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Relief U/s89(1) (Income Tax)

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This query is : Open

Author : Anonymous

( Author )
05 March 2011

Whether calculations are correct.Please suggest if there is any mistake.
IT CALCULATION YEARWISE INCLUDING ARREAR
Samuel Bag

FY 04-05 AY 05-06
Salary INCOME 79383

Arrear 11703

Less:Deduction U/s16(III)Professional Tax 800
90286

Deduction Under Chapter VI-A
Less: U/s 80C
GPF 27164
LIC 3621
NSC 0
Total 30785


taxable Income 59501

Income Tax NIL Tax Rate up to 50,000 NIL
50,000 TO 60,000 @10%
Education Cess NIL

Total IT & EC NIL

Tax paid NIL

Tax to be paid NIL
0



FY 05-06 AY 06-07
Salary INCOME 174135

Arrear 6536

Less:Deduction U/s16(III)Professional Tax 1500
179171

Deduction Under Chapter VI-A
Less: U/s 80C 0
GPF 51550
LIC 15987
U/s 80GG 12000

Total 79537


taxable Income 99634

Income Tax NIL Tax Rate up to 1 lakh NIL

Education Cess NIL

Total IT & EC NIL

Tax paid 0

Tax to be paid NIL
ROUND UP 0


FY 06-07 AY 07-08
Salary INCOME 157791

Arrear 23102

Less:Deduction U/s16(III)Professional Tax 1300
179593

Deduction Under Chapter VI-A
Less: U/s 80C 0
GPF 45474
LIC 13674
U/s 80GG 24000
Total 83148


taxable Income 96445

Income Tax NIL Tax Rate up to 1 lakh NIL

Education Cess NIL

Total IT & EC NIL

Tax paid 0

Tax to be paid NIL
ROUND UP 0

FY 07-08 AY 08-09
Salary INCOME 203856

Arrear 28818

Less:Deduction U/s16(III)Professional Tax 1550
231124

Deduction Under Chapter VI-A
Less: U/s 80C 0
GPF 31790
LIC 42395
Tution Fees 15000
U/s 80GG 24000
Total 113185


taxable Income 117939

Income Tax 793.00 Tax Rate up to 1,10,000 NIL
1,10,000 TO 1,50,000 @10%
Education Cess & HSEC 23.79 1,50,000 TO 2,50,000 @20%

Total IT & EC 816.79

Tax paid 0

Tax to be paid 816.00
ROUND UP 816


FY 08-09 AY 09-10
Salary INCOME 251111

Arrear 94170

Less:Deduction U/s16(III)Professional Tax 2300
342981

Deduction Under Chapter VI-A
Less: U/s 80C 0
GPF 24479
LIC 37202
Tution Fees 15500
U/s 80GG 24000
Total 101181


taxable Income 241800

Income Tax 9180.00 Tax Rate up to 1,50,000 lakh NIL

Education Cess & HSEC 275.40

Total IT & EC 9455.40

Tax paid 1819

Tax to be paid 7636.40
ROUND UP 7636

FY 09-10 AY 10-11
Salary INCOME Including Arrear 422405

Arrear

Less:Deduction U/s16(III)Professional Tax 2550
419855

Deduction Under Chapter VI-A
Less: U/s 80C 0
GPF 28113
LIC 59631
Tution Fees 15500
U/s 80GG 24000
Total 127244

Less: Qualifing Amount 124000

taxable Income 295855

Income Tax 13586.00 Tax Rate up to 1,60,000 NIL

Education Cess & HSEC 407.58

Total IT & EC 13993.58

Tax paid 0

Tax to be paid 13993.58
ROUND UP 13994

Relief U/s 89 (1) 11877
Tax Payable 2117
TDS 18000
Refund 15883




COMPUTATION OF INCOME TAX OF SRI Samuel Bag
FOR THE YEAR 2004-2005 AY 2005-2006

CALCULATION OF TAXABLE INCOME EXCLUDING ARREARS

1.INCOME FROM SALARY: Rs.

Salary received during the year 79383

Less:Deduction U/s16(III)Professional Tax 700

Gross Salary Income 78683

Deduction Under Chapter VI-A
Less: U/s 80C 0
GPF 23710
LIC 3621
NSC 0
Total 27331

Less: Qualifing Amount 27331

Net Taxable Income 51352
Assessable Income U/s 288A 51352
Tax Payable 0
Education Cess @ 2% 0
Higher secondary Education Cess @ 1% 0
Surcharge

Tax Payable (Total IT & EC) 0
Less:Tax Paid (TDS) 0
Balance Payable NIL

FOR THE YEAR 2005-2006 AY 2006-2007
CALCULATION OF TAXABLE INCOME

1.INCOME FROM SALARY: Rs.

Salary received during the year 174135

Less:Deduction U/s16(III)Professional Tax 1500

Gross Salary Income 172635

Deduction Under Chapter VI-A
Less: U/s 80C 0
GPF 51550
LIC 15987
U/s 80GG 12000
Total 79537

Less: Qualifing Amount 79537

Total Taxable Income 93098
Assessable Income U/s 288A 93100
Tax Payable NIL
Education Cess @ 2% NIL
Higher secondary Education Cess @ 1% 0
Surcharge

Tax Payable (Total IT & EC) NIL
Less:Tax Paid (TDS) 0
Balance Payable 0


FOR THE YEAR 2006-2007 AY 2007-2008
CALCULATION OF TAXABLE INCOME

1.INCOME FROM SALARY: Rs.
Salary received during the year 157791

Less:Deduction U/s16(III)Professional Tax 1300

Gross Salary Income 156491

Deduction Under Chapter VI-A
Less: U/s 80C 0
GPF 45474
LIC 13674
U/s 80GG 24000
Total 83148

Less: Qualifing Amount 83148

Net Taxable Income 73343
Assessable Income U/s 288A 73350
Tax Payable NIL
Education Cess @ 2% NIL
Higher secondary Education Cess @ 1%

Tax Payable (Total IT & EC) NIL
Less:Tax Paid (TDS) NIL
Balance Payable 0


FOR THE YEAR 2007-2008 AY 2008-2009
CALCULATION OF TAXABLE INCOME

1.INCOME FROM SALARY: Rs.
Salary received during the year 203856

Less:Deduction U/s16(III)Professional Tax 1550

Gross Salary Income 202306

Deduction Under Chapter VI-A
Less: U/s 80C 0
GPF 31790
LIC 42395
Tution Fees 15500
U/s 80GG 24000
Total 113685

Less: Qualifing Amount 113685

Net Taxable Income 88621
Assessable Income U/s 288A 88620
Tax Payable NIL
Education Cess @ 2% NIL
Higher secondary Education Cess @ 1% NIL

Tax Payable (Total IT & EC) NIL
Less:Tax Paid (TDS) NIL
Balance Payable 0


FOR THE YEAR 2008-2009 AY 2009-2010
CALCULATION OF TAXABLE INCOME

1.INCOME FROM SALARY: Rs.
Salary received during the year 251111

Less:Deduction U/s16(III)Professional Tax 1850

Gross Salary Income 249261

Deduction Under Chapter VI-A
Less: U/s 80C
GPF 24479
LIC 37202
Tution Fees 15500
U/s 80GG 24000
Total 101181

Less: Qualifing Amount 101181

Net Taxable Income 148080
Assessable Income U/s 288A 148080
Tax Payable NIL
Education Cess @ 2% NIL
Higher secondary Education Cess @ 1% NIL

Tax Payable (Total IT & EC) NIL
Less:Tax Paid 1819
Balance Payable 0


FOR THE YEAR 2009-2010 AY 2010-2011
CALCULATION OF TAXABLE INCOME

1.INCOME FROM SALARY: Rs.
Salary received during the year 258076

Less:Deduction U/s16(III)Professional Tax 2550

Gross Salary Income 255526

Deduction Under Chapter VI-A
Less: U/s 80C
GPF 28113
LIC 59631
Tution Fees 15500
U/s 80GG 24000
Total 127244

Less: Qualifing Amount 124000

Net Taxable Income 131526
Assessable Income U/s 288A 131530
Tax Payable NIL
Education Cess @ 2% NIL
Higher secondary Education Cess @ 1% NIL

Tax Payable (Total IT & EC) NIL
Less:Tax Paid (TDS) 18000
Balance Payable NIL


TABLE "A"
[See item 7 of Annexur I]
previous years(s) "Total income of
the relevant
previous year





(Rs.)" "Salary received
in arrears or
advance relating
to the relevant
previous year as
mentioned in
column (1)


(Rs.)" "Total income (as
increased by salary
received in arrears
or advance) of the
relevant previous
year mentioned in
column (1) [Add
columns (2) and
(3)]
(Rs.)" "Tax on total
income [as per
column (2)]






(Rs.)" "Tax on total
income [as per
column (4)]






(Rs.)" "Difference in tax
[Amount under column (6) minus
amount under
column (5)]




(Rs.)"
1 2 3 4 5 6 7
2004-05 51352 11703 63055 0 0 0
2005-06 93100 6536 99636 0 0 0
2006-07 73350 23102 96452 0 0 0
2007-08 88620 28818 117438 0 816 816
2008-09 148080 94170 242250 1819 7636 5817
2009-10 0 0 0
1819 8452 6633
Note : In this Table, details of salary received in arrears or advance relating to different previous years may be furnished.


ANNEXURE-I
[See item 2 of Form No.10E]
ARREARS OR ADVANCE SALARY
1. Total income (excluding salary received in arrears or advance) 131526
2. Salary received in arrears or advance 164329
3. Total income (as increased by salary received in arrears or advance) 295855
[Add item 1 and item 2]
4. Tax on total income (as per item 3) 18510
5. Tax on total income (as per item 1) 0
6. Tax on salary received in arrears or advance 18510
[Difference of item 4 and item 5]
7. Tax computed in accordance with Table "A" 6633
[Brought from column 7 of Table "A"]
8. Relief under section 89(1) 11877
[Indicate the difference between the amounts mentioned against items 6 and 7]











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