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Individual - Sample personal income tax calculation
Last reviewed - 03 October 2019Following is the example of computation of taxable income for an individual (below the age of 60 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 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 250,000 | 0 | |
| 250,001 to 500,000 (250,000 at 5%) | 12,500 | |
| 500,001 to 1,000,000 (500,000 at 20%) | 100,000 | |
| 1,000,001 and above (9,500,000 at 30%) | 2,850,000 | |
| Subtotal tax | 2,962,500 | |
| Add: 20% tax on long-term capital gains (500,000) | 100,000 | |
| Total tax | 3,062,500 | |
| Add: Surcharge (15% if income is between INR 10 million and INR 20 million) | 459,375 | |
| Add: Health and education cess at 4% (on tax and surcharge) | 140,875 | |
| Total tax liability | 3,662,750 |
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