Income Tax Calculation and Return

friends (E) (87 Points)

12 August 2010  

 

Hi Experts,

I have a question that, a person is working for a XYZ Life Insurance company ltd, as a branch manager,  and having salary around 7 lakhs,and he also getting a commission/incentives around 3 lakhs (which is variable) and he also having a consultancy business in the same profession, ok i am making it clearer.

Salary for the A.Y 2010-11- is 700000/- 

Incentive A.Y.2010-11- is 300000/-

Business Income  A.Y.2010-11- 500000/-

Business Expenses Including all : A.Y.-2010-11. 1200000/-

and has also a housing loan where he paid the interest A.y.2010-11, is 120000.00

and Principal paid for A.Y.2010-11 is 103450

LIC and other savings is , 140000/-

U/s 80 D. INVESTMENT. 17850/-

and he paid . 200000/0 for his fathers medical treatment (partial disability)

Can any expert give me the calculation of above matter income tax and which ITR Form should be used for the the above income. ITR-4 or Saral-ITR-1. can he return the file online. 

I'll be highly appreciated if u post an answer early. 

Regards

Ellin