Self assessment tax

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Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2011 hello sir, here my query is... what is self assessment tax? and how to calculate it?

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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12 November 2011 As per sec 140A of income tax act 1961
self assessment tax calculated as foloww

income from five heads
+ clubing provisons
adjust set off
------------------
Gross total income
less- deduction 80C to 80U
------------
total income
------------

calculate tax on total income
less-TDS/advance tax from tax on total income.

then you get figure of self assessment tax

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2011 Thank you sir for responding me actually i am not understanding what is mean by clubing provision?

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CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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12 November 2011 Clubbing provisins specified in sec 61-64

clubbing means adding of income of other person in your income

Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2011 how sir i mean will you please give me any examples for that?

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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12 November 2011 for. e.g if u transfer any asset to your spouse without adequate considration for avoiding tax liablity on income from such assest,then income from such assest will not be taxable in the hands of spouse it will be taxable i your hand.

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Querist : Anonymous

Querist : Anonymous (Querist)

12 November 2011 Thank you so much sir....

CA VISHAL RANA,CS,B.Com,AMFI

CA VISHAL RANA,CS,B.Com,AMFI (Expert)
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12 November 2011 your welcome here

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