Help on managing tax liability

Go through the ITR form 4. This will be the form you will be using in filing your IT returns.

Compute your total income, commission, fees, etc

Compute your work related expenses

Compute your investments in insurance, FD, provident funds etc

Then you will arrive at your tax liability

Now compute TDS deductions if any from your commission, fees

Now the balance tax is what you will pay.

If you are admitting that your case is easy, then you might as well learn it and file your own returns. Visit caclubindia regularly for a month with your queries.

Hi Mihir,

Thank you for your response. I agree with you that learning it myself would be a good idea.

But for that to happen, I would need someone to guide me with it for the first time. The ITR 4 does not make any sense to me. If I had a background in finance, I would not be posting for help here.

Hence, I'm seeking some help to manage it for some time before I can take it over myself.

Before filing returns, one is required to collect information.

Go through your bank statement and check what interest you have received in your saving account for the year.

Check 26AS to know what all TDS has been deducted from your payment for the year. The amount would be your tax credit. Take a print out. Go to incometaxindiaefiling.gov.in

Note how much commission, fees have you received for the year.

Note what all investments you have made for the year. Insurance premium, saving certificates, public provident fund, fixed deposit, etc

Check if there are any other kind of income this year ie sale of shares, gold, mutual funds, property etc.

When you gather all this information, then you will do the computation/calculation of what is your exact income, TDS tax credit, and your investment. Start from scratch and take one step at a time.

Mr. Anthony

I am a practising CA. My email Id is ashishbansal.1586 @ gmail.com. U can freely contact to me at any time for any kind of query.