Income Tax Calculation Ay 2018-19 – Handicapped Dependent

Income Tax Calculator Ay 2018-19 – Handicapped Dependent

For Assessment Year 2018-19

Calculation of Income Tax in the case of an employee below the age of sixty years having a handicapped dependent (With valid PAN furnished to employer).

S.No. Particulars Rupees
1 Gross Salary 4,20,000
2 Amount spent on treatment of a dependant, being person with disability (but not severe disability) 7000
3 Amount paid to LIC with regard to annuity for the maintenance of a dependant, being person with disability( but not severe disability) 60,000
4 GPF Contribution 25,000
5 LIP Paid 10,000
6 Interest Income on Savings Account 12,000

Computation of Tax

S.No. Particulars Rupees
1 Gross Salary 4,20,000
2 Add: Income from Other Sources
Interest Income on Savings Account
Rs 12,000
3 Gross Total Income 4,32,000
4 Less: Deduction U/s 80DD (Restricted to Rs.60,000/- only) 75,000
5 Less: Deduction U/s 80C (i) GPF Rs.25,000/-
(ii) LIP Rs.10,000/-     =
Rs.35,000/-
35,000
6 Less: Deduction u/s 80TTA on Interest Income on savings account (restricted to Rs 10000/-) 10000
7 Total Income 3,12,000
8 Income Tax thereon/payable
(includes Rebate of Rs 2500 as per Section 87A)
600
9 Add:
(i).    Education Cess @2%
(ii).    Secondary and Higher Education Cess @1%
12

6

10 Total Income Tax payable 618
11 Rounded off to 620

 

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