Income tax calculation
This query is : Resolved
15 September 2012
i have a query that
a person have
Income from house property : 37600
(after 30% of maintenance)
Income from profession : 35000
Income from other sources : 60500
Income of a minor child : 29900
(from redemption of uti
mutual fund)
Agriculture Income : 40000
and also deduction under 80c : 21500
what will be procedure to calculate the tax? please help me.
a person have
Income from house property : 37600
(after 30% of maintenance)
Income from profession : 35000
Income from other sources : 60500
Income of a minor child : 29900
(from redemption of uti
mutual fund)
Agriculture Income : 40000
and also deduction under 80c : 21500
what will be procedure to calculate the tax? please help me.
15 September 2012
37600+ 35000 + 60500 + 29900 = 163000. It is below taxable. Agricultural income does not play any role in this as the income is below taxable.
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15 September 2012
Income tax payable is Nil. Because net total income is below the exemption limit so tax on total income is Nil.
Your Net total income is assume mutual fund is exempted u/s 10 then Rs.1116000(37600+35000+60500-21500)
In case Mutual fund not exempted u/s 10 then Rs.140000(37600+35000+60500+29900-1500(minor income exempted upto maximum of Rs.1500)-21500)
In both the above case total income doesn't exceed the basic exemption limit for A.Y.2012-13 so no tax liability.
OM SAI SRI SAI JAI JAI SAI
Your Net total income is assume mutual fund is exempted u/s 10 then Rs.1116000(37600+35000+60500-21500)
In case Mutual fund not exempted u/s 10 then Rs.140000(37600+35000+60500+29900-1500(minor income exempted upto maximum of Rs.1500)-21500)
In both the above case total income doesn't exceed the basic exemption limit for A.Y.2012-13 so no tax liability.
OM SAI SRI SAI JAI JAI SAI
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15 September 2012
I agree with the experts.
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