Help me in example of Income Tax

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Mrs. Radhika received the following amounts during the financial year 2010-11: Gross Salary =Rs.5,00,000, Family pension @ 2000 p.m. = 24,000, . . Income of minor child = 6,000, Accumulated balance in provident fund of her husband after his death =1,20,000, Gratuity received after the death of her husband =Rs. 90,000 Calculate taxable income of Mrs. Radhika for the assessment year 2011-12.

Replies (10)

modified after sneha's answer 

500000 +16000 + (6000-1500)  = 520500

i dont agree with it....

in family pension an assesse gets a deduction of 15000 or 1/3rd whichever is less..

 

so here only 16000 will be taxable in IOS...

for gratuity we have 2 conditions-

if the gratuity becomes due and the person dies then its taxable in hands of legal heir....but if gratuity is not due and the person dies then its not taxable in hands of legal heir....

so i assume the gratuity was not due...ok....

so the answer will be-

salary - 500000

Income from other source-   family pension -      24000-8000= 16000

income of minor child clubbed-    6000-1500=4500

 

total income= 520500

gross salary = 500000

family pension = 24000 - 1/3 rd of 24000 or 15000 which ever less...so 24000-8000 = 16000

minor child  = 6000 - exemption u/s 10(32).....sp 6000 -1500 = 4500

so taxable income = 500000 + 16000 + 4500 = 520500

sneha 24000 - 8000 = 16000...but its a minor mistake...ignore it

thanx sanyam......so silly of me.....

Thanku very much.smile. Manmohan bhai, friend Sneha.smile. And Sanyam bhai.smile. Thanku for help me.

MOST WELCOME .....SMILE

my pleasure hardik....anytime... ask if u have any queries...we will help u out as much as we can...smile

Thanku very much friend Sneha.smile.

help me please send me tax law assingment if anyone have

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