Income Tax and penalty or interest

hello

in this case the income of the lady is 40,000 per month from Rent

so calulation is like this

40,000 * 12 = 4,80,000

less : TAX    =     00  less if any paid by herself not bt tennaunt

Less Ded @ 30% = (1,44,000)

(u/s) 24

Income from House Rent  = 3,36,000

less Ded u/s 80C                = (1,00,000)

Taxable Income                   = 2,26,000

less Ded u/s 80D for Mediclaim Ins  =  00   if any

Net Taxable Income           = 2,26,000

so tax Liability is

upto 1,80,000   =  nil tax

1,80,001 - 2,26,000 = 10 %   = 4600 Rs only

and last date for deposting the tax & return with out penalty is JULY 31

so no penalty is here upto  JULY 31 

you can deposit the TAX 4600 before & upto JULY 31 & also file the return before & upto JULY 31

thanks

Nitin Grover

+91-9868978044

Thank you Nitin Sir,

There is some calculation error. If we deduct Rs.100,000/- investment under section 80C from House Rent Income of Rs.336,000/-, the Taxable income is Rs.236,000/-.

Please help in calculating the income tax.

Thanks.

Satish

YA THATS RT, ITS

  3,36000

-100000

______

2,36000

UPTO 1.8 IS NIL

1.8 TO 2.36=56000

56000*10%=5600

5600*3% CESS= 5600*3%=168

TAX PAYABLE+5768

ADD: 234B-2%  5768*2%=115

ADD:234C (5768*60%)*3% + (5768*30%)* 3% +(5768*1%)

104+52+58=214

234C=214

TAX PAYABL 5768

INTERST          329

                       ______

                        6097

6097 IS TOTAL TAX PAYABLE,

IF YOU GOING TO PAY TAX NEXT MONTH THEN YOU HAVE TO ADD 1% MORE, 1% OF EVERY MONTH STILL YOU DEPOSIT THE TAX..

hello

i am so sorry for this silly mistake

i am extremely sorry sir 

ya their is liability of Advance Tax i am so sorry

but sir the penalty impose on it it will be 01% monthly from sept

not 2% because where one section end second start

All three section 234A-234C cant meet in same months

so the penalty is 01%

thanks

234A IS FOR LATE FILING RETURNS, SO JULY IS THE DUE DATE..SO 234A WILL NOT COME ..... 234B AND C WILL COME BECAUSE OF  LAIBILITY OF ADVANCE TAX ....

Thank you.

Please let me know the working of penalty. I am confused.

Also let me know about education cess. Will it be applicable on Income Tax @ 3%.

Thanks in advance.

ya its 3% on income tax + surcharge(if any)

its 2% + 1%

ya sir  these three sections realtes with penalty on tax

one section starts from september wen adv tax starts

september - march

second section start from April - July

Third section starts from August - Till the month of depsoit if tax

so all are in different time period   & every time its 01%    so how it become 02%

thanks

Nitin Grover

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