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TAX LIABILITY ON INCOME FROM PENSION AND FROM BUSINESS

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09 February 2011 I WANT TO KNOW THAT IF A PERSON WHO IS RETIRED FROM GOVT. SECTOR GETTING PENSION AND HAVING INCOME FROM BUSINESS. HOW WE WILL CALCULATE THE TAX LIABILITY.WILL BOTH INCOME BE MERGED.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
09 February 2011 1. The Income from Pension will be shown as Salary Income.
2. For business income you have to prepare his Profit and Loss A/c and Balance Sheet.
Net Profit will be treated as business income.
3. Interest on his Savings like savings A/c , NSC Interest, FDR Interest etc is also taxable under the head Income from Other sources.
4. He will get deductions for payments made during the year towards LIC Premium or other tax savings items.
5. Consult A practicing CA , after compiling all the details.
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