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How to calculate Taxable Income


Kamlesh (Application Support)     19 December 2010

Kamlesh
Application Support 
 29 points

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Hello People,

I am the newbie here.

I want to know what would be my net taxable income?

My CTC P.a is Rs. 2,64,000 which includes my fixed bonus of Rs.24,000.

I have 3 LIC Policy of which Annual Premium amount comes to around Rs. 10,898.

Also I have purchased NSC of Rs. 50,000.

Recently, I have purchased PPF from HDFC Standard Life Insurance. The Insurance Premium is Rs. 24,000 p.a.

Could anyone please tell me what would be by net taxable income for the current fiscal year 2010-2011..?

Any help on this would be highly appreciated..

 

Thanks and Best Wishes.

Kamlesh Panchal

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Sandeep Pandey (CA FINAL)     19 December 2010

Sandeep Pandey
CA FINAL 
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As per the data provided by you, your taxable income will be as follows:

264000-10898-50000-24000

Taxable income is Rs. 1,79,102/-


Bonus is taxable income.

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ROHIT CHATURVEDI (CA Final Student )     19 December 2010

ROHIT CHATURVEDI
CA Final Student  
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I have a confusion regarding your question , what is PPF in this question , if it is PUBLIC PROVIDENT FUND then according to me PPF (Public Provident Fund) is a account which is opened in a bank, we can't say that we have purchased it and also it is not a insurance policy and thus does not contain premium. Otherwise your taxable income will be calculated as follows:

TOTAL INCOME                                                                   2,64,000

LESS: Deductions u/s 80C

             LIC Premium                                                            10,898

             NSC                                                                             50,000 

             PPF scheme                                                              24,000

NET TAXABLE INCOME                                                       1,79,102

akhilesh (student)     14 February 2011

akhilesh
student 
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Mrs. radhika recived the following amounts during the financial year 2010-11.

gross salary                                                              500000

family pension @ Rs.2000 p.m                             24000

income of minor child                                                6000

accumulated balance in provident fund

of her husband after his death                                120000

gratutity recived after the death of her husband   90000

calculate taxable income of Mrs. Radhika for assessement year 2011-12?

akhilesh (student)     14 February 2011

akhilesh
student 
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from the following particulars submitted by Raju. compute his income from other sources for the assessement year 2011-12.

director's meeting fees received from Y Ltd                                                       4000

Agricultural income from land situated in india                                                  12000

Agricultural income from Nepal                                                                           20000

interest;

a) from bank on FDR (Net)                                                                                     30000

b) on post office saving account                                                                            12000

c) on goverment securities                                                                                        6500

d) on public provident fund                                                                                      13000

e) on national savings certificate VIII issue                                                             8000

divident from A Ltd decleared on 25-08-2010                                                       35000

lottery prize recived after T.D.S.                                                                                 27640

rent from sub letting of a flat                                                                                      12000

(rent paid to landlord for the flat is 6000)

Raju spent Rs. 600 for realizing the rent. he had also spent Rs. 10000 for the purchase of lottery tickets and recived  the prize on one ticket.

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@*CS Siddharth Bumb. * (B.Com, CA Final, CS )     15 February 2011

@*CS Siddharth Bumb. *
B.Com CA Final CS  
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Yes agree with Mr Akhilesh,Chaturvedi, and Sandeep Pandey....

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rohit (student)     06 June 2011

rohit
student 
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plzzzz solve dis ques..

 

from the following particulars submitted by Raju. compute his income from other sources for the assessement year 2011-12.

director's meeting fees received from Y Ltd                                                       4000

Agricultural income from land situated in india                                                  12000

Agricultural income from Nepal                                                                           20000

interest;

a) from bank on FDR (Net)                                                                                     30000

b) on post office saving account                                                                            12000

c) on goverment securities                                                                                        6500

d) on public provident fund                                                                                      13000

e) on national savings certificate VIII issue                                                             8000

divident from A Ltd decleared on 25-08-2010                                                       35000

lottery prize recived after T.D.S.                                                                                 27640

rent from sub letting of a flat                                                                                      12000

(rent paid to landlord for the flat is 6000)

Raju spent Rs. 600 for realizing the rent. he had also spent Rs. 10000 for the purchase of lottery tickets and recived  the prize on one ticket.

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