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INCOME TAX 2024-25 Form

The document outlines the calculation of income tax for the financial year 2024-25, detailing components of salary income, standard deductions, and tax slabs according to the Income Tax Act of 1961. It specifies the tax payable based on taxable income, applicable rebates, and additional cess. The document concludes with a declaration by the employee regarding the accuracy of the provided information.

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73 views2 pages

INCOME TAX 2024-25 Form

The document outlines the calculation of income tax for the financial year 2024-25, detailing components of salary income, standard deductions, and tax slabs according to the Income Tax Act of 1961. It specifies the tax payable based on taxable income, applicable rebates, and additional cess. The document concludes with a declaration by the employee regarding the accuracy of the provided information.

Uploaded by

abhilasroutray4
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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PARTICULARS REGARDING CALCULATION OF INCOME TAX DURING THE FINANCIAL YEAR 2024-25

ASSESMENT YEAR 2025-26 INCOME CHARGEBLE UNDER THE HEAD SALARY SECTION OF THE INCOME TAX ACT 1961

NAME DESIGNATION

PERMANENT ACCOUNT NO(PAN)

1.(a)PAY ( b) DA (c) HRA


(d) OA (e)D.A. ARREAR (f)OTHER ARREAR

2 TOTAL SALARY INCOME(a+b+e+d+e+f )


3 Standard Deduction 75000
4 Total Taxable Income (2-3)
5 Tax on total Taxable Income
i. Up to Rs. 3,00,000/- NIL
ii. Rs. 3,00,001/- to Rs. 7,00,000/-@ 05%
iii. Rs. 7,00,001/- to Rs. 10,00,000/- @10 %
iv. Rs. 10,00,001/- to Rs 12,00,000 @ 15 %
v. Rs. 12,00,001/- to Rs 15,00,000 @ 20 %
vi. Rs 15,00,001 and bove @ 30 %
6 Tax payble
Less Tax Rebate up to 25,000/- for a taxablew income up to Rs
7 7 Lakhs U/S 87 A
8 Total Tax payble
9 Add Education & Health Cess 4%
10 Total Tax payble
11 Less Relief Under Section 89( i)
12 Net Tax payble
13 Tax Deducted from salary(MARCH 2024 to JANUARY 2025)

14 Tax to be Deducted from the salary of FEBRUARY 2025


Rupees____________________________________________________________________only)

I, S/O- solemnly declare that to the information record in the


statement are true to thebest of my knowledge and belief. I further declare that I am responsible for lapses if
any detyected and undertake to pay additional income tax including penalty ifany levied on me by
appropriate authority.

Full Signature of Employee


Seal & Signature of Headmaster Designation
Date

Countersigned
DDO

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