Please Wait ..

Sign-in to your account


Username:
Password:

Remember Me

Forgot your password?

Sign-up now



Join CAclubindia.com and Share your Knowledge. Registered members get a chance to interact at Forum, Ask Query, Comment etc.


Discussion > Income Tax >

Taxable income for the assessment year 2011-2012

    Post New Topic
Pages : 1 2





student

[ Scorecard : 132]
Posted On 06 June 2011 at 13:59 Report Abuse

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.


Online classes for CA CS CMA



Rajat Garg
Article

[ Scorecard : 47]
Posted On 06 June 2011 at 14:40

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Balance of PF (assumed withdrawn after 4 years) 120000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
   


Total thanks : 1 times




swapna
student

[ Scorecard : 77]
Posted On 06 June 2011 at 16:11

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.



Total thanks : 1 times



Harpreet
* * * * * *

[ Scorecard : 1643]
Posted On 06 June 2011 at 17:03

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

[ Scorecard : 132]
Posted On 06 June 2011 at 17:24

Thanx rajat nd swapna...

Thanx a lot..!!!!




MOIN SHAIKH
ACCOUNTANT

[ Scorecard : 115]
Posted On 06 June 2011 at 18:00

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



Total thanks : 3 times



rohit
student

[ Scorecard : 132]
Posted On 06 June 2011 at 19:50

thanx SHAIKH...

thanx a lot!!!




SHASHI VARDHAN
Pay Accts

[ Scorecard : 99]
Posted On 07 June 2011 at 00:04

Dear rohit,

reply posted by saikh is most accurate one.

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




Aparna Raja K.C
Student

[ Scorecard : 515]
Posted On 07 June 2011 at 07:53

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

Most Accurate :)




sripriya
0

[ Scorecard : 25]
Posted On 23 June 2011 at 18:19

Hi

From your answer I understand that gratuity is not taxable. Could you please substantiate so that I understand the relevant provision.

 

Thanks



There are 10 Replies to this message








Related Files








Related Threads


Post your reply for Taxable income for the assessment year 2011-2012



Your are not logged in . Please login to post replies

Click here to login


Not a member yet ?? Click here to signup

Message







    

  • Use thank button to convey your appreciation.
  • Maintain professionalism while posting and replying to topics.
  • Try to add value with your each post.



Forum Home | Forum Portal | Member Control Center | Who is Where | Popular Threads | Today's Topic | Recent Posts | Today's Posts | Post New Topic | Thread With Files | Top Threads This Month | Forum Stats | Unreplied Threads

back to the top