31 January 2013
PLEASE TELL THE TAX LIABILITY AS PER THE DETAILS: gender :male age : 48 income details f.y.2011-12
LIC COMMISSION : 585179.(no bifurcation of commision)(books not maintained) pancard club commission : 304573. interest on hosuing loan paid:82000 lic:120000 mediclaim : 20000 entertainment expenses :30000 travelling expenses : 50000 telephone :15000 tds ( as per 26As) : pancard= 30462 lic = 58518 please tell me how much will be tax liabilty.. any more details required please let me know..
31 January 2013
Dear Friend, the insurance business commission is not covered under u/s. 44AD of the Income Tax Act, 1961. You will be liable to tax your income as income from business or profession.
Total Income Rs. 889752 Less: Housing Interest Rs. 82000 Income Chargeable to Tax 807752 Less; 80C & 80D 115000 Net Income Chargeable 692752 Tax on Income 88550 Less TDS 88980 Refund 430
CAclubindia
