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Itr calculation

sam (aa) (25 Points)

30 July 2017

A retired person having pension 260000.bank interest 35000. Have a house self occupied & some portion rented out. Rent 120000 per annum. What is the tax liability? Whether adv tax paid is necessary( senior Citizen). Pls reply urgently. What to show in itr 1 at income from other sources?

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SANJEET KUMAR (AUDIT ASSISTANT) (70 Points)
Replied 30 July 2017

refer this link for step to step guide for filling it 1
IN YOUR CASE
SALARY INCOME-2,60,000
RENTAL INCOME:- 84,000 (AFTER ADJUSTING 30% STANDARD DEDUCTION)
OTHER SOURCE:- 35000 and add int on saving account if any and claim ddeduction u/s 80TTA (ACTUAL INT. OR RS.10000 WHICHEVER IS LESS)
ASSUMING THERE IS NO OTHER DEUCTION TAX LIAB IS RS. 2987/-
FOR DETAIL FOLLOW ABOVE LINK, IT MAY HELP YOU...

Udgam Koomar (Tax Technologist) (1949 Points)
Replied 30 July 2017

advance tax not required, you can pay self assessment tax now for the current AY.

sam (aa) (25 Points)
Replied 04 August 2017

Thanks Sanjeet jee for your prompt replay. I have one doubt. The total income after deduction is Rs 369000.. so how the tax liability becomes Rs 2987. Kindly clarify.