Income from april 2013 to december 2013 is Rs.376121
TDS during this period is Rs. 11200
income from january to mach 2014 is Rs. 154899
TDS during this period is 8051.
deduction under 80C is Rs. 100000
what will be the tax laibility?
Thanks
abhishek (CA) (92 Points)
21 November 2014Income from april 2013 to december 2013 is Rs.376121
TDS during this period is Rs. 11200
income from january to mach 2014 is Rs. 154899
TDS during this period is 8051.
deduction under 80C is Rs. 100000
what will be the tax laibility?
Thanks
Mihir
(Wealth Manager)
(5293 Points)
Replied 21 November 2014
Total Income = Rs. 376,121 + 154,899 = Rs. 531,020/-
Less Deduction u/s 80C = Rs. 100,000/-
Taxable Income = Rs. 431,020/-
Tax liability = Rs. 44,395/-
Less TDS deducted = 11,200 + 8,051 = Rs. 19,251/-
Rs. 25,144/- tax payable
abhishek
(CA)
(92 Points)
Replied 21 November 2014
thanks for the reply dear
pls clear one more thing
in Form 16 of second company ( i.e. from january to march), it is mentioned that: Income under the head Salaries of the employee (other than from perquisites) is Rs. 490,356 and this amount includes previous employer's income of Rs. 338,776 for the period from 01-Apr-2013 to 17-Dec-2013 on the basis of salary certificate/ declaration submitted by the employee.
now please tell me what is the tax liablility.
should it be 490356 - 100000 (80c)=390356
taxable income Rs. 390356
tax liability=17547
and Less TDS deducted = 11,200 + 8,051 = Rs. 19,251/-
tax refunded= 19251-17547
=1704?????
pls tell me aout it.
CAclubindia
