Income tax

Tax queries 842 views 6 replies

RAJIB

ACCT

68 Points Joined May 2012

Pls reply,,

I have worked Apr'11-Nov'11 in (I) company & from Dec'11-Mar'12 in (M) company, both of them issued me separate Form 16, but the calculation is not clear to me, Pls see below:

Company Name - I M

G Income 197930 95210

Deduction U/S 80C 8237 26339 (Documemnts submitted by me like LIC, PF,Rent Receipt etc)

Total Income as per Form 16 - 189693 68870

Total Year Income (I+M) - 258563

Tax Payable - 8092

Already Deducted as per Form 16 6618 ( Deducted Rs.1000/- in company I & Rs. 5618/- in Company M)

To be paid 1474

1) Is this caculation right ?

2) I have to pay Rs. 1474/- ?

3) If yes where to pay

4) Shall I filed IT Returns before paying the due tax ?

or Before filed it is mandatory to pay due tax.

Pls reply

Replies (6)

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

Yes the calculation is correct. You will need to pay the tax of 1474. You can either pay the tax online or pay by cheque by depositing the tax amt at your nearest SBI branch. You will first have to pay this tax & then only file the return

prabhraj singh

student

45 Points Joined October 2011

if the 80C amount deduction claim under the second company doesnt in include rs 8237 then the calculation is right otherwise net deduction under 80C will be less and can be calculated accordingly.

Dharani

Student

41 Points Joined July 2012

hi..

What the difference between Section 10(13a) and Deduction 80GG.

prabhraj singh

student

45 Points Joined October 2011

the persons drawing salary receives HRA , which gets TAX EXEMPTION under section 10 (13A) of Income Tax Act, 1961 read with rule 2A of Income Tax Rules ; the self-employed persons are entitled for TAX DEDUCTION under section 80GG of Income Tax Act, 1961.

NOTE :- the difference between exemption and deduction? Well, exempt portion of HRA is not considered as part of the taxable income whereas in case of deduction first the amount is included in your gross total income (GTI) and afterwards the deduction is allowed.

Giridhar S Karandikar

Team Lead

7558 Points Joined November 2011

If the assessee is receiving HRA from his employer then he is eligible for exemption u/s 10(13A). If he is not receiving HRA then he is eligible for deductino u/s 80GG. Self employed persons can take deductions u/s 80GG only.