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. Particulars Rupees
1 Gross Salary 4,20,000
2 Amount spent on treatment of a dependant, being person with disability (but not severe disability) 7000
3 Amount paid to LIC with regard to annuity for the maintenance of a dependant, being person with disability

( but not severe disability)

60000
4 GPF Contribution 25000
5 LIP Paid 10000
6 Interest Income on Savings Account 12000

calculate income tax in case of Employee with handicapped

S.No. Particulars Rupees
1 Gross Salary 420000
2 Add: Income from Other Sources
Interest Income on Savings Account
12000
3 Gross Total Income 432000
4 Less: Deduction U/s 80DD (Restricted to Rs.60,000/- only) 60000
5 Less: Deduction U/s 80C
(i) GPF Rs.25,000/-
(ii) LIP Rs.10,000/- = Rs.35,000/-
35000
6 Less: Deduction u/s 80TTA on Interest Income on savings account (restricted to Rs 10000/-) 10000
7 Total Income 327000
8 Income Tax thereon/payable (includes Rebate of Rs 2000 as per Section 87A) (Check Income tax Slab rate ) 5700
9 Add:
(i). Education Cess @2%
(ii). Secondary and Higher Education Cess @1%
114
57
10 Total Income Tax payable 5871
11 Rounded off to 5870
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