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This document contains an income tax projection for an employee of Reliance Brands Limited for the year 2018-2019. It outlines the employee's earnings including basic salary, allowances and other payments. It also lists exemptions, deductions and tax payments made to date. Based on earnings, exemptions and deductions, it projects the employee's total taxable income and total tax payable for the year. It then calculates the balance tax deductible and monthly tax recoverable for the remaining months.

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69 views2 pages

22

This document contains an income tax projection for an employee of Reliance Brands Limited for the year 2018-2019. It outlines the employee's earnings including basic salary, allowances and other payments. It also lists exemptions, deductions and tax payments made to date. Based on earnings, exemptions and deductions, it projects the employee's total taxable income and total tax payable for the year. It then calculates the balance tax deductible and monthly tax recoverable for the remaining months.

Uploaded by

TWC
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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RELIANCE BRANDS LIMITED

INCOME TAX PROJECTION FOR YEAR 2018 - 2019

Employee Code : 50034930 Employee Name : PELIA HARINDER SINGH


Earnings/Deductions Actual Projection Total
Pan No. : BKQPP7728B (05 Month(s)) (07 Month(s))

01) EARNINGS
01.01) Basic Salary 193,898.00 382,508.00 576,406.00
01.02) Conveyance Allowance 877.00 0.00 877.00
01.03) House Rent Allowance 96,949.00 191,254.00 288,203.00
01.04) Residual Choice Pay 141,318.00 261,474.00 402,792.00
Total 1,268,278.00
02) EXEMPTIONS
02.01) HRA Exemption 214,933.00
Total 214,933.00
03) GROSS EARNING FROM SALARIES AFTER EXEMPTION (1-2) 1,053,345.00
04) VALUE OF PERQUSITES
Total 0.00
05) GROSS SALARY INCLUDING PERQUISITES (3+4) 1,053,345.00
Income from Previous Employer 0.00
Gross Salary Including previous employer 1,053,345.00
06) DEDUCTIONS - U/S 16(1)
06.01) Standard Deduction 40,000.00
06.02) Professional Tax 2,200.00
06.03) Professional Tax - Previous employer 0.00
Total 42,200.00
07) INCOME CHARGEABLE UNDER THE HEAD SALARIES (5-6) 1,011,145.00
08) INCOME FROM OTHER SOURCES / LOSS FROM HOUSE PROPERTY 0.00
09) OTHER DEDUCTIONS AS PER IT ACT
Gross Amt. Rs Qual.Amt. Rs Ded. Amt. Rs
80D-Medical Insr Prem.(No 0.00 25,000.00 25,000.00
80D-Preventive Health Che 0.00 0.00 0.00
80D-Preventive Health Che 0.00 5,000.00 5,000.00
Deduction under sec 80C 0.00 150,000.00 150,000.00
(* Refer details at the end)
Total 0.00 180,000.00 180,000.00
9A) MAXIMUM QUALIFYING AMOUNT 180,000.00
10) TOTAL TAXABLE INCOME (7+8-9A) 831,146.00
11) TAX PAYABLE 78,729.00
12) SURCHARGE ON TAX (10 % of 11) 0.00
13) HEALTH & EDUCATION CESS 3,149.00
14) TOTAL TAX (11+12+13) 81,878.00
15) TAX DEDUCTED IN CURRENT YEAR 37,013.00
15.01) Till Last Month 30,604.00
15.02) In Current Month (August) 6,409.00
16) REBATE U/S 89 0.00
17) TAX DEDUCTED BY PREVIOUS EMPLOYER 0.00
18) BALANCE TAX DEDUCTIBLE (14-15-16-17) 44,865.00
19) MONTHLY TAX RECOVERABLE (BALANCE MONTHS) 6,409.00

* Investment - U/S 80C Gross Amt Rs. Qual.Amt Rs. Total Rs.
Provident fund / VPF 18,987.00 18,987.00 18,987.00
Subscription to notified mutua 0.00 150,000.00 150,000.00
Total 18,987.00 150,000.00 150,000.00
RELIANCE BRANDS LIMITED
INCOME TAX PROJECTION FOR YEAR 2018 - 2019

Employee Code : 50034930 Employee Name : PELIA HARINDER SINGH


Earnings/Deductions Actual Projection Total
Pan No. : BKQPP7728B (05 Month(s)) (07 Month(s))

MONTHLY TAX DEDUCTIONS IN CURRENT FINANCIAL YEAR

---------------------------------------------------------------------------
Month Tax Deducted Voluntary Tax Deducted Total
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May 17,786.00 0.00 17,786.00
June 6,409.00 0.00 6,409.00
July 6,409.00 0.00 6,409.00
August 6,409.00 0.00 6,409.00

---------------------------------------------------------------------------
Grand Total 37,013.00 0.00 37,013.00

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