Advance tax
This query is : Resolved
30 April 2016
Tax payable by X on or before 15th Sep 2015 from
Rent from HP Rs.46000p/mth , Municipal Tax paid by him Rs.32000 so Advance Tax payable by him in this case
30 April 2016
Total Annual Rent = 46000 X 12 = 552000/-
Standard Deduction @ 30% = 165600/-
Municipal Tax = 32000/-
Income from House Property = 552000 - 165600 - 32000 = 354400/-
Tax on above = 10440
Rebate u/s 87A = 2000
Tax Payable = 8440
Cess = 253 TOTAL
TAX = 8693/-
Since total tax liability is less then 10000/- hence no liability to pay advance tax.
Standard Deduction @ 30% = 165600/-
Municipal Tax = 32000/-
Income from House Property = 552000 - 165600 - 32000 = 354400/-
Tax on above = 10440
Rebate u/s 87A = 2000
Tax Payable = 8440
Cess = 253 TOTAL
TAX = 8693/-
Since total tax liability is less then 10000/- hence no liability to pay advance tax.
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