05 February 2009
One of my friend Doctor is getting Rs.35000/- pm. He is getting as 11600 as salary and the balance amt of Rs.23400 as consultnacy chgs. He took Rs.100000 NSC from postoffice.His other savings like pf Rs. 9000 pa.
kindly calculate his tax liability for the assessment year 2009-10
05 February 2009
Tax liability on salary income can be work out easily. But if the person receives amount towards consultancy charges - so this income will fall under the head Business & Profession, he suppose to prepare Income & Expenditure Account - from which we can arive at final tax liability.
Investment in NSC is qualified investment to get deduction under section 80C subject to ceiling of Rs. 100000/-.
CAclubindia
