Income tax Calculation Example 8 for Salary Employees 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:
| Particulars | Rupees (i) | Rupees (ii) | Rupees (iii) |
|---|---|---|---|
| Gross Pension | 5,50,000 | 8,50,000 | 13,00.000 |
| Contribution of P.P.F. | 80 | 1,20.000 | 1.50,000 |
COMUTAT1ON OF TOTAL INCOME AND TAX PAID THEREON:
| Particulars | Rupees (i) | Rupees (ii) | Rupees (iii) |
|---|---|---|---|
| Gross Pension | 5,50,000 | 5.50,000 | 13.00,000 |
| Less: Standard deduction u/s I6(ia) | 50,000 | 50,000 | 50,000 |
| Less: Deduction U/s 80C | 80 | 120 | 1,50.000 |
| Taxable Income | 4,20.000 | 6.80.000 | 11.00.000 |
| Tax thereon | Nil | 36,000 | 1,30,000 |
| Add: Health & Education CMS @ 4%. |
Nil | 1,440 | 5,200 |
| Total tax payable | NU | 37,440 | 1,35,200 |
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