Dear experts
This query is : Open
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.
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
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
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
Note : If you find our reply useful. Please Score us by clicking on "THANK USER"
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