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Tax liability

DIMPLE (ca final) (65 Points)

31 January 2013

PLEASE TELL THE TAX LIABILITY AS PER THE DETAILS:

gender :male

age : 48

income details f.y.2011-12

LIC COMMISSION : 585179.(no bifurcation of commision)(books not maintained)

pancard club commission : 304573.

interest on hosuing loan paid:82000

lic:120000

mediclaim : 20000

entertainment expenses :30000

travelling expenses : 50000

telephone :15000

tds ( as per 26As) : pancard= 30462 lic = 58518

books not maintained

please tell me how much will be tax liabilty..

any more details required please let me know..

thanks in advance

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3 Replies

Ankit (CA, CS) (3064 Points)
Replied 31 January 2013

Dear Dimple,

From the details given by you, according to me, the indicative calculations are:

585179	LIC INCOME
304573	PAN CARD INCOME
-30000	Less: expenses
-50000	Less: expenses
-15000	Less: expenses
794752	GTI
100000	80C
15000	80D
679752	NTI
69988	Tax(incl Edu. Cess)
-30462	Less: TDS
-58518	Less: TDS
18992	Refund Receivable

- Ankit

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DIMPLE (ca final) (65 Points)
Replied 31 January 2013

thanks...

we wont get interest on housing loan deduction of rs 82000??

Ankit (CA, CS) (3064 Points)
Replied 31 January 2013

Dimple,

I am sorry...I missed out on that amount..Interest on Hsg. Loan of Rs. 82000 will be allowed.

if it is Self Occupied, there will be a straight forward loss of Rs. 82000. however, if the HP is leased out or comes under Deemed Let Out, the notional income will have to be considered and then the deduction will have to be taken.

also the principle amount repaid is allowable as a dedcution under section 80C, but since your LIC already is in excess of 100000, i have not taken that.