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).
Example 2
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 |
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) GPF Rs.10,000/- = Rs.35,000 |
35,000 |
|
6 |
Less: Deduction u/s 80TTA on Interest Income on savings account (restricted to Rs.10000/-) |
10,000 |
|
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 |
Source: https://www.incometaxindia.gov.in