Slab Rate for F.Y  2018-19

INCOME TAX
UPTO 250000 Nil
250000-500000 5% of Income Greater than 250000
500000-1000000 20% of Income Greater than 500000+12500
>1000000 30% of Income Greater than 1000000+112500

There is Rebate of 2500  if Income between 250000-350000 and also Standard Deduction of 400000 p.a

is also given to salaried Person.

Slab Rate 1.jpg

Now all Employees will get a Standard Deduction of 40000 per annum, Hence,their Income will be reduced by 40000 while calculating tax

Earlier now.jpg

(Applicable for ITR of Financial Year 2018-19 (AY 2019-20)
Also applicable for Payroll from 1 April 2018

However cess has increased from 3% to 4%

 

 

Example 1

Suppose an Employee gets a Salary of 15000 per month.

What is Income Tax Payable by him?

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Example 2

Suppose an Employee gets a Salary of 35000 per month.

What is Income Tax Payable by him?

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Example 2 Continue

What is monthly TDS to be deducted in this case?

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Example 3

Suppose an Employee gets a Salary of 75000 per month.

What is Income Tax Payable by him?

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Example 3 Continued

What is monthly tax to be deducted in this case?

View Answer

 

 

Assignment

Complete the following table in Excel

MONTHLY SALARY

10000

25000

30000

40000

50000

100000

22000

ANNUAL SALARY

 

 

 

 

 

 

 

TAX

 

 

 

 

 

 

 

REBATE

 

 

 

 

 

 

 

NET TAX

 

 

 

 

 

 

 

CESS

 

 

 

 

 

 

 

TAX+ CESS

 

 

 

 

 

 

 

MONTHLY TDS

 

 

 

 

 

 

 

NET SALARY

 

 

 

 

 

 

 

 

DOWNLOAD AND TRY 

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  1. Tax Practical
  2. Practical Payroll (TDS Salary,PF,ESI)
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides GST Training in Delhi. Register now.