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

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