Monday 30 July 2018

Calculation of Income tax – Retired employee above the age of sixty years but below the age of 80 years

Calculation of Income tax – Retired employee above the age of sixty years but below the age of 80 years
For Assessment Year 2018-19
A. Calculation of Income tax in the case of a retired employee above the age of sixty years but below the age of 80 years and having gross pension of:
iv. 4,50,000/-,
v. 8,00,000/- ,
vi.12,50,000/-.

B.What will be the amount of TDS in case of above employees, if PAN is not submitted by them to their DDOs/Offices:
PARTICULARS
RUPEES
RUPEES
RUPEES
(i)
(ii)
(iii)
Gross Pension
4,50,000
8,00,000
12,50,000
Contribution of P.P.F.
70,000
1,00,000
1,50,000
Computation of Total Income and tax payable thereon
PARTICULARS
RUPEES
RUPEES
RUPEES
(i)
(ii)
(iii)       
Gross Pension
4,50,000
8,00,000
12,50,000
Less: Deduction U/s 80C
70,000
1,00,000
1,50,000
Taxable Income
3,80,000
7,00,000
11,00,000
TAX THEREON
4,000
50,000
1,40,000
Add:

(i)     Education Cess @ 2%.
80
1000
2800
(ii)          Secondary and Higher Education Cess @1%
40
500
1400
TOTAL TAX PAYABLE
4120
51,500
1,44,200

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