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Calculation of Income Tax – Above The Age Of 80 Years

September 27, 2018 rajasinghmurugesan

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

 

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Filed Under: CGE LATEST NEWS, Income tax, Income Tax Rates September 27, 2018 3 Comments

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Comments

  1. Amarendra Nath Majumder says

    October 18, 2018 at 7:43 am

    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/-

    Reply
  2. URKRao says

    July 31, 2018 at 12:11 am

    This is exclusively for Residents above 80 years age. How about non-residents above 80?

    URAkRao

    Reply
    • M.K.KUMAR says

      July 31, 2018 at 11:42 am

      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.

      Reply

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