computation of tax

Tax queries 1365 views 11 replies
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Proprietor at S Simranjeet & Associates
4396 Points Joined October 2009

hii everyone solve this out.

rameshwar a resident aged 66 yrs submits following information for previous yr 2009-10

1. income from salary                                         rs. 3,36,000

2. interest on fixed deposits with bank             rs. 34,000

3. long term capital gains                                  rs. 150,000

4. short term capital gains on the sale of equity shares on which securities transaction tax has been paid    rs. 15,000

 

he pays rs. 50,000 as life insurance premium on a policy of rs. 40,000 and deposits rs. 22,000 in public provident fund account.

 

compute the tax payable by rameshwar for the AY 2010-11.

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On 03 February 2010 at 20:29 Report
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Learner
4016 Points Joined December 2009

Dear Simranjeet,

1) Salary -                            3,36,000

 2) Capital Gains

     -Long Term                    1,50,000

      - STCG u/s 111A          15,000

3) Other sources

            Interest                           34,000

                                                 -------------------------

GTI                                            5,35,000

Deductions

 -LIC  = 8,000                                                                             (RESTRICTED TO 20% OF SUM ASSURED)

 - PPF = 22,000                         30,0000

                                              ------------------------------

TOTAL INCOME                       5,05,000

                                         -------------------------------------------

Tax - ON LTCG =                        30,000

          - on STCG=                         2,250

          - ON OTHERS =              14,000

                                            ------------------------------

                                                       46,250

ADD EDUCATION CESS            1,387

                                                  -------------------------

 TOTAL TAX                                47,637

                                                  --------------------------

2 Reply
On 03 February 2010 at 20:56
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Proprietor at S Simranjeet & Associates
4396 Points Joined October 2009

Thanks Amir for ur reply....

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On 03 February 2010 at 21:35
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Accounts Executive
223 Points Joined October 2009

 

 

Sorry Amir your computation of tax is not correct

       
STCG U/s 111A 15000 15%        2,250
LTCG U/s 112 150000 20%       30,000
Other Income 340000 Slab Rate       14,000
  505000         46,250
Add 3% E.C            1,388
            47,638
       

correct me if I am wrong.............

1 Reply
On 04 February 2010 at 00:56
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Student
498 Points Joined February 2010

Mr. Shukla.. The Total Income is correct... But the tax is

Tax on LTCG                          30000

Tax on STCG (111A)                1500

Tax on normal inc                14000        { (340000-300000)*20%}+6000

Total tax                                   45500

Cess @ 3%                              1365

Total of tax and cess             46870

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On 04 February 2010 at 09:21
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Learner
4016 Points Joined December 2009

Dear Simranjeet,

Actually earlier there was a error in the calculation regarding computation of tax, but I have rectified it.

1 Reply
On 04 February 2010 at 10:23
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Final
87 Points Joined November 2009

Amir is Right!!!!!!!!!!!!!!!!!!

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On 04 February 2010 at 13:02
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Proprietor at S Simranjeet & Associates
4396 Points Joined October 2009

thanks to everyone .........

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On 04 February 2010 at 15:06
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Articleship
68 Points Joined December 2008

chal sab tax calculate karna sikh gaye....keep it up frenzzzzzzzzz

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On 04 February 2010 at 15:42
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C A
376 Points Joined August 2009

Computation By Mr. Saurabh Shukla Is correct.

 

 

Thanks

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On 04 February 2010 at 16:11
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MANAGER
106 Points Joined January 2010

Computation of sourabh sukla is correct.all club members should be updated with amandments

Thanks and best regards,

CA Dharmendra soni.

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On 04 February 2010 at 16:45
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Accounts Executive
223 Points Joined October 2009

Mr. Balakrishnan, for your exam purpose i want to update you.

now tax U/s 111A get change and it is 15% instead of 10%.

So, leave the old books............................

pls. frinds thank to that person, who correct the answer by pressing the "thanks the user" tab.................... 

2 Reply
On 05 February 2010 at 07:10


CCI Pro

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