CALCULATE TAXABLE INCOME

Tax planning 860 views 2 replies

RADHIKA received the follwing amount during the financial year 2009-10

gross salary                                                      500000/-

family pension @ 2000/ pm                             24000/-

income of minor child                                        6000/-

accumlated balance in provident fund of 

her husband after his death                            120000/-

grauity received after death of

her husband                                                         90000/-

 

cacluate the taxable income for radhika for assesement year    2010-11

Replies (2)

Sir, plz provide the full information regading the amount of salary (montly salary), provident fund and gratuity received.

Dear Sunny,

1) Salary                                                                       =                               5,00,000

2) Family pension = 24 K less exempt Rs. 8 k   =                                   16,000

3) Minor child  = 6k less exempt 1.5 k                    =                                   4,500

4) Accumulated PF Balance (assumed exempt)  =                                       Nil

5) Gratuity   (asumed it is exempt u/s 10)               =                                     Nil

Gross Total Income                                                    =                                5,20,500


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