How to calculate Income tax?
February 5, 2012 at 7:48 am #67157
One state govt. employee retd. on 31.12.11.No pension/Gratuity/CVP have been finalised till date.
Now ,Before retirement:
309648 ( from April’11 to December ’11)
Arrear (50% of 3rd instt of ROPA)—- 10000
Deduction.(80C): GPF………………..48000 (from April’11 to Sept’11)
PT…………………1800 ( From April’11 to Sept. 11)
Net Income (1)-(2) upto Dec’11 is (319648-49800) = 269848
Now, After retirement i.e 31.12.11
Salary of contractual employment @8000pm w.e.f 03.01.12
23484 ( Jan’12 to March’12)
deduction as PT-……………………………………………………… 150(3 months)
Savings on Bank
GPF final amount RS.7.5 lakh deposited on 30.1.12 as FD & monthly interest acrued thereon for March’12 only Rs. 6000
( 15H submitted)
Now the question is…
1. How the income tax would be calculated?
2. What will be the Tax amount on above income?
3. When & to whom the TAX return (ITR) to be filed?
Hope, to get an early reply from your end.Thanking u….February 5, 2012 at 9:53 am #71318
Income tax should be calculated totaling the gross income for the Assessment Year 2012-13 incl all sources. And after necessary deduction as applicable, total tax should be calculated upon the net amount. I have calculated the same in an excel sheet and attaching herewith. If you find any error please let me know and also you can enter other relevant data to complete the calculation.
Total tax is calculated as Rs. 12,200/- approx.
ITR should be submitted to the respective ward which can be found from the income tax website.February 5, 2012 at 4:32 pm #71320
Many Many thanks for your kind reply which would help me a lot. However, I like to raise further the following queries as I have not received any salary statement from the former Office after my retirement.
i) During my service I submitted ITR computation Return along with the Form-16 or Salary statement during the early month of February which was being deducted from my salary during the month of February,
ii) But now I have been released on superannuation (on 31.12.2011), the question of submitting the ITR like previous year does not arise so far.
III) Please let me know where & when the amount to be deposited & where the ITR to be submitted.
iv) Is it (amount Rs. 12201.00) to be deposited in the Bank through Treasury Challan & receipt copy to be submitted to Income Tax Office along with the Saral form during the month of July’12 on wards?( I used to submit Return in the office for deduction from salary when I was in the service then the saral form (ITR-I) in the Income Tax office)
An early reply will be highly appreciated,
A Retired Govt. EmployeeFebruary 5, 2012 at 5:19 pm #71321
Sir, at first I admit my mistake calculating tax for you. I had considered 1,80,000 as No Tax Slab. But actually for senior citizen (60-80 yrs) it should be 2,50,000. For which tax becomes Rs. 4991.
This calculated tax (self assessed) should be deposited in the credit of Central govt. account (e.g. may be deposited at SBI (authorized branch) through treasury challan) before March 2012.
You may submit return after July, 2012 to local ward. But I highly recommend you to use online income tax return portal at: https://incometaxindiaefiling.gov.in/portal/index.do
I am using this service more than 3 years.
iii) Find eFiling Process
iv) Download Return Preparation Software (An Excel utility which you have to fill up with your data, and clicking a button it will generate a xml file)
v) Upload the generated xml file. Return Submitted.
vi) Take a print out of Acknowledgement.
vii) Send it to ITD-CPC, Bangalore by ordinary post. You are done.February 6, 2012 at 1:34 pm #71327
Ok..Thank you Sir. I shall submit this tax through Treasury challan at SBI branch within March 2012.February 7, 2012 at 1:59 pm #71334
For female candidate whether tax free up to 1,80,000/- or 1,90,000/- for the FY 2011-2012 i.e. for the current financial year?
-Ram ProsadFebruary 7, 2012 at 2:33 pm #71336
It is 1,90,000 for female employee.February 19, 2012 at 9:43 am #71393
Unfortunately I have forgotten my log in details of incometaxindiaefillig.gov . I am not able to recover it from that site by trying again and again.So I could not able to calculate my income tax online. Please suggest me what can I do ?February 19, 2012 at 11:01 am #71394
Click login then forget password. You will have to provide your email id and username. Your pan is the username. Just enter it and check your mail.March 7, 2012 at 2:39 pm #71524
I have tried repeatedly by providing email id & username but could not succeed.
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