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Taxable income for the assessment year 2011-2012


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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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Balance of PF (assumed withdrawn after 4 years) 120000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

 
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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

 
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* * * * * *


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.

 
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Thanx rajat nd swapna...

Thanx a lot..!!!!

 
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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

 
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thanx SHAIKH...

thanx a lot!!!

 
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Dear rohit,

reply posted by saikh is most accurate one.

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

 
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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 :)

 
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Hi

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

 

Thanks

 
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