CA Kirti Maheshwari (Chartered Accountant) (151 Points)
20 August 2011My friend's salary income is Rs.234716.00 for P.Y.2010-11 & deduction under Chapter VI-A is 73122.00.
TDS is R.1200.00
AS SHE IS FILING RETURN AFTER DUE DATE, SO PLSE TELL ME THE SECTION IN WHICH SUCH RETURN WILL BE FILED AND THE CALCULATION OF TAX/REFUND (along with interest u/s 234A).
Plse reply fast
Mihir
(Wealth Manager)
(5293 Points)
Replied 20 August 2011
File u/s 139(4)
Tax payable Rs. 4,606/- (before availing deductions)
Refund Rs. 1,200/-
CA Kirti Maheshwari
(Chartered Accountant)
(151 Points)
Replied 20 August 2011
Plse tell finally what to do?
Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 20 August 2011
File the retrun u/s 139(4) showing taxable income as 234716-73122=161594 which is below taxable limit and thus no tax..claim ur tds in the return..u will b granted refund of 1200/-
Raman Sharma
(@ Accountant)
(125 Points)
Replied 20 August 2011
first Tell whether this income is before allowing or after allowing deduation if this is before then no tax shall be payble by her...and obvious u/s 139(4) belated return.Amt of tds shall be refunded to her.
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 20 August 2011
Since Salary is Rs. 234716 and Deduction under chapter VI-A is Rs.73122..Net taxable income would Be Rs.161594..Further assessee being female , tax limit is Rs.190000.Hence , no tax liability.and hence, no tax is levied u/s 234A for delayed return.You can fill up ITR 1 and file online return.You will get full refund..
regards,
RAJESH BALSARA
(Bcom.FCA)
CA RAJESH BALSARA
(Proprietor)
(262 Points)
Replied 20 August 2011
I am surprised how advice are given by other members...How tax can be calculated before allowing deductions. ??? Better not to reply, instead of giving wrong reply...
CA Rajesh Balsara
CA Kirti Maheshwari
(Chartered Accountant)
(151 Points)
Replied 20 August 2011
Thank u Rajesh Sir
Sir Plse also tell if same is the case for MALE, then what will be the tax/refund.
CA Kirti Maheshwari
(Chartered Accountant)
(151 Points)
Replied 20 August 2011
sir i m waiting for your reply.
Raman Sharma
(@ Accountant)
(125 Points)
Replied 20 August 2011
Itne Belle bhi nahi honge sir.i think
Prabhakaran
(Accounting)
(102 Points)
Replied 20 August 2011
| Originally posted by : CA RAJESH BALSARA | ||
 |
I am surprised how advice are given by other members...How tax can be calculated before allowing deductions. ??? Better not to reply, instead of giving wrong reply... CA Rajesh Balsara |
 |
Agree
CA Kumar Mukesh
(CA CMA FINAL and Advance Excel Trainer)
(6881 Points)
Replied 20 August 2011
If your frd is other than Male than all Tds can be claimed as refound other wise the tax liability in case of man assessee 160+interest under section 234A& C balance can be claimed as refund
meeta mansatta
(student)
(78 Points)
Replied 20 August 2011
.Net taxable income would be rs. 161594.if assessee is male than tax limit will be rs. 160000.hence tax liability will incure..
tax liability=160 rs
tds=1200
so refund=1040
CA Kirti Maheshwari
(Chartered Accountant)
(151 Points)
Replied 20 August 2011
mukesh ji,
I think when there is case of refund no interest under Sec. 234A & C shall be levied.
CAclubindia
