Rina
HR
[ Scorecard : 70]
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Posted On 26 December 2009 at 10:21
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Hi All,
If any Individual (Male has Taxable Income of 286000/00 what will be his tax laiblity please let me know the tax calculations with workings.
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Ratan Deep Saxena
Executive- Accounts
[ Scorecard : 2612]
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Posted On 26 December 2009 at 10:29
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For AY 2009-10
total Income Rs. 286000
upto Rs. 160000 Nil
Balance Rs. 126000 Rs. 12600( Rs. 126000*10/100) i.e. 10% of Rs. 126000
Tax Liability shall be Rs. 12600. You hv to consider any saving made by that person also, in that case tax liability will be less as mentioned above.
regards,
ratan
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Rina
HR
[ Scorecard : 70]
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Posted On 26 December 2009 at 10:40
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Thanks for your reply,
Please consider the following contribution towards his savings
HRA - 45000
LIC premuim - 10074
PPF - 10000
Mutual Fund 5000
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CMA. Dinesh S Adhikari, AICWA
Cost & Management Accountant
[ Scorecard : 807]
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Posted On 26 December 2009 at 10:41
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Rs. 12,600 Tax Liability is correct but also keep in mind that it will be increased by 3% Cess, therefore total tax liability will be 12,600+12,600*3% = 12,978.
Regards!!!!!
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Ratan Deep Saxena
Executive- Accounts
[ Scorecard : 2612]
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Posted On 26 December 2009 at 10:47
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thnx for correction Mr.Dinesh. In continuation of the above Rectified Calculation will be as under.
Income from salary Rs. 286000
Less: Conveyance allowance (Rs. 800*12) Rs. 9600
Less: House Rent Allowance: Rs. 45000
Total Taxable Income: Rs. 231400
Less: Deduction U/s 80 C
LIC premuim - Rs. 10074
PPF - Rs. 10000
Mutual Fund Rs.5000
Taxable Income Rs. 206326
Tax on above Income Rs. 206326-160000*10/100= 4633
add: Education Cess 3% of Rs. 4633 139
Total Tax Rs. 4772.
regards,
ratan
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CMA. Dinesh S Adhikari, AICWA
Cost & Management Accountant
[ Scorecard : 807]
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Posted On 26 December 2009 at 10:49
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If he is not paying any amount towards House Rent then Whole HRA will be taxable therefore computation will be as follow :
Gross Total Income = 286000
Less: Ded. 80C(10074+10000+5000) = 25074
Net Total Income = 260926
Net Total Income (Rounding-off) = 260930
Therefore Tax Liability will be = (260930-160000)*10/100 = 10093
Total Tax Liability = 10093+10093*3/100 = 10396
Net Total Tax Liability (Rounding-off) = 10400 (NET TAX LIBALITY TO BE PAY)
***Please note that is he has paying House Rent then computation will be according to Sec 10(13A) of Income Tax Rules.
Regards!!!!!
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Rina
HR
[ Scorecard : 70]
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Posted On 26 December 2009 at 10:50
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In order to have Nil tax liablity please suggest the best investment options and the amount to be invested.
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Rina
HR
[ Scorecard : 70]
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Posted On 26 December 2009 at 10:51
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His HRA for FY 2009-2010 is 45000 ./- and residing in mumbai
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Ratan Deep Saxena
Executive- Accounts
[ Scorecard : 2612]
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Posted On 26 December 2009 at 10:53
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Amount Invested to have Nil Tax Liability shall be Rs. 48000/. Best Option Will be Invested in Life Insurance., coz on maturity whole amount received shall be allowed as deduction u/s 10(10d).
regards,
ratan
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Ratan Deep Saxena
Executive- Accounts
[ Scorecard : 2612]
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Posted On 26 December 2009 at 10:55
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whole HRA shall be exempted.
regards,
ratan
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