Amit Gupta
(Loosening Myself)
(1508 Points)
Replied 20 August 2011
| Originally posted by : meeta mansatta | ||
 |
.Net taxable income would be161594.if assessee is male than tax limit will be160000.hence tax liability will incure.. tax liability=160 rs tds=1200 so refund=1040 |
|
As the assessee is woman -slab would be 1,90,000/- and hence no tax liability
Komli
(Account Executive)
(30 Points)
Replied 23 August 2011
Ms. Kirti
If it is MALE then tax limit is Rs. 160000. so 234716-73122=161594, hence taxable income wil be 161594-16000 which is Rs. 1594.
Komli
(Account Executive)
(30 Points)
Replied 23 August 2011
Ms. Kirti
U can go through this link & u will find everything ok
https://www.incometaxindia.gov.in/Archive/Taxation_Of_Salaried_Employees.pdf
Komli
(Account Executive)
(30 Points)
Replied 23 August 2011
I am happy to reply to u Ms. kirti
Regards
Komli
Komli
(Account Executive)
(30 Points)
Replied 23 August 2011
so Rs. 1594 @ 10.00% will be Rs. 160 taxable income
devang
(CA FINAL article )
(181 Points)
Replied 23 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.
deepak
(student)
(27 Points)
Replied 24 August 2011
in case of male basic limit is 160000 , so tax is calculated on 1594, tax payble is 1594*10%= 159 , refund claim 1200-159= 1041
ok
Ashvin Bhanderi
(ACCOUNTANT)
(59 Points)
Replied 26 August 2011
As her taxable income is below Rs. 190000, u can claim full tds amount as refund. i.e., Rs. 1200. u hav 2 fill ITR No. 1 U/S. 139(4).
If male, then exemption limit is Rs. 160000.
CAclubindia
