Computation of income tax

COMPUTATION OF TAXABLE INCOME FOR THE ASSESSMENT YEAR 2013-2014, RELATING TO THE FINIANCIAL YEAR 2012-2013

Income from Salary

Basic Salary                                                = Rs.581600.00

Add: Conveyance Allowance                    = Rs. 6000.00

Add: Tax on Employment                          =  Rs.2400.00

Total Income from Salary                          = Rs 590000.00

Less; Deduction u/s 16                              = Rs.    2400.00

Taxable Income from Salary                      = Rs. 5,87, 600.00

Income from other sources-

Rent of Car                                                       = Rs.1,30, 000.00

Gross Total Income                                       =   Rs.7,17,600.00

Less: Deduction  Chapter VI

I) 80CC                                                              = Rs.1,00,000.00

ii) 80D.                                                                =Rs.    5452.00

iii) 80GG -rent paid                                           =Rs.  14332.00

Taxable Income                                                =Rs.597816.00

Tax on Income =Rs.30000+20% of Rs.97816.00=Rs.49,563.00

N.B. Assume that Assessee not receive any HRA & he/his near relatives i.e. spouce, son  have not any house in the city which assessee made provide service.

Thanks for your quick reply.

In connection with the above, I sold my car and received  1,20,000. Is thsi an income. How should the computation change here. Thanks.

Sale of Car use for personal purose is not a capital asset , as define 2(14)of Income Tax Act 1961 , so, amount receive from sale of car not taxable income in your hand.

Hi,

Attaching my workings. Kindly help whether correct or not.

Thanks

The car was rented for monthly payment basis.

Sorry Swati,

I think you have NOT got my point. Please note that I am looking for computation of tax who has

1. Income from SALARY

2. Other Income - RENT of CAR

3. Selling of CAR(Not sure if this will be treated as income or NOT?)

Thanks and regards,

Dibyendu

Dear All,

Please find attached Income tax calculation FY 2013-14

Regards,

Shreekanth