Calculation of Income Tax – Above 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 80 years and having gross pension of:
i. 5,00,000/-,
ii. 8,00,000/- ,
iii.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 | 5,00,000 | 8,00,000 | 12,50,000 |
| Contribution of P.P.F. | 80,000 | 1,20,000 | 1,50,000 |
Computation of Total Income and tax payable thereon
| Particulars | Rupees | Rupees | Rupees |
|---|---|---|---|
| (i) | (ii) | (iii) | |
| Gross Pension | 5,00,000 | 8,00,000 | 12,50,000 |
| Less: Deduction U/s 80C | 80,000 | 1,20,000 | 1,50,000 |
| Taxable Income | 4,20,000 | 6,80,000 | 11,00,000 |
| Tax thereon | Nil | 36,000 | 1,30,000 |
| Add:
(i) Education Cess @ 2%. |
720 | 2600 | |
| (ii) Secondary and Higher Education Cess @1% | 360 | 1300 | |
| Total tax payable | Nil | 37,080 | 1,33,900 |
Amarendra Nath Majumder says
Central Govt Retired as F/M(G) in the Ministry of Defence
My date of birth is 21 July 1938 (now above age 80 years)
My pension details:- Basic Pension Rs 39,600/-
DA 9%:-Rs 3564/-
Medical Rs:- 1,000/-
Total Rs:- 44,164/-
URKRao says
This is exclusively for Residents above 80 years age. How about non-residents above 80?
URAkRao
M.K.KUMAR says
NRI or not any individual whose income exceeds Rs. 2,50,000/- is required to file an income tax return in India. Under 80c Rs.1,50,000/-is discount, more than that amount they have to pay the tax as per the rules.