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.
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.
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.
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