Demand notice from it dept

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

13 April 2014 Hi,

age: 32
assesment year 2013-2014.

I have filed my income tax return for the financial year 2012-2013 using itr4, since i have salary income + losses from option trading + savings bank interest. below are the details:

1. income from salary 602210 rs
2. dedcutions under 80c 28731 rs
3. deductions under 80D 2893 rs
4. income from bank saving interest 3088 rs
5. Loss from option trading -85903.18 rs
-------
1. TDS deducted 36571 rs
2. self assesment tax paid 8230 rs

I received a demand notice from IT dept, can anyone please help me what is my tax liability.

Rupesh Jain

Rupesh Jain (Expert)
Follow

14 April 2014 YOU TOTAL TAX AS YOU MENTION THE NET INCOME TAX BASIS IS 45441

YOU TOTAL TAX PAID =44801 THEN
RS. 640 TAX WILL BE PAYABLE BY YOU.

Message likes : 1 times

Anoop N S

Anoop N S (Expert)
Follow

14 April 2014 As per your details net Taxable Income Rs 573476.00 i.e.
salary Income 602210.00
add Income from Other Sources (Interests) 3088.00

Less Deductions Rs.31624.00

Tax On Income Rs 46077.00
Paid through TDS and Self Assessment RS 44801.00
payable Rs . 1276 plus applicable Interest

Upgrade to CAclubindia Pro. Subscribe Now!