Aman Kumar
(Accounts Executive)
(744 Points)
Replied 21 December 2018
Yes,when your income is more than 250000 Anually,so you need to file ITR
Ramit
(Accountant)
(128 Points)
Replied 21 December 2018
Aman Kumar
(Accounts Executive)
(744 Points)
Replied 21 December 2018
| Income Tax Slabs | Tax Rate | Health and Education Cess |
|---|---|---|
| Income up to Rs 2,50,000* | No tax | |
| Income from Rs 2,50,000 – Rs 5,00,000 | 5% | 4% of Income Tax |
| Income from Rs 5,00,000 – 10,00,000 | 20% | 4% of Income Tax |
| Income more than Rs 10,00,000 | 30% | 4% of Income Tax |
Rental Income(Monthly) = 23000/-
Rental Income Yearly = 23000*12
= 276000/-
So 276000-250000
Taxable Amount= 26000
Tax = 26000*5%
= 1300
Healath & Education Cess = 1300*4%
= 52
Total Tax = 1300 + 52
= 1352 /-
Aman Kumar
(Accounts Executive)
(744 Points)
Replied 21 December 2018
but yo don't need to pay tax ,As per the the Finance Bill 2017, an Indian resident earning more than Rs 3,50,000/per annum, is entitled to claim rebate under section 87A. Rebate under section 87A is allowed up to a maximum of Rs 2,500. It means the amount of rebate will be lower of either Rs 2,500 or 100% of the income-tax liability.
Fenil Jetpara
(self)
(316 Points)
Replied 21 December 2018
As per section 24, you are allowed to claim 30% standard deduction from the rent.
Ramit
(Accountant)
(128 Points)
Replied 21 December 2018
Kamal Jain
(Student CA Final )
(111 Points)
Replied 21 December 2018
CAclubindia
