Rs.55,00,000/-. and
v) Rs. 1,10,00,000/-

(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 Rupees Rupees Rupees Rupees
(i) (ii) (iii) (iv) (v)
Gross Salary Income (including allowances) 2,50,000 4,00,000 10,00,000 55,00,000 1,10,00,000
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 Rupees Rupees Rupees Rupees
(i) (ii) (iii) (iv) (v)
Gross Salary 2,50,000 4,00,000 10,00,000 55,00,000 1,10,00,000
Less: Deduction U/s 80C 45,000 50,000 1,00,000 1,00,000 1,00,000
Taxable Income 2,05,000 3,50,000 9,00,000 54,00,000 1,09,00,000
(A) Tax thereon Nil 2,500* 92,500 14,32,500 30,82,500
Surcharge 1,43,250 4,62,375
Add: Nil 50 1850 31,515 70,898
(i)   Education Cess @ 2%. Nil 25 925 15,758 35,449
(ii) Secondary and Higher Education Cess @1%
Total tax payable Nil 2,575 95,275 16,23,023 36,51,222

* After rebate of Rs 2500 u/s 87A

 

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Filed Under: CGE LATEST NEWS, Income tax, Income Tax Rates September 27, 2018 1 Comment

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Comments

  1. D.P. Singh says

    July 29, 2018 at 8:32 pm

    I FEEl PENSION IS NOT A INCOME. As it is a social wefare measure. As it was pointed out by HON’BLE SUPREME COURT in it Judgment in Case as and as under PRA-5 of the judgment as given below:

    JUDGMENT OF THE CASE:-

    Judgement of CAT PB New Delhi dated 21st day of April, 2015
    OA 1165/2011 with OA 1165/2011 & OA 246/2012
    Pratap Narayan & Others – Vs- Union of India
    ORDER

    PARA 5 of Above judgment:
    “(1) Pension is neither a bounty not a matter of grace depending upon the sweet will of the employer, nor an ex gratia payment. It is a payment for the past service rendered. It is a social welfare measure rendering socio-economic justice to those who in the hey-day of their life ceaselessly toiled for the employer on an assurance that in their old age they would not be left in lurch. Pension as a retirement benefit is in consonance with and furtherance of the goals of the Constitution. The most practical raison detre for pension is the inability to provide for oneself due to old age. It creates a vested right and is governed by the statutory rules such as the Central Civil Services (Pension) Rules which are enacted in exercise of power conferred by Article 309 and 148 (5) of the Constitution.”
    xxxx xxxx xxxx

    Reply

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