Income tax Calculation Example 8 for Salary Employees 2023-24

Income tax Calculation Example 8 For Assessment Year 2023-24 – Example 8

Example 8

For Assessment Year 2023-24

A. Calculation of Income tax in the case of a retired employee, above the age of 80 years and having gross pension of:
i)Rs.5,50,000/-,
ii)Rs.8,50,000/- ,
iii)Rs. 13,00,000/,

B What will be the amount of TDS in case of above employees, if PAN @is not submitted by them to their DD0s/Offices:

ParticularsRupees
(i)
Rupees
(ii)
Rupees
(iii)
Gross Pension5,50,0008,50,00013,00.000
Contribution of P.P.F.801,20.0001.50,000

COMUTAT1ON OF TOTAL INCOME AND TAX PAID THEREON:

ParticularsRupees
(i)
Rupees
(ii)
Rupees
(iii)
Gross Pension5,50,0005.50,00013.00,000
Less: Standard deduction u/s I6(ia)50,00050,00050,000
Less: Deduction U/s 80C801201,50.000
Taxable Income4,20.0006.80.00011.00.000
Tax thereonNil36,0001,30,000
Add:
Health & Education CMS @ 4%.
Nil1,4405,200
Total tax payableNU37,4401,35,200

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.A29

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