Income tax query

Others 1080 views 7 replies

Naimesh

52 Points Posted on 22 July 2012

My father has business of tailoring. We are not maintaining any a/cs for any transaction. We earns 20000/- p.m from tailoring business, i.e 240000/- p.a. Out of 240000, 180000 p.a is our house expenses and we also pays premium of 60000 every year for our 4 family members. We have also FD in bank of 500000 from previous saving. We also file 15G for TDS. I want to know we have to file return of income or not?

Replies (7)

RAJIV.S.A

AUDIT

22 Points Posted on 22 July 2012

Yes you need to file . As income exceeds tax slabs of rs two lakhs . You can claim for deduction for premium under 84c :-) and you can claim for refund for your tds deductions

Intermediate Student

644 Points Posted on 22 July 2012

Thanks. But how many income will be taxable in this case. We have never filed income tax return is there any problem will be in futer?

nikhil

(CA Final) Article

363 Points Posted on 23 July 2012

As per my view u have to file itr 4 240000 your income and add interest on fd in it also Then deduct 60000 from it if u have income less then 180000 then u don't have to pay tax if more then 180000 then tax slab applicable . After calculating tax deduct tds from tax if tax is greater then u have to pay if tds is greater then u will get refund .

Sanjay Singh Rana

208 Points Posted on 23 July 2012

Hello Ramesh according to me ur business income will be Rs 240000

Add : Income from Other Source ( FDR interes) Rs xxxx (not given)

Total Gross Income

less : saving us 80c (FDR) Rs 100000 (Max)

Taxable Income (Balance)

in case ur taxable income is less than 180000 u dont need to file an ITR

u cant claim ur house expenses as deduction from ur business income unless they are in relation to ur business.

Sheena Maheshwari

ARTICLESHIP

240 Points Posted on 23 July 2012

nikhil and sanjay the basic tax slab is rs 200000

nikhil

(CA Final) Article

363 Points Posted on 24 July 2012

Sheena 180000male 190000 female 250000senior citizen

Sanjay Singh Rana

208 Points Posted on 24 July 2012

https://www.finance.pushpi.com/income-tax-slab-for-fy-2012-13.htm

Hi there, the slab rate you are talking about is for A.Y 13-14. PLZ check

The new and revised income tax slabs and rates applicable for the financial year (FY) 2012-13 and assessment year (AY) 2013-14 are mentioned below:

New Income tax slab for fy 2012-13 / ay 2013-14
New Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 60 years (FY 2012-13)
S. No.	Income Range	Tax percentage
1	Up to Rs 2,50,000	No tax / exempt
2	2,50,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%
New Income Tax Slabs for ay 13-14 for Resident Senior Citizens above 80 years (FY 2012-13)
S. No.	Income Range	Tax percentage
1	Up to Rs 5,00,000	No tax / exempt
2	5,00,001 to 10,00,000	20%
3	Above 10,00,000	30%
New Income Tax Slabs for ay 13-14 for Resident Women (below 60 years) (FY 2012-13)
1	Up to Rs 2,00,000	No tax / exempt
2	2,00,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%
New Income Tax Slabs for ay 13-14 for Others & Men (FY 2012-13)
1	Up to Rs 2,00,000	No tax / exempt
2	2,00,001 to 5,00,000	10%
3	5,00,001 to 10,00,000	20%
4	Above 10,00,000	30%

For normal category the simple calculation is as follows

Taxable Income in 10% slab maximum tax will be Rs 30000
Taxable Income in 20% slab maximum tax will be Rs 30000 + Rs 1,00,000 total Rs 1,30,000
Taxable Income in 30% slab minimum tax will be Rs Rs 1,30,000

Education and other cess will be in addition to this

Income tax rates applicable for the financial year (FY) 2011-12 and assessment year (AY) 2012-13 are mentioned below:

Old Income tax slab for fy 2011-12 / ay 12-13
Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 60 years (FY 2011-12)
S. No.	Income Range	Tax percentage
1	Up to Rs 2,50,000	No tax / exempt
2	2,50,001 to 5,00,000	10%
3	5,00,001 to 8,00,000	20%
4	Above 8,00,000	30%
Income Tax Slabs for ay 12-13 for Resident Senior Citizens above 80 years (FY 2011-12)
S. No.	Income Range	Tax percentage
1	Up to Rs 5,00,000	No tax / exempt
2	5,00,001 to 8,00,000	20%
3	Above 8,00,000	30%
Income Tax Slabs for ay 12-13 for Resident Women (below 60 years) (FY 2011-12)
1	Up to Rs 1,90,000	No tax / exempt
2	1,90,001 to 5,00,000	10%
3	5,00,001 to 8,00,000	20%
4	Above 8,00,000	30%
Income Tax Slabs for ay 12-13 Others & Men (FY 2011-12)
1	Up to Rs 1,80,000	No tax / exempt
2	1,80,001 to 5,00,000	10%
3	5,00,001 to 8,00,000	20%
4	Above 8,00,000	30%

For normal category the simple calculation is as follows

Taxable Income in 10% slab maximum tax will be Rs 32000
Taxable Income in 20% slab maximum tax will be Rs 32000 + Rs 60000 total Rs 92000
Taxable Income in 30% slab minimum tax will be Rs 92000

Education and other cess will be in addition to this