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

T S Khurana |367 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.

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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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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.
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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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