Calculation of Income tax – Retired employee above the age of sixty years but below 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 sixty years but below the age of 80 years and having gross pension of:
iv. 4,50,000/-,
v. 8,00,000/- ,
vi.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 | 4,50,000 | 8,00,000 | 12,50,000 |
| Contribution of P.P.F. | 70,000 | 1,00,000 | 1,50,000 |
Computation of Total Income and tax payable thereon
| PARTICULARS | RUPEES | RUPEES | RUPEES |
|---|---|---|---|
| (i) | (ii) | (iii) | |
| Gross Pension | 4,50,000 | 8,00,000 | 12,50,000 |
| Less: Deduction U/s 80C | 70,000 | 1,00,000 | 1,50,000 |
| Taxable Income | 3,80,000 | 7,00,000 | 11,00,000 |
| TAX THEREON | 4,000 | 50,000 | 1,40,000 |
| Add: (i) Education Cess @ 2%. | 80 | 1000 | 2800 |
| (ii) Secondary and Higher Education Cess @1% | 40 | 500 | 1400 |
| TOTAL TAX PAYABLE | 4120 | 51,500 | 1,44,200 |
