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Income Tax Fy 2024-25 Prathibha

This document outlines the income tax calculation for Sri. V Prathiba Bharathi for the financial year 2024-2025, detailing gross salary, deductions, and taxable income. The net taxable income is calculated to be Rs. 4,99,690, resulting in a total tax payable of NO TAX after applying the tax rebate. The document also includes information on advance tax deductions, showing no tax due for the upcoming months.

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34 views1 page

Income Tax Fy 2024-25 Prathibha

This document outlines the income tax calculation for Sri. V Prathiba Bharathi for the financial year 2024-2025, detailing gross salary, deductions, and taxable income. The net taxable income is calculated to be Rs. 4,99,690, resulting in a total tax payable of NO TAX after applying the tax rebate. The document also includes information on advance tax deductions, showing no tax due for the upcoming months.

Uploaded by

saibaba_123
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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ANNEXURE - II OLD REGIME

INCOME TAX CALCULATION FOR THE FINANCIAL YEAR 2024-2025 (AY 2025-2026 )
NAME : Sri. V PRATHIBA BHARATHI OFFICE : MP UPS IPPALAPALLY
DESIGNATION : SECONDARY GRADE TRACHER ADDRESS : MAHABUANAGAR RURAL, MAHABUBNAGAR
EMPLOYEE ID : 1735144 PAN : AJCPV1381Q CELL No. : 9493320007
RESIDENCE : RENTED HOUSE
1 GROSS SALARY Rs. 11,35,914
2 H.R.A. EXEMPTION as per Eligibility U/s. 10 (13-A)
a) Actual HRA received Rs. 1,14,783
b) Rent paid in excess of 10% of Salary (Rent @ Rs.17800 P.M.) Rs. 1,15,646
c) 40% of Salary (Salary means Basic Pay+D.A) Rs. 3,91,816 Rs. 1,14,783
3 TOTAL SALARY (1-2) Rs. 10,21,131
4 DEDUCTIONS FROM SALARY INCOME
a) Standard Deduction U/s 16 (ia) Rs. 50,000
b) Exemption from Conveyance Allowance U/s. 10(14) (i)
c) Profession Tax U/s 16 (3) B Rs. 2,400 Rs. 52,400
5 INCOME FROM SALARY (3-4) Rs. 9,68,731
6 INCOME FROM OTHER SOURCES Annual Rent on House Property = 0 -

Income from Savings Banks Interest Muncipal Tax On House Property = 0 -

Income from House Property U/s 24 (iv) 30% of Income as Maintenance = 0 -

7 GROSS TOTAL INCOME (5+6) Income from Housing Property = 0 Rs. 9,68,731
8 A) DEDUCTIONS Under Chapter VI - A GROSS QUALIFY DEDUCTIBLE

80G E.W.F, & S.W.F, HARITHA NIDHI & CMRF Rs. 2,490 2,490
Sec.24 Interest on Housing Loan Rs. 2,00,000 2,00,000
80D Medical Insurance premium Senior citizen parents Rs. 42,550 42,550
- -
OTHERS Rs. 24,000 24,000
TOTAL Rs. 2,69,040 2,69,040 2,69,040
GROSS TOTAL INCOME (7-8) Rs. 6,99,691
B) SAVINGS U/s 80C,80CCC,80CCD(1) GROSS QUALIFY DEDUCTIBLE

80CCD(1) CPS ( Employee contribution ) Rs. 12,680 12,680


80C TSGLI Rs. 48,000 48,000
80C GIS Rs. 720 720
80C Tuition Fee for Children Rs. 52,400 52,400
80C LIC Policies Premium Yearly Rs. 18,244 18,244
80C HDFC Life Insurance Rs. 17,956 17,956
TOTAL SAVINGS Rs. 1,50,000 1,50,000 1,50,000
80CCD(1B) Additional benefit under NPS ( PRAN ) Rs. 81,541 50,000 50,000
9 NET TAXABLE INCOME (7-8A & 8B) Rounded to Nearest Rs. 10/- Rs. 4,99,690
10 TAX ON INCOME AS PER THE OLD REGIME
Up to Rs. 2,50,000 @ NIL 0 -
Rs. 2,50,001 to 5,00,000 @5% 12,485 -
Rs. 5,00,001 to 10,00,000 @ 20% - -
Rs. 10,00,001 and above @ 30% - TOTAL TAX… Rs. 12,485
11 TAX REBATE U/s 87A ( REBATE ELIGIBILITY Up to Rs.5,00,000/- ) 12,485
12 NET TAX (10-11) -
13 Health & Education Cess @ 4% -
14 Surcharge @ 10% /15%/25% If applicable -
17 TOTAL TAX PAYABLE (12+13+14+15-16) NO TAX
18 DETAILS OF ADVANCE TAX DEDUCTIONS
MAR-2024 JUL-2024 NOV-2024
APR-2024 AUG-2024 DEC-2024
TAX TO BE PAID NOW NO TAX
MAY-2024 SEP-2024 JAN-2025
JUN-2024 OCT-2024 FEB-2025

Signature of the Drawing Officer Signature of the Employee


[ V PRATHIBA BHARATHI ]

Programme Prepared by: BAKKA SRINIVASA CHARY, 9912 971 972, [email protected]

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