Hello, Is there any excel template available, for computing taxable income. If any one can share, it would be helpful.
Below are the details.
GROSS RECEIPT FROM SALARY = 5,90,000(Includes CONVEYANCE = 6,000, TAX on Employment=2,400)
HOUSE RENT PAID TOTAL = 14,332
INCOME FROM RENT OF CAR = 1,30,000
80CC SAVINGS Done = 1,00,000 80D=5,452
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
CAclubindia
