Correct India Income Tax Calculation?

Question

Could someone please verify if my calculation of India income tax below is correct? If not, I would appreciate if the correct detailed calculation & explanation could be provided. Thanks!

April Income Tax Calculation (Male employee < 65 yo):

Basic Salary (Regular Income): 22,500
Overtime (Irregular Income): 1,500
Annual Regular Income (after projection) = 22,500*12 = 270,000
Annual Taxable Income = 270,000 + 1,500 = 271,500
Based on tax slab, Marginal Tax Rate: 30%

Income Tax Calculation on REGULAR INCOME:
Annual tax on regular income = 5,000 + 20,000 + (270,000 - 250,000)*30% = 31,000
Education cess = 31,000*2% = 620
Annual tax = 31,000 + 620 = 31,620
Income Tax in April for Regular Income = 31,620/12 = 2,635

Income Tax Calculation on IRREGULAR INCOME:
Tax on irregular income = 1,500*30% = 450
Education cess: 450*2% = 9
Income Tax in April for Irregular Income = 450 + 9 = 459

So, Income Tax in April that the employee has to pay = 2,635 + 459 = 3,094

Answer 1

Your Total Income: 270000 + 1500, i.e., 271500

Tax Slabs For an Individual :
First 100000 - exempt
next 50000 - 10%
next 100000 - 20%
above that - 30%

That amounts to a sum of the following:
= 5000 + 20000 + 6450
= 31450

Plus education cess @ 2%.
= 31450 + 629
= 32079, i.e. Annual Tax figure.

you can also gain by making investments U/s 80C, 80D etc and save tax. Sec 80C provides a deduction for savings and investments in the approved schemes upto a maximum of Rs. 100000/-.
While Sec 80D is available to you if you take up a medical insurance with a GIC Company for yourself or your family members who are dependent on you, payment should be made by cheque to avail this deduction, a maximum of Rs 10000/- can be availed

You need to deposit this amount for the whole assessment year. In Indian Tax Laws, there is no concept of month wise tax calculations. You can deposit tax in advance or in instalments, as you feel. But you need to pay the tax on the basis of the whole assessment year.

Regards,
Rb...

Answer 2

No its worng total tax is Rs. 32079/-