Income Tax Rates Assessment Year 2018-19,2019-20 Tax Rates 1. In case of an Individual (resident or non-resident) or HUF or Association of Person or Body of Individual or any other artificial juridical person Taxable income Tax Rate Up to Rs. 2,50,000 Nil Rs. 2,50,000 to Rs. 5,00,000 5% Rs. 5,00,000 to Rs. 10,00,000 20% Above […]
One Computation of Taxable Salary and allowances, Deduction for Interest on Housing Loan and Deduction u/s 80C. Mr. X, a Central Govt. Officers in Delhi, is receiving Basic Pay Rs.40,000, DA at prescribed rates, transport allowances @ Rs.3600+DA thereon, and HRA (existing- from 1st July 2017 @24% of basic pay (though living in his own […]
Calculation of Income Tax – Above The Age Of 80 Years For Assessment Year 2018-19 A.Calculation of Income tax in the case of a retired employee above the age of 80 years and having gross pension of: i. 5,00,000/-, ii. 8,00,000/- , iii.12,50,000/-. B .What will be the amount of TDS in case of above employees, if […]
Calculation of Income tax – Retired employee above the age of sixty years but below the age of 80 years For Assessment Year 2018-19 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: iv. 4,50,000/-, v. […]
4.5 Interest, Penalty & Prosecution for Failure to Deposit Tax Deducted: 4.5.1 If a person fails to deduct the whole or any part of the tax at source, or, after deducting, fails to pay the whole or any part of the tax to the credit of the Central Government within the prescribed time, he shall […]
5. COMPUTATION OF INCOME UNDER THE HEAD “SALARIES” 5.1 INCOME CHARGEABLE UNDER THE HEAD “SALARIES”: (1) The following income shall be chargeable to income-tax under the head “Salaries” : (a) any salary due from an employer or a former employer to an assessee in the previous year, whether paid or not; (b) any salary paid […]
RATES OF INCOME-TAX AS PER FINANCE ACT, 2017: As per the Finance Act, 2017, income-tax is required to be deducted under Section 192 of the Act from income chargeable under the head “Salaries” for the financial year 2017-18 (i.e. Assessment Year 2018-19) at the following rates: 2.1 Rates of tax A. Normal Rates of tax: […]
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 […]
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 7,00,000 2 Bonus 1,40,000 3 Free gas, electricity, water etc. (Actual bills paid by company) 40,000 […]
Example 3 For Assessment Year 2018-19 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. Particulars Rupees 1 Gross Salary 5,20,000 2 Medical Reimbursement by employer on the treatment of self and dependent […]