Tax calculation ay2015-16

babugr (dgm) (509 Points)

31 May 2015  

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