Tax liability

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2013 PLEASE TELL THE TAX LIABILITY AS PER THE DETAILS:
gender :male
age : 48
income details f.y.2011-12

LIC COMMISSION : 585179.(no bifurcation of commision)(books not maintained)
pancard club commission : 304573.
interest on hosuing loan paid:82000
lic:120000
mediclaim : 20000
entertainment expenses :30000
travelling expenses : 50000
telephone :15000
tds ( as per 26As) : pancard= 30462
lic = 58518
please tell me how much will be tax liabilty..
any more details required please let me know..

thanks in advance

CS, Deepak Pratap Singh

CS, Deepak Pratap Singh (Expert)
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31 January 2013 Dear Friend, the insurance business commission is not covered under u/s. 44AD of the Income Tax Act, 1961. You will be liable to tax your income as income from business or profession.

Total Income Rs. 889752
Less: Housing Interest Rs. 82000
Income Chargeable to Tax 807752
Less; 80C & 80D 115000
Net Income Chargeable 692752
Tax on Income 88550
Less TDS 88980
Refund 430

Thanks

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

31 January 2013 thanks sir..

but we wont get deduction for expenses?

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