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vaibhav (Querist)
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22 May 2016 kindly advice how much tds will cut on rented commercial property @35000/month and if no other taxable income than above, how much tax to be paid.kindly explain how much tax will ne refund. thanks in advance.

Abhishek Ranjan Singh

Abhishek Ranjan Singh (Expert)
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22 May 2016 TDS will be Deduct 10% U/s 194I

Total Income = 35000*12
=420000
Less : Standard deduction 30%
=420000*30%
=126000
Less Municipal Tax

Net Income = 420000-126000- Municipal Tax
=294000

Income Tax for AY 2016-17 Assuming that assessee age below 60, no other income and no investment to claim deduction.

=(294000-250000)*10%
=4400
Rebate U/S 87A
=4400-2000
Tax payable after Rebate
=2400
TDS = 420000*10%
=42000
Refundable Amount =42000-2400
=39600

Abhishek Ranjan Singh
ARS Solutions
www.arssolutions.co.in
+919022838615

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vaibhav

vaibhav (Querist)
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22 May 2016 Thanks once again for quick reply..

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