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Calculation of Income Tax

30 November 2009

Calculate Inc. Tax of Mr. X for the A.y. 09-10

Mr. X is a senior Citizen

Particulars Amt. TDS Income from Salary 720000 280000 Interest Income from SBP 49395 5089 Professional Income 368139 37918 Pension Income from P.S.E.B. 289771 6771 Total 1427305

329778

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15 Replies

CA Varun Arora (CA) (286 Points)
Replied 30 November 2009

please help friends in calculating income tax of Mr. X

Thanks in advance

Varun Arora

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Yeshwanth (Chartered Accountant) (145 Points)
Replied 30 November 2009

I think total income of Rs. 1427305 can be taxed which comes to 369009.00 of which tax is deducted for Rs. 329778. So balance 39231 is payable as tax.....

CA SUDIPTA SINHA (Commerce Coaching- Accounts Cost FM) (735 Points)
Replied 30 November 2009

yes Yaswanth kumar is right..

CA Varun Arora (CA) (286 Points)
Replied 01 December 2009

Actually friends i have to file ITR of that person. and these particulars are actual and relates to that person. sorry for incomplete information.

his savings u/s80C are 1Lac and u/s 80 D is 13585

I am confused in two points :-

1. can he claim any exemption against his pension income.

2. is there any liability of balance payment of tax means U/s 234A, B & C, if any penelty or interest on balance payment of tax then how to calculate interest and penelty.

please help...

Thanks

Varun

CA Varun Arora (CA) (286 Points)
Replied 01 December 2009

Please find attached calculation of Tax according to me.

please tell me what are the queries in this sheet.

Thanks

Varun

Attached File : 26 tax calculation.pdf downloaded: 225 times

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Divya K S (CA) (289 Points)
Replied 01 December 2009

Statement prepared by you is right.

CA Varun Arora (CA) (286 Points)
Replied 01 December 2009

Is in this case any penelty u/s 234A or not i have to deposit balance tax without penelty or interest.

Thanks

Varun

Deepak (Student) (127 Points)
Replied 01 December 2009

varun you have not included TDS amount in income Column, Why? Rest is Ok!

I Think Tht Amount is Including TDS

Deepak (Student) (127 Points)
Replied 01 December 2009

varun you have not included TDS amount in income Column, Why? Rest is Ok!

I Think Tht Amount is Including TDS

CA Varun Arora (CA) (286 Points)
Replied 01 December 2009

yes the amount is included of TDS

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Yeshwanth (Chartered Accountant) (145 Points)
Replied 02 December 2009

Hey varun... you didn't give any point regarding 80c and 80d deductions in your problem... But your attachment, which has a solution contains it......

C.Balaji (Learner) (1867 Points)
Replied 19 December 2009

hello mr.yashwanth please see the 3rd post of Mr.varun.... Mr. varun is right in calculating the tax amount.... kindly specify whether it is family pension/not?....if it is family pension Rs.15000 or 1/3 of pension is exempted..... if u have any other doubt u may feel free to ask me....thank u....

CA Varun Arora (CA) (286 Points)
Replied 19 December 2009

I have cleared my doubts on this.

The amt. recd. in form of Pension is from P.S.E.B. which is govt. entity.

Can you please specify me what is family pension???

what are the treatments of family pension.

Thanks

Varun Arora

(Guest)

FOR A.Y 2009-2010( SENIOR CITIZEN) TOTAL INCOME 1313720 INCOME TAX 291616 SURCHARGE 29161.6 E.C. & S.H.E.C. 8748.48 TOTAL TAX 329526.08 TDS 329778 REFUND -251.92