Calculation of Income Tax – Above The Age Of 80 Years

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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