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India Individual - Sample personal income tax calculation

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Following is the example of computation of taxable income for an individual (below the age of sixty years).

 

Tax computation INR INR
Base salary 5,000,000   
Allowance 2,000,000   
Taxable perquisites 1,000,000   
  ---------------  ---------------
Total salary and allowances (Net of Standard deduction)   8,000,000
    ---------------
Income from House Property 500,000  
Short term capital gain from immovable property 2,000,000   
Long term (LT) capital gain from immovable property 500,000  3,000,000 
  ---------------  ---------------
Total taxable income   11,000,000
    ---------------
Tax liability on income (other than LT gain)    
Up to 2,50,000 0  
250,001 to 500,000 (250,000 @5%) 12,500  
500,001 to 10,00,000 (500,000 @20%) 100,000  
10,00,001 and above (9,500,000 @ 30%) 2,850,000  
  ---------------  --------------- 
Subtotal tax 2,962,500  
Add: 20% tax on LT capital gains (500,000) 100,000  
  --------------- ---------------
Total tax   3,062,500
Add: Surcharge (15% only if income exceeds INR 10 million) 459,375
Add: HEC @ 4% (on tax and surcharge) 140,875  
  ---------------  --------------
Total tax liability   36,62,750

Last Reviewed - 03 October 2019

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