Pardeep Kumar (Accountant) (80 Points)
07 January 2009Dear Sir,
We pay the amount of Professional fees every month Rs, 80000 as professional charges to our team leader. His age is 62 years. He has no other source of income. Please tell me:
In which category he comes under either individual or senior citizen?
How much will be his tax liability for the assessment year 09-10.
When will have to fill his return
Pardeep Kaushik
R.Suresh
(Sr. Executive)
(394 Points)
Replied 07 January 2009
1. Above 65 Years only going to Senior Citizen.
2. The tax liability is normal rate of tax only as applicable individuals.
3. Have to file a return for the AY 2009-2010 is before July 31st 2009.
Atul Kumar
(CA)
(504 Points)
Replied 13 January 2009
If he is being paid in the capacity of a Professional then TDS must have been deducted @ 10%+E.cess & S.H.E.C.
His total Income Rs. 8,60,000 (Assuming he has an Investment of Rs. 1 lac u/s 80C)
Total Tax would be Rs. 1,67,890.
LIVE Form 10 B and Form 10BB: Handle Tax Audit Reports of Charitable Organizations(with recording)
CAclubindia
