Tax calculation ay2015-16

Tax queries 380 views 3 replies

babugr

dgm

515 Points Joined February 2014

Dear experts,

I retired in Jun'2014 from PSU and got all retiral benefits like pf, gratuity,leave encashed, 1/3 commuted pension in July'14. I received my Form 16 and tried to calculate the TAX liability yesterday on Incometax website. The tax liability I have originally calculated works out to be Rs.8 lacs out of which 6.8 lacs was through TDS by my employer and I paid an advance tax of Rs. 1 lac in Mar'15 although it was not essential being 60 years. to my surprise when i entered the exempt income as other deductions the tax calculator shows tax is zero. i think there is some error in the tax calculator in incometax website.

Kindly advise me.

thanks for your usual cooperation.

G.R.Babu

Replies (3)

Nikhil Kaushik

Fellow CA

86871 Points Joined June 2009

Dear Sir,

Would advise you to share the computations here. Hard to advise on exact numbers when it comes to tax without looking at the actual data

babugr

dgm

515 Points Joined February 2014

Thanks Nikhil ji,

it was an error on my part, as there was no provision in the calculator for Exempt income like pf, gratuity, commuted pension etc. I have put the sum total in deductions column which resulted 0 tax. But i am still not clear how can any one have 30 lacs or more as deduction under what section one can get such huge deduction, the calculator does not stop any amount. I will any how wait for the new ITR2 so called simplified form to be published on the website and practice as they extended the submission time to Aug'15, I could have got interest of Apr,May,Jun, July & Aug on the Adv tax i paid.

GR Babu