Taxable income calculation
This query is : Resolved
Quick Summary
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
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
02 February 2024
Whether you are government employee or private
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
Pvt employee-what is the taxable income
Govt employee-what is the taxable income
02 February 2024
Yes in case of gratuity it differs for both.
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 ?
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 ?
02 February 2024
https://cleartax.in/s/income-tax-exemption-on-gratuity Check gratuity calculation in case of private employee
02 February 2024
Income is 5 lakhs in case of government employee
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.
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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