The document is an income tax calculation sheet for Mandeep Kaur for the financial year 2024-25, detailing her gross salary, deductions, and taxable income. It outlines the various allowances, deductions under different sections, and the total tax payable, which amounts to 66,288 after considering the health and education cess. Additionally, it includes calculations based on the new tax structure, showing a net tax payable of 31,419.
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The document is an income tax calculation sheet for Mandeep Kaur for the financial year 2024-25, detailing her gross salary, deductions, and taxable income. It outlines the various allowances, deductions under different sections, and the total tax payable, which amounts to 66,288 after considering the health and education cess. Additionally, it includes calculations based on the new tax structure, showing a net tax payable of 31,419.
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INCOME TAX CALCULATION SHEET For Financial Year 2024-25 (Tentative)
Name: MANDEEP KAUR(382899) Designation: INSPECTOR
1451 URBAN VIHAR PHASE 1 DUGRI MODEL PAN No: BUZPK7029P Address: TOWN LUDHIANA Posting ASSISSTANT REGISTRAR COOPERATIVE SOCIETIES Mobile No: 8544807699 Office: LUDHIANA WEST C-1(25786) Current DDO Details (Export Annual Salary Statement) ASSISSTANT REGISTRAR COOPERATIVE Department: REGISTRAR COOPERATIVE SOCIETIES Office: SOCIETIES LUDHIANA WEST C-1 Particulars Amount Remarks 1 i) Gross Salary 998018 NPS: Govt. Contribution included. ii) Standard Deduction 50000 Max Rs. 50000 iii) Pay Recovery 0 v) Special compensatory allowance, Remote locality allowance, 0 Max Rs. 1300/- per month. Difficult area allowance, or Disturbed area allowance. vi) Total Salary (i) - (ii + iii + iii + iv) 948018 vii) On the basis of production of Rent Receipt (Anyone whichever is less) i) Total HRA Received 89248 ii) Annual Rent Paid 0 iii) Basic Pay 557800 iv) DA 219524 v)Total Rent Exempted (Annual Rent Paid-10%*(BP+DA)) 0 viii) Less H.R.A Received (If any) 0 ix) Children Education Reimbursement 0 x) Medical Reimbursement 0 xi) CM Security Risk Allowance Reimbursement 0 xii) Total Salary (vi) - (vii) + (ix) + (x) + (xi) 948018 2 i) Professional Tax 2400 HBA Borrowed on or after 01-04-1999 and the possession taken before 01-04-2008, Maximum ii) House Loan "interest under Chapter VI-A 0 entitlement is Rs. 2,00,000/- otherwise Rs. 30,000/- only. 3 Net Income 945618 i) Income from NSC etc. 0 ii) Income from other source 0 iii) Income from Interest on Post Office Saving Account 0 iv) Income from Interest on Saving Bank 0 Exemption upto Rs 3,500/- in a Single Account Rs. v) Less Interest on Post Office Saving Account(U/s 10 (ii)(i)) 0 7,000/- in Joint Account vi) NPS Arrear 0 vii) Interest On GPF Taxable Amount 0 viii) Income from previous employer 0 4 Total Income 945618 5 Tax Rebate Under Section 80 C Maximum upto Rs. 1,50,000/- (One Lac Fifty thousand only) i) G.P.F. 0 ii) C.G.E.G.I.S. 2880 iii) H.B.A. Principal 0 iv) LIC 0 v) PLI 0 vi) CTD 10yrs/P.P.F. 0 vii) NSC/NSS 0 Amount with (*) are deducted by DDO. Entered amount must be greater than or equal to the viii) Tuition Fees 0 amount deducted by DDO. ix) Interest on Reinvested NSC 0 x) Bonds (if any) 0 xi) Pension Fund (80CCC) 0 xii) Employees Contribution(TIER-I)(N.P.S.) (80CCD) 77731 xiii) Other Office Saving under Section 80C 0 xiii) Employees Contribution(TIER-II)(N.P.S.) (80CCD) 0 xiv) EPF-D (Employees Provident Fund) 0 xv) Sukanya Samriddhi Yojana 0 Total of Item (5) Maximum Rs. 1,50,000/- 80611 80CCD(1B)-Additional Contribution to pension scheme 0 Max Limit 50000 Total Rebate Maximum Rs. 2,00,000/- 80611 6 Balance (4) - (5) 865007 7 Less Deductions under Chapter VI a) i) Medical Insurance (80D) CGHS 0 ii) CGHS Deducted at Other Office 0 For insurance on health of self, spouse and dependent iii) Medical Insurance (80D) OTHERS 0 children(or contribution to CGHS) - Max Rs.25,000. For insurance on health of parents-Max Rs.25,000 For insurance on health of parents-Max Rs. 50,000 in iv) Medical Insurance (80D) SENIOR CITIZEN 0 case of senior citizen. b) i) Medical Treatment (80DD) 0 Medical treatment of handicapped dependent. Expenditure on specified disease.Treatment of assesse ii) Medical Treatment (80DDB) 0 or dependent spouse, children, parent amount upto 40000/- 50,- Jawahar Lal Nehru Memorial Fund, PM Drought Relief Fund, National Childrens Fund, Indira Gandhi Memorial Trust or Rajiv Gandhi Foundation.100,- c) Donations (80G) 0 National Defence Fund, PM National Relief Fund, National Foundation for Communal Harmony,etc. The tax relief in respect of others u/s 80G shall have to be claimed by filing IT return. d) Physically Handicap (80U) 0 Gross total income does not exceed 10 lacs; shares in e) Investment under equity saving scheme (80CCG) 0 notified scheme; lock-in period is 3 years; maximum Rs.25,000/- A Maximum period of 8 years begining from the year f) Loan for Higher Education (80E) 0 in which payment of Interest on the loan begins or till the interest is paid in full, whichever is earlier. g) Employers/ Government Contribution (N.P.S) 108826 Maximum of Rs. 10,000/- of any income by way of h) Less Interest on deposits in savings accounts (80TTA) 0 interest on deposits (not being time deposits) in a saving accounts. i) Total of (a)+(b)+(c)+(d)+(e)+(f)+(g)+(h) 108826 8 Gross Total Income (6) - (7) 756181 9 Total Taxable Income 756190 Gross Total Income rounded off to Rs. 10 10 Total Tax on Income on item (9) 63738 Slab-Wise Tax Calculation Tax Rebate under Section 87A (Net Taxable Income upto 11 0 5,00,000) 12 i) Net Tax Payable (10) - (11) 63738 ii) Health & Education Cess @ 4% Payable 2550 Total of item (12) 66288 a) Total Income Tax deducted for Financial Year till January 13 33000 2025 b) Total Ed.Cess deducted for Financial Year till January 2025 0 c) Total Income Tax deducted at Other Office 0 d) Total Ed.Cess deducted at other office 0 14 Total Relief under Section 89 0 15 Balance Tax +Edu. Cess to be deducted for Financial Year 33288 Balance Tax to Rs. 30738 to be deducted for remaining 1 months of the Financial Year @ Rs. 30738 per month Balance Edu. Cess to Rs. 2550 to be deducted for remaining 1 months of the Financial Year @ Rs. 2550 per month INCOME TAX CALCULATION SHEET AS PER NEW TAX STRUCTURE Gross Salary(Gross-Pay Recovery-NPS Govt.Contribution- 889192 Standard Deduction) Standard Deduction 75000 (Gross Salary-Standard Deduction) +Income From Other 814192 Sources Income Tax 31419 Slab-Wise Tax Calculation Tax Rebate under Section 87A (Net Taxable Income upto 0 7,00,000) Net Tax Payable 31419 Tax+Education Cess 32676 a) Total Income Tax deducted for Financial Year till January 33000 2025 b) Total Ed.Cess deducted for Financial Year till January 2025 0 Balance Tax +Edu. Cess to be deducted for Financial Year -324 Kindly select the appropriate option when drafting data
Date: 06/02/2025 MANDEEP KAUR(382899)
Filled Income Tax Sheet needs to be approved by DDO, only then Savings and other exemptions will be considered For Tax calculation.