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India
Individual - Sample personal income tax calculation
Last reviewed - 25 October 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 of 75,000) | 7,925,000 | |
| 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 | 10,925,000 | |
| Tax liability on income (other than long-term capital gains): | ||
| Up to 300,000 | 0 | |
| 300,001 to 700,000 (400,000 at 5%) | 20,000 | |
| 700,001 to 1,000,000 (300,000 at 10%) | 30,000 | |
| 1,000,001 to 1,200,000 (200,000 at 15%) | 304,000 | |
| 1,200,001 to 1,500,000 (300,000 at 20%) | 60,000 | |
| 1,500,001 and above (8,925,000 at 30%) | 2,677,500 | |
| Subtotal tax | 2,817,500 | |
| Add: 12.5% tax on long-term capital gains (500,000) | 62,500 | |
| Total tax | 2,880,000 | |
| 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) | 432,000 | |
| Add: Health and education cess at 4% (on tax and surcharge) | 132,480 | |
| Total tax liability | 3,444,480 |
