Nomula Sreenivasarao (DGM -Accounts) (163 Points)
21 April 2010Dear Friends,
I am a salaried employee, i have salary income and other income from shop also. At the time of IT returns which form, i will submitt for returns, and i have only form 16 for salary only, i have no other proof for bussines income.
salary income for f.y.2009-10 - 150000( after all deductions)
Bussiness income f.y.2009-10- 50000/-.
how much tax applicable for me, and which form i will submitt at IT dept.
Regards,
Sreenivaas.
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 21 April 2010
Non- Tax limits for F.Y. 2009-10 is Rs. 160000/-
your tax may be reduced to nil subject to your savings. Moreever u need not to submit proof of shop earnings to the department.
U cn fill the details in your return of income.
regards,
ratan
Nomula Sreenivasarao
(DGM -Accounts)
(163 Points)
Replied 21 April 2010
Dear Ratan,
My total income crossed, 160000/-, i.e., 150000+50000=200000/-,
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 21 April 2010
Dear Mr. Sreenivas,
U cn claim deduction of P.F as well as transport allowance as well as HRA too..
Could u tell me your savings.
regards,
ratan
Nomula Sreenivasarao
(DGM -Accounts)
(163 Points)
Replied 21 April 2010
Ratan,
i told you after all deductions, 150000+50000/- = 200000/- (rent,transport,pf,lic,tution fee,donations etc)
Ratan Deep Saxena
(Asstt Manager (Accounts & Finance))
(2998 Points)
Replied 21 April 2010
ok . then ur tax liability will be as under
200000-160000 = 40000*10% =Rs. 4000
add: education cess 3% 120
net tax liability 4120
moreever u cn claim expenses towards your shop income to reduce your tax liability.
Hope ur doubt will be cleared.
regards,
ratan
manikandan.J
(Accounts Manager)
(363 Points)
Replied 21 April 2010
hi
you have liable to pay tax
Gross Total Income Rs.150000+50000= 200000/-
Upto
160000 Nil tax
160000 to 300000 10% tax
Remaining balance amount is 40000 is taxable at rate of 10%
hence you have you deduction of Relating to Chapter VI A you can avoid the tax
As well as you stay the house is own house or rented house
Own house means you have any loan relating to Housing loan Interest and principal you can able to claim
Rented house means you have to claim HRA
80C , LIC, NSC, Mutual funds, Tax Saver Bonds, PF also claim U/s 80C allowed upto limit Rs. l lacs
80D upto 15000
further doubts mail me jmoneykandan @ gmail.com
CA VISHAL RANA,CS,B.Com,AMFI
(Chartered Accountant in Whole Time Practice)
(4354 Points)
Replied 21 April 2010
MY DEAR YOU R REQUIRE TO FILE RETURN IN ITR-4 TO INCOME TAX DEPTT. AND YOUR TAX LIABILITY IS RS. 4120 INCLIDING CESS....
Radhika
(Senior Financial Accountant)
(35 Points)
Replied 21 April 2010
Yeah, U need to file ur return in FORM ITR 4- Make sure that u have arived ur business income of Rs.50,000/- after making necessary adjustments as per provisions of the Income tax act. If that is so, ur tax liability will be Rs.4,120/-
Regards
Radhika
Nitin Grover
(CS)
(1228 Points)
Replied 21 April 2010
Dear Friend
AS per ur query you need to file ITR -4 which is for Business Income and Salary also + others
For Salary you have Form 16
For Business Income prepare B/Sheet and P and L Account or file under not preparing Accounts. and 50000 rs income is after deducting all expenses.
your total Taxable Income is 200000/-
Dear Pls also check your deduction must not be above from Rs. 100000 and calculation of HRA and others
if its fine then your tax liability is 4000+80+40 = 4120/- upto July 31,2010
Regards
P.Chandrasekhar
(Sr .Accounts - Executive)
(21 Points)
Replied 26 April 2010
Dear Mr. Srinivas,
As per your details
your salary income - 150000
Income from shop - 50000
Total 200000
Up to 160000 NIl
160000-300000 10.3% (including cess)
it comes to 200000-160000 = 40000
40000*10.3% = 4120
So your payable tax is Rs. 4120
Regards
Shaker
Asst Manger - Accounts
CAclubindia
