Am i liable for income tax?

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2011 Dear Sir,
My yearly income by way of brokrage is Rs.300000.00.and by way of bank interest is [int.on FD] Rs.60000.00.that means total income is Rs.360000.00 per year.Am i liable for income tax?if yes,how much amount of income tax shoud be payable by me?

CA PARAS BAFNA

CA PARAS BAFNA (Expert)

01 August 2011 Tax payment is now a hobby.
.
First of all you have to decide- whether you like to
1. File a Return with NIL Tax.
2. File a Return with Reasonable Tax
3. File a Return with Correct Tax
4. Not to file a return.
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I always recommend for option 3 to those who are progressive in their life.
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You have to file your Return U/s 44AD, by showing your Income properly. If 300000 is your gross income , deduct the estimated expenses , say 15 to 20 % of Gross Income, and file your return.
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If you show lesser income you would not be able to claim Deduction Under 80C, hoping that you will be paying a good amount of premium towards LIC , and other life insurance policies.
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I also desire that you can have FDR Interest income of Rs.1.50 lac, and this desire can not be fulfilled until you show your income properly and take advantage of 10% minimum tax rate slab.
.

Querist : Anonymous

Querist : Anonymous (Querist)

01 August 2011 first time i am going to file my return,and i want to pay correct tax.first time i earned 3lacs from brokrage comparing to 1to1.5 lacs per year during last 4to5years.i am paying Rs.7000.00per year for LIC.My bank FD IS 7Lacs,and i am getting 60000.00 interest p/year.my withdrawals are 140000.00 per year.Now please tell me the amt.of tax payable by me.

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