Income tax Calculation Example 7 for Salary Employees 2023-24

Income tax Calculation Example 2 For Assessment Year 2023-24 – Example 7

Example 7

For Assessment Year 2023-24

A. Calculation of Income tax in the case of a retired employees above the age of sixty years but below the age of 80 years and having gross pensions of:

iii)Rs. 13,00,0001-.

B What will be the amount of TDS in case of above employees. if PAN is not submitted by them to their DDOs/Offices:

Rupees (iii)
Gross Pension5,00,0008,50,00013,00,000
Contribution of P.P.F.701.00,0001,50,000

solution: Computation of Total Income and tax payable thereon:

Rupees (iii)
Gross Pension5,00,0008,50,00013.00,000
Less: Standard deduction u/s 16(ia)50,00050,00050,000
Less: Deduction U/s 80C701,00,0001,50,000
Taxable Income3.80,0007,00,00011.00,000
Tax thereon (includes Rebate as per Section 87ANil50,0001,40,000
Health & Education Ccss 66 4%.
Total tax payableNil52,0001.45.600

” or Aadhaar number, as the case may be. # It may be noted that tax liability may not be the same in case the taxpayer opts for concessional tax regime under section 115BAC of the Act.”

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