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31st March 2024 Retired - How Much Tax On Rs. 25,26,000 Retirement Leave Salary?

T S Khurana |536 Answers |Ask -Follow

Tax Expert - Answered on Sep 21, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Mukesh on Sep 01, 2024Hindi

Money

i was retired on 31 march2024 from pvt.job and received retirement leave salary Rs2526000.00 in April 2024,so how much Tax i have to pay.

Ans: It's not possible to work out your tax liability on the basis of incomplete information, about your tax & tax saving instruments.
Tax liability will depend upon your total income from all other sources, Tax saving investments & your age etc.
Most welcome for any other clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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I am 62 years old. I have following income for F/Y 2020-21 Pension: Rs 8.08 lakhs FD interest: Rs 2.28 lakhs MF dividend: Rs 1.33 lakhs Shares dividend: Rs 31,000 Shares STCG: Rs 2.88 lakhs Shares LTCG: Rs 0.62 lakhs Sir, what will be my tax liability? Investment (80C , 80D, 80 CCB) rebate, TDS I will adjust. I want to know whether still some tax is to be paid.

Ans: Currently, your taxable income without deduction comes to Rs 12 lakhs. Shares STCG and LTCG is not added to the income. These are separately taxed.

After deductions, the taxable income would be Rs 10 lakhs (if 80C and 80D is fully claimed. 80CCB comes under 80C).

In this case, you still have to pay tax. Your tax liability would be around Rs 1.1 lakhs.

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I retired from Indian railway in June 2022. I received about 55 lakh on retirement from various heads - 23 lakh Provident fund, 9 lakh leave encashment , 13 lakh commuted pension, gratuity 12 lakh. Do i need to pay tax on above amounts?

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Hi Mihir if my Salary is 19 Lakhs . What is the actual income tax I will pay for 2025_26 ?

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Question by Susheel - Feb 03, 2025Hindi

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My pension during financial year is 625000/- plus tax saving fdr worth Rs 33 lacs plus mutual fund of Rs.4 lacs for 3 years. How much tax is payable for the financial year 2025-26

Ans: Your income for the year 2025-26 seems to be as under :
Pension - Rs.6,25,000.00.
Interest FDRs (Estimated @ 8%) - Rs.2,64,000.00.
Income from MFs - Nil
TOTAL Rs.8,89,000.00.
Since you are not selling your MFs, so no Income would be there from MFs.
If we file your ITR under New Tax Regime, there will not be any tax payable, as it will be covered under Tax Rebate (u/s 87-A).
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Question by siddhartha - Jul 17, 2025Hindi

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Sir, Good Afternoon. I am taking Voluntary Retirement on Jan2026 from Central Govt Service. I will get a monthly pension of Rs.50000. I will invest Rs.30 Lakh in SCSS scheme for getting monthly Rs.20500/-. I will also invest Rs.9 Lakh in POMIS for getting Rs.5250 monthly. I will also get Rs.8000/- as rent.These all adding my total income after retirement will be 83750. Sir my question is whether I have to pay income tax on this income. If i have to pay please advise how to save the tax.

Ans: Interest income and rental income is taxable as Income from other sources. Income from other sources is chargeable at slab rate and as per slab rate for FY 2025-26, there is NIL tax upto income of Rs.4,00,000. In addition to that eligible income get tax rebate upto 60,000.

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Sorry to hear about your fall and the resultant damage to your teeth.
Honestly, it's best to follow your dentist's advice, but I understand your problem. Eating can be a challenge.
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My married ex still texts me for comfort. Because of him, I am unable to move on. He makes me feel guilty by saying he got married out of family pressure. His dad is a cardiac patient and mom is being treated for cancer. He comforts me by saying he will get separated soon and we will get married because he only loves me. We have been in a relationship for 14 years and despite everything we tried, his parents refused to accept me, so he chose to get married to someone who understands our situation. I don't know when he will separate from his wife. She knows about us too but she comes from a traditional family. She also confirmed there is no physical intimacy between them. I trust him, but is it worth losing my youth for him? Honestly, I am worried and very confused.

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Hi Anu, My husband doesn't do house chores. We both work full-time, but I still end up cooking, cleaning, and doing laundry. When I ask for help, my partner will say, ‘Just tell me what to do,’ but then he conveniently forgets. Maybe he doesn't like it or he is genuinely forgetful. I have tried many ways to make him explain. Once I only did my share of laundry to make him realise but he simply ignored. Every week this pattern repeats. Is this normal? How can married couples divide responsibilities fairly to avoid fights?

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Every home has a different routine and share of responsibilities. So, there's no standard norm to challenge it as normal or not!
So, if you want your husband to pitch in, then say it in clear terms, especially since he has told you to tell him what to do.
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Everybody has a life and so do you; build your life the way that you want...
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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