Income Tax Calculation and Return

Hi Experts,

I have a question that, a person is working for a XYZ Life Insurance company ltd, as a branch manager, and having salary around 7 lakhs,and he also getting a commission/incentives around 3 lakhs (which is variable) and he also having a consultancy business in the same profession, ok i am making it clearer.

Salary for the A.Y 2010-11- is 700000/-

Incentive A.Y.2010-11- is 300000/-

Business Income A.Y.2010-11- 500000/-

Business Expenses Including all : A.Y.-2010-11. 1200000/-

and has also a housing loan where he paid the interest A.y.2010-11, is 120000.00

and Principal paid for A.Y.2010-11 is 103450

LIC and other savings is , 140000/-

U/s 80 D. INVESTMENT. 17850/-

and he paid . 200000/0 for his fathers medical treatment (partial disability)

Can any expert give me the calculation of above matter income tax and which ITR Form should be used for the the above income. ITR-4 or Saral-ITR-1. can he return the file online.

I'll be highly appreciated if u post an answer early.

Regards

Ellin

As per the details given by you, the assessee has to file his return of income in ITR - 4.

Income under the salary will be Rs.10 Lakhs ( including Incentives)

Income under House property will be a Loss of Rs.1.2 Lakhs the same can be sef off against salaries

Income under Business will be showing a net loss of Rs.7 Lakhs cannot be set off against salary has to be carried forward for the period of Seven Years, but it cannot be done now because the due date of filing of returns are over. Loss cannot be carried forward in case of Belated Returns,

Principal repaid on housing loan of Rs.103450 will be limited upto Rs. 1 Lakh under sec 80 C,

Maintenance of Handicapped Person is allowed upto Rs.50000 u/s 80 DD and for treatment a Lower of Rs 40000 or amount actually paid can be claimed u/s 80 DDB.

by which the gross total income will be Rs. 10 Lakhs - 1.2 Lakhs = 8.8 Lakhs

Deductions u/s Chapter VI A will be Rs. 1 Lakh + Rs.50000+Rs.40000 = Rs.1.9 Lakhs

Total income = Rs.6.9 Lakhs..

Tax - Rs.111000

EC - Rs.2220

SHEC - Rs.1110

Total Tax - 114330

Int u/s 234 C - Rs.4230

Int u/s 234 B - Rs.5717

Int u/s 234 A - Rs.1143

Total tax and interest payable should be = 125420.

i have made the tax working assuming tds is not deducted and no tax as be paid as on date.