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Income tax

john (MBA) (78 Points)

27 March 2017

Sir, I want to know my income tax calculation :- Basic 4400 DA:5500 CONVE:2000 HRA;3600 CHILD ALLOW:200 CHILD HOSTEL ALLOW:600 UNIF ALLOW:500 OTHERS :4200 TOTAL:21000.00 +commission 8000.00 (avg) Can you help me to calculate my Income Tax payable amount.

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13 Replies

Studentsca (CA Practice ) (3577 Points)
Replied 27 March 2017

Basic - fully taxable
DA- fully taxable
HRA- Fully Taxable( assumed no rent paid)
CONVE- FULLY EXEMPT of spend.
CHILDREN EDUCATION ALLOWANCES- 100 PM PER child for maximum 2 children exempt us 10 (14)
Hostel ALLOWANCES- 300 per child.

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Studentsca (CA Practice ) (3577 Points)
Replied 27 March 2017

Hence your Taxable salary shall be Rs 26, 200/- pm.

Studentsca (CA Practice ) (3577 Points)
Replied 27 March 2017

Since your income is above basic exemption limits you need to compulsory file your income tax return.
Also your TDS already be deducted by your employer( assumed no deduction us 80-c).

john (MBA) (78 Points)
Replied 27 March 2017

ACTUALLY AM PAYING RENT 12500.00 BUT THE RENT OWNER IS NOT WILLING TO GIVE HIS PAN.WHAT CAN I DO ?

Studentsca (CA Practice ) (3577 Points)
Replied 27 March 2017

Deduct his tds at 20% and pay him only Rs. 10,000. He will give pan of his entire family.

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john (MBA) (78 Points)
Replied 27 March 2017

HOW CAN I DEDUCT HIS TDS FROM RENT.WHAT IS THE PROCEDURE ?

john (MBA) (78 Points)
Replied 27 March 2017

AM A INDIVIDUAL THEN HOW CAN I DEDUCT HIS TDS FROM RENT....PLS HELP ME...

Studentsca (CA Practice ) (3577 Points)
Replied 27 March 2017

Don't you worry he will never let you deduct his tds. You just give him a warning to provide pan and tell him next rent payment would only be of Rs. 10,000. He will give his pan number.