Calculation of Income tax – Retired employee above the age of sixty years but below the age of 80 years

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