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Taxable income for the assessment year 2011-2012

rohit (student) (132 Points)

06 June 2011

Mrs radhika received the following amounts during the financial year 2010-2011:

Gross salary 500000

family pension @ 2000p.m 24000

income of minor child 6000

Accumulated balance in provident

fund of her husband after his death 120000

gratuity received after the death of her husband 90000

calculate taxable income of mrs. radhika for the assessment year 2011-2012.

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Rajat Garg (Article) (47 Points)
Replied 06 June 2011

Gross Salary	500000
Pension	24000
Income from Minor Child	6000

Balance of PF (assumed withdrawn after 4 years)	120000
Gratuity received exempt upto Rs. 10 lakhs)	90000

Gross Total Income	740000
Less:
Provident Fund	120000
Gratuity received exempt upto Rs. 10 lakhs)	90000
Exemption of Minor child's income upto maximum of Rs. 1500	1500

Net Taxable Income	528500

1 Like

swapna (student) (77 Points)
Replied 06 June 2011

The amount which is deduct from total income can include in total income

but exempted income doest not includes in total income

for calculating the Gratuity exemption did not given the details of salary per month, so totally exempted so dont show in total income.

Provident fund is not a taxable income even in the hands of family members.

family pension taxable under the head income from other sources.

but answer is correct.

1 Like

Harpreet (* * * * * *) (1670 Points)
Replied 06 June 2011

I think, there may be lots of deduction in respect to exempt income made by the employer like transport allowances, children education allowance, medical allowances, uniform allwances and considered deduction u/s 80c, 80d..

Than the taxable salary will get down.

rohit (student) (132 Points)
Replied 06 June 2011

Thanx rajat nd swapna...

Thanx a lot..!!!!

MAS007 (ACCOUNTANT) (124 Points)
Replied 06 June 2011

Dear Rohit,

Income from Salary Rs.5,00,000

Income From Other Sourses

1. Income from Minor Child

Received - Rs. 6000

Less-Exempt u/s. 10(32) Rs. 1500

Taxable Rs. 4500

2. Family Pension

Received Rs. 24000

Less Exempt u/s.57

Rs. 15000 or 1/3 of pension

received whichever is less Rs. 8000

Taxable Rs. 16000

Income from Other Sources(Rs.16000+Rs.4500) Rs.20,500

Gross Total Income Rs.5,20,500

Any Investment made u/s.80C etc can be claimeda as deduction.

Thanks

Moin Shaikh

3 Like

rohit (student) (132 Points)
Replied 06 June 2011

thanx SHAIKH...

thanx a lot!!!

SHASHI VARDHAN (Pay Accts) (99 Points)
Replied 07 June 2011

Dear rohit,

reply posted by saikh is most accurate one.

gud show moin saikh. keep it up!!!!

Aparna Raja K.C (Student) (520 Points)
Replied 07 June 2011

Originally posted by : MOIN SHAIKH
	Dear Rohit, Income from Salary Rs.5,00,000 Income From Other Sourses 1. Income from Minor Child Received - Rs. 6000 Less-Exempt u/s. 10(32) Rs. 1500 Taxable Rs. 4500 2. Family Pension Received Rs. 24000 Less Exempt u/s.57 Rs. 15000 or 1/3 of pension received whichever is less Rs. 8000 Taxable Rs. 16000 Income from Other Sources(Rs.16000+Rs.4500) Rs.20,500 Gross Total Income Rs.5,20,500 Any Investment made u/s.80C etc can be claimeda as deduction. Thanks Moin Shaikh