Income tax for individual

1. Tax Free Limit is Rs. 200000 for individual other than woman and less than 60 years old.

2 & 3. .Mr. Kunal, tax is not computed on head wise income . It is computed in aggregate and in the prescribed manner. In your case, tax on your total income will be (210000-200000)*.1 = Rs. 1000 subject to details given by you.

4. Yes. you are liable to pay tax.

5. You will required to file return as well. You can file the manual return.

Thanks for your reply Sir.

I have calculated the Income with the help of my Salary Slips is Rs.1,70,000 (Without Deduction of PF and TAX).

I have Bank Interest of Rs. 30000/- which Includes Income from Saving Bank Interest and Fixed/Term Deposit Interest and I have already deposited the for 15G with Bank.

My Company has Deducted the Employee PF is Rs.3130/-.

My Company has Deducted the Income TAX is Rs.2300/-

I have my personal Saving in PPF/LIC for Rs. 2224/- (80C)

I have my Medical Insurance for which I have paid Rs.4000/- (80D).

So Now also do i need to pay Interest where as the company has already deducted the TAX.

Regards,

Kunal

HI KUNAL,

                        YOUR TAX FOR YEAR IS NIL BECAUSE YOUR INCOME IS(170000+30000)=200000/- WHICH IS EXAMPTION LIMIT ALSO NOW YOU HAVE DEPOSITE IN 80C AND US 80D BUT NO USE OF ALL THESE IN UR CASE. NOW TRUN FOR UR REFUND CLAIM IS RS. 2300/-.

SO CLAIM UR REFUND.

Thanks for your Reply...

Please let me know do I need to file a manual return or i can go for efilling as well for the claming my refund.

Regards,

Kunal

It is always better to go for e-filing for the quick assessment.

Thankyou for your early response.

AGREED WITH SONAM , E-FILING IS BEST WAY TO CLAIM REFUND.

You have the option, it's your own choice. Both e filling and manual has their own benefit.

Yes, you don't have to pay any taxes, you can claim your refund & the best way is efiling....

And friends w.e.f. AY 13-14 a new section 80TTA is introduced in which there is a deduction of upto Rs.10000/- on a/c of INTEREST ON SAVINGS BANK ACCOUNT ie interest credited or Rs.10000 which ever is lower will be deductible from Gross Total Income of assessee.

In the present case Rs.5000/- being interest on savings bank account is also deductible u/s 80TTA.

yes, i also agree with sonam, e-filing is the best 

yes, i also agree with sonam garu, e-filing is the best, but i hv one doubt how can kunal sir get the refund that i donot know