Help regarding income tax

ITR Filing 401 views 3 replies

RISHI RAI

PROPRIETOR

53 Points Posted on 25 March 2015

Hi there,

Please help me solve the following issue relating to tax ( all the figures are total of 12 months)

1 - a female earns rs. 211560 from family pension after the death of her husband.

2 - she earns rs. 24000 from a floor of her building that is on rent

3 - earns rs. 1lakh from her business whose accounts are not mentained.

4 - pays a personal loan repayment of rs.224400

5 - pays car loan of rs. 54000

please tell me what is the amount of tax she needs to pay. and when is the due date to pay tax for such income.

Replies (3)

Vishal Goel

Chartered Accountant

1693 Points Posted on 25 March 2015

The rates of income-tax as applicable for Assessment Year 2015-16 in the case of every individual below the Age of Sixty Years or Hindu undivided family or every association of persons or body of individuals, whether incorporated or not, or artificial juridical person

	Income Slabs	Tax Rates
i.	Where the total income does not exceed Rs. 2,50,000/-.	NIL
ii.	Where the total income exceeds Rs. 2,50,000/- but does not exceed Rs. 5,00,000/-.	10% of amount by which the total income exceeds Rs. 2,50,000/-
iii.	Where the total income exceeds Rs. 5,00,000/- but does not exceed Rs. 10,00,000/-.	Rs. 25,000/- + 20% of the amount by which the total income exceeds Rs. 5,00,000/-.
iv.	Where the total income exceeds Rs. 10,00,000/-.	Rs. 1,25,000/- + 30% of the amount by which the total income exceeds Rs. 10,00,000/-.