If i stay in rented flat & deposit is 70000 paid by borrowers chq
returned after tenure by a/c payee chq
what is tax liabililty?
Thanks
4 Replies
Giridhar S Karandikar
(Team Lead)
(7548 Points)
Replied 24 July 2012
What do you mean by borrower cheque. Do you mean to say bearer cheque?
varun
(Asst. Surveyor)
(36 Points)
Replied 24 July 2012
| Originally posted by : Giridhar S Karandikar | ||
 |
What do you mean by borrower cheque. Do you mean to say bearer cheque? |
 |
Sorry its bearer cheque
varun
(Asst. Surveyor)
(36 Points)
Replied 24 July 2012
please also guide me on following
I am a salaried employee of a company
For F.Y.2011-12 (i.e.A.Y. 2012-13)
In Form 16 -
Total income under head salaries -568018
TDS – 28977 (after considering all deductions of 106693)
I have not reported Income from other source (Bank FD interest) -11000
While calculating self assessment tax
I found balance tax to be paid – 1132
A) Since my tax is regularly cut by my employer, Do I need to fill interest under 234B, & 234C?
B) on some website I found that shortfall is lass than 10000 and 234B, & 234C are not applicable, is it true?
C) & if applicable plz communicate exact figure (rounded off)
D) how much amount should I pay?
Thanks
Yajendra Adhikari
(Chartered Accountant)
(334 Points)
Replied 24 July 2012
1. In the first Query , you will not be liable for any tax as it is not your income.
In your other Queries:
A. No, you will not be required to pay interst u.s 234B & 234C because your Tax liability is less than Rs. 10000.
B. Yes, it is true.
C. Not Applicable.
D. You should Pay Rs. 1130 (Rounded off of the figure 1132).
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