27 July 2009
Please tell my Tax Liability, on given income :- Income from Salary: Rs.2,85,400; Income from LIC Senior Citizen Scheme: Rs.24,000; Income from RBI Bond (interest from GOI 8% Saving {Taxable} Bond- 2003: Rs.48,000; Income from Post Office M I Scheme: Rs.60,000; Income from UTI (US 64): Rs.5,400; Income from interest from ICICI Bank (int. other than int. on Securities): Rs.1,77,724; Income from Saving A/c : Rs.8,000. TDS Deducted as: On Salary : Rs.13,946; RBI Bond : Rs.4,944; Interest from ICICI Bank : Rs.18,306.
27 July 2009
You have not specified your deductions under Chapter VIA (sec. 80C and others)and Any Advance Tax/Self Assessment Tax payment made by you. Assuming you are senior citizen (As you have income from LIC SC Scheme)and have no deduction under Chapter VIA and have not made any tax payment so far, your total tax liability (including Education Cess & Higher Education Cess)comes to Rs.80,789/-. Out of this TDS of Rs. 37,196/- shall be deducted. So your tax liability comes to Rs. (80,789-37,196) 43,593/- plus Interest u/s 234B&C of Rs. 3,353/-. Total Tax & Interest liability comes to Rs. 46,946/- (43,593+3,353/-)
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