How to calculate income tax in case of Employee with handicapped dependent

By | December 20, 2015
(Last Updated On: December 20, 2015)

Procedure to calculate income tax in case of Employee with handicapped dependent

For Financial Year 2015-16 ( Assessment Year 2016-17)

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.ParticularsRupees
1Gross Salary4,20,000
2Amount spent on treatment of a dependant, being person with disability (but not severe disability)7000
3Amount paid to LIC with regard to annuity for the maintenance of a dependant, being person with disability

( but not severe disability)

60000
4GPF Contribution25000
5LIP Paid10000
6Interest Income on Savings Account12000

calculate income tax in case of Employee with handicapped

S.No.ParticularsRupees
1Gross Salary420000
2Add: Income from Other Sources
Interest Income on Savings Account
12000
3Gross Total Income432000
4Less: Deduction U/s 80DD (Restricted to Rs.60,000/- only)60000
5Less: Deduction U/s 80C
(i) GPF Rs.25,000/-
(ii) LIP Rs.10,000/- = Rs.35,000/-
35000
6Less: Deduction u/s 80TTA on Interest Income on savings account (restricted to Rs 10000/-)10000
7Total Income327000
8Income Tax thereon/payable (includes Rebate of Rs 2000 as per Section 87A) (Check Income tax Slab rate )5700
9Add:
(i). Education Cess @2%
(ii). Secondary and Higher Education Cess @1%
114
57
10Total Income Tax payable5871
11Rounded off to5870
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2 thoughts on “How to calculate income tax in case of Employee with handicapped dependent

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