Chapter:
Income Tax Lecture -
4
By – CA Jasmeet Singh
RECAP
Person
computation of Income
TOPICS
Tax calculation of Individual
i.rs
every year
Total Income
2 5 Heads Income
one
clubbing 9
set off losses to los chapter
UTI
1 7 Dey v SSOC Sov 1
Total Income Taxable Income See 288A Row off
Tose computation multiple
of 10
Methods of Calculating
New Regime By Default
Tax Old optional
TAX CALCULATION Old Regime Normal provision
Individual Huf AOP BOI Artificial Judicial Person
Total Income Slab Tax Rate
BEL upto 2,501000 EE PTIONLIMIT 2.5L MIL
Exceed 2,501000 but to 5,001000 2.5L 5
up
Exceed 5,001000 but Upto101001000 51 201
Exceed 10100,000 501 301
Mentor Before
Meat 2 ge 201
2 5L 5
MIL
61001000 First 2.5L MIL
Meat 2.5L 5 0
bat 11 201
Health Education less HEC utilise Health
Education
4 0
of Income Tax MANDATORY
Tax
liability including less Round off In Multiples of
10 Up 28813
egi Calculate Tax on Total Income
of 15,601304
1 TI Round Off 15,601300
calculation Tax
of liability
First 2,501000 MIL MIL
Next 2.501000 50 0 12500
Meset 51001000 20 11001000
Tore on 101001000 1112,500
Balance Income 5,601300 30 1,681090
Income Tax before Cess 280590
4010 HFC 280590 11223160
40 0
of 2,91 813.6
Tone round 0 528813 2,91182
liability off
9 Calculate Tax on Total Income of 19.201400
Normal Shortcut
F
First 2,501000 ME First 101001000 1112,500
Meat 21501000 5010 12500 bat 9,20 400 301 276,120
Meat 51001000 20 11001000 3188,620
Tore 401 Hec 15,544.8
on 101001000 1 12,500
F liability 4 04,164.80
balance 9,201400 30 21761120 Tax has
R My 4104,160
Income Tax bef less 388620
4010 HEC 15544.80
404164.80
Tax
liability
Tore
liability Roff 4041
Calculate Tax on Total Income of 9,601800
Eg
First 2501000 IT µF
Meat 2,501000 50 0 12,500
Tore on 51001000 12,500
Bol 4,601800 20 92160
Income Tax before less 11041660
4 0 HEC 4186.40
T 1 08,846.40
liability
Tax liability Roung off 1108,850
Calculate Tax On Total Income
of 7,901000
Normal Shortcut
Frot 2,501000 MIL First 5100,000 12500
Year 2,501000 5 12,500 bet 2,901000 2011 58000
In on 51 12500 70500
301 2.901000 201 58000 411 HEC 2820
In before Ceos Tax liability 73,320
70500
4 0 HEC 2820
Tax liability 73,320
Calculate Tax on 9190,990 5L
upto 10L
If
Hate 1 Ton 20
First 5,001000 12500
bat 4,901990 201 98.198
1110,698
40 0 HEC 4427192
Tax 1115,125 92
liability
Tax R
liability off 1 15,130
SLAB RATE FOR
SENIOR CITIZEN
SENIOR CITIZEN Individual
Resident In India
60 or more but 79
9 Y 1 Y
Total Income Slob Rott
BEL
UPTO 31001000 3L MIL
More than 31 but opto 5L 21 5010
More than 5L but 51 20
upto 10L
More than 10L 501 30
4 HEC levied on I TAX
SLAB RATE FOR SUPER SENIOR CITIZEN
Individual
Resident
Age so yrs or more
Total Income Slob Rote
BEL 5L MIL
Opto 51001000
More than 51 but upto 10L 5L 20
More than 102 bat 30
4010 HEC levied on Inc Tose
BASIC EXEMPTION LIMIT
Resident Mon Resident
2.5L 2.5L
upto 59 yes
3.0L 2.52
Goyr 79 yrs
5.01 2.5L
So yr More
Mon Resident Income farm In India
Tonable In India
Tatulate Tax on Total Income of Mr J Amounting to
F 14,501000 Assume He Is
Idt
Age
a 499
b 694
c 894
Solution R 49 Yrs BEL 2.501000
First 2.51 tan on 5L
Next
Next
2.5L
5L
5010
20010
my
12500
11001000
12500
Bcl 4,501000 30 0 1.35.000
2,471500
4 0 HEC 9,900
Tax 2157,400
liability
b Resident 69 Yrs Senior Citizen BEL 31001000
First 31 N Ten on 5L
5 101000 101000
Meat 2L
Meat 5L 2090 11001000
Tox on 101001000 1,101000 learn
Bal 4,501000 30 1.351000
2,451000
4010 HEC 9800
Tax 2
4
Resident 89 yrs Super Senior Citizen BEL 5L
Tax on 5L
First 51001000 µ MIL
Meset 51001000 20 0 11001000
Tox on 101001000 11001000
501 4,501000 30 135000
2,351000
4 HEC 9,40
2 UU.HN
Tax liability
SHORTCUT ANALYSIS
INCOME Non Resident Resid Age 60 Res Age60 79 Res Agets
First 5L 12,500 12500 10,000 MIL
First 10L 1 12.500 1,121500 1,101000 11001000
Calculate Tax of Mr J TI 9,501000
Eg
a Resident Age 1 4
soy
b Non Resident Age
2
Resident T 9,501000
ABEL 3L p BELIST
40
Age Age Goyro Age so yrs
First 5L 12500 First 5L 10,000 First 5L Mic
bc14.50c 201 aoooo 5014.5010201 13014.5010201 90000
102500 1 90000
4010 Url
411
to 1108 936ft
Tax 1105 1066
1 If
Non Resident Age 40 60 80 Yrs BEL 2.502
First 5L 12500
bat 450000 209 90000
102500
411
Tax liability 1,061600
MOI
Higher BEL of 31 51 available to resident if attain
60 so as the case be on
age of may any day
during the Py 114 3113 Py 24 25
80ᵗʰ 60ᵗʰ Birthday 114125 Higher Be Applicable
Pry 24 25 AY
I
11414 13125 4125
60ᵗʰBirthday
Higher Bfl 80th Birthday
Apply
Dept circular Issue 1 7 24 3016125
yes Eligible for 114 i
Higher BEL to 1,3
5th
PY 24 25 26
L
1
f5
1 may
Jeevan ke Go Saal
2 Mins Summary
8 Summary
