Taxable income calculation

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ntc pioneer (Querist)
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01 February 2024 How much is the taxable income for the fy 23-24 in the following case

Individual
Less than 60 yrs
Salaried class-old regime

Income from salary-400000 (from employer 1)
Income from salary -300000 (from employer 2)
80 c-150000
Standard deduction-50000
Gratuity received during the year from employer 1-50000

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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02 February 2024 Whether you are government employee or private

ntc pioneer

ntc pioneer (Querist)
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02 February 2024 Is there any difference in the calculation of taxable income for a govt emoloyee and a pvt employee ?

Pvt employee-what is the taxable income
Govt employee-what is the taxable income

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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02 February 2024 Yes in case of gratuity it differs for both.

ntc pioneer

ntc pioneer (Querist)
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02 February 2024 Ok

Then in the above mentioned case ,what is the taxable income if he/she is a pvt employee and what is the taxable income if he /she is a govt employee ?

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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02 February 2024 https://cleartax.in/s/income-tax-exemption-on-gratuity Check gratuity calculation in case of private employee

CA Rashmi Gandhi

CA Rashmi Gandhi (Expert)
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02 February 2024 Income is 5 lakhs in case of government employee

Aashok Kumar Sharma online

Aashok Kumar Sharma online

(Expert)
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17 August 2025 Section 40(b) Limits
Only working partners can receive remuneration that’s deductible—if authorized by the partnership deed.
Deduction limit: Up to ₹3 lakh or 90% of first ₹6 lakh book profit, and 60% of the remaining book profit.
tradeviser.in
Interest on Capital
Allowed up to 12% p.a., with deed authorization.
CAclubindia
TaxBuddy.com
Tax Treatment in Partner’s Hands
Remuneration & interest: taxable as business income.
Share of profit: fully exempt under Section 10(2A).
tradeviser.in
TaxBuddy.com
TDS Requirement (Effective 1 Apr 2025)
Section 194T mandates 10% TDS on remuneration, commission, etc., paid to partners exceeding ₹20,000 in a year. Profit share is not subject to TDS.
Scribd
Salary vs. Remuneration
Even if called “salary,” partner compensation isn’t treated as salary under tax law and is not covered by Section 192.

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