Sandeep (Junior Functional Consultant) (67 Points)
29 December 2008Hi
Good Afternoon to one & all .....I have a doubt which i think can b solved by any one.....
The thing is that i am Currently earning a salary of 1,20,000 PA...& am having house rent of 10,000 PM. & rent Expence of 3700 PM & an Agg.Income of 50,000 PA......
Now my Question is 1) Am i Taxable under Income TAx Act
2) How much will be the Income Tax which i will be Paying to the IT Department.
3) What will hapen if i dont pay the IT now.
Please Reply me soon.
CA. Dashrath Maheshwari
(TaXpert)
(15103 Points)
Replied 29 December 2008
you have not mentioned about your age, I am assuming that you are not a sr. citizen.
Your Total InCome: 120000+(120000*.70)+50000-24000=230000
If you can avail deduction under chapter VI-A for Rs. 80000. then you will not be liable for Tax Payment.
Else you will be liable to pay tax around 8000 in the financial year end.
Sandeep
(Junior Functional Consultant)
(67 Points)
Replied 29 December 2008
i am currently paying 14,000 PA for a policy which i have taken a Year back.
CAclubindia
