Calculation of income tax for senior citizen
This query is : Resolved
10 July 2017
Dear Sir,
Senior Citizen received Pension and Income from other sources i.e.Savings Bank,FD Interest during F.Y. 2016-17 Rs 9,48,790/- and also paid under section 80 C as L.I.C Rs 1,06100&144.500 and also Savings Bank Interest Rs 10,000 under section 80TTA then his net taxable income is 7,88,790.
He has paid Rs 6,000/- as advance tax on 14.12.2016& Rs 10,000 on 13.03.2017 and also Tax deducted from his FD Interest Rs 4,779/-.
As a straight way his tax liability became Rs 59,319/- after calculating with the help of Income Tax Slab for A.Y.2017-18 as per following :
Total Taxable income 9,48,790-under chapter VIA 1,60,000= Net Taxable Income Rs 7,88,790
As a Senior Citizen ceiling amount:
(i) Rs 3,00,000 No Tax
(ii)3,00,000-5,00,000=2,00,000X10%=20,000/-
(iii)5,00,000-7,88,790=2,88,790 X 20%=57,758/-
(iv) Education cess @3% on 77,758/-x 3%=2,333
(v) Total liability is 80,091 less Paid Advance Tax Rs 16,000+4,779/- as T.D.S
(vi) Net Tax liability 59,312/-
But not able to Calculate 234 B &234 C as interest.
Please calculate and give details of calculation procedure and how much amount to be paid under 234 B and 234 C. Interest under 234 A will applicable in this cases or not.
Thanking you ,
With regards,
Buddha deb Das
Senior Citizen received Pension and Income from other sources i.e.Savings Bank,FD Interest during F.Y. 2016-17 Rs 9,48,790/- and also paid under section 80 C as L.I.C Rs 1,06100&144.500 and also Savings Bank Interest Rs 10,000 under section 80TTA then his net taxable income is 7,88,790.
He has paid Rs 6,000/- as advance tax on 14.12.2016& Rs 10,000 on 13.03.2017 and also Tax deducted from his FD Interest Rs 4,779/-.
As a straight way his tax liability became Rs 59,319/- after calculating with the help of Income Tax Slab for A.Y.2017-18 as per following :
Total Taxable income 9,48,790-under chapter VIA 1,60,000= Net Taxable Income Rs 7,88,790
As a Senior Citizen ceiling amount:
(i) Rs 3,00,000 No Tax
(ii)3,00,000-5,00,000=2,00,000X10%=20,000/-
(iii)5,00,000-7,88,790=2,88,790 X 20%=57,758/-
(iv) Education cess @3% on 77,758/-x 3%=2,333
(v) Total liability is 80,091 less Paid Advance Tax Rs 16,000+4,779/- as T.D.S
(vi) Net Tax liability 59,312/-
But not able to Calculate 234 B &234 C as interest.
Please calculate and give details of calculation procedure and how much amount to be paid under 234 B and 234 C. Interest under 234 A will applicable in this cases or not.
Thanking you ,
With regards,
Buddha deb Das
11 July 2017
https://www.incometaxindia.gov.in/Pages/tools/income-tax-calculator-234ABC.aspx
please try this if it suits you.....else i will give the calculation
please try this if it suits you.....else i will give the calculation
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
