Contact Us
India
Individual - Sample personal income tax calculation
Last reviewed - 11 April 2024Following is the example of computation of taxable income for an individual (below the age of 60 years) as per the APTR.
| 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 capital gain from immovable property | 500,000 | |
| 3,000,000 | ||
| Total taxable income | 11,000,000 | |
| Tax liability on income (other than long-term capital gains): | ||
| Up to 300,000 | 0 | |
| 300,001 to 600,000 (300,000 at 5%) | 15,000 | |
| 600,001 to 900,000 (300,000 at 10%) | 30,000 | |
| 900,001 to 1,200,000 (300,000 at 15%) | 45,000 | |
| 1,200,001 to 1,500,000 (300,000 at 20%) | 60,000 | |
| 1,500,001 and above (9,000,000 at 30%) | 2,700,000 | |
| Subtotal tax | 2,850,000 | |
| Add: 20% tax on long-term capital gains (500,000) | 100,000 | |
| Total tax | 2,950,000 | |
| Add: Surcharge (15% if income [other than long-term capital gains] is between INR 10 million and INR 20 million; and 15% on long-term capital gains) | 442,500 | |
| Add: Health and education cess at 4% (on tax and surcharge) | 135,700 | |
| Total tax liability | 3,528,200 |
