It return on salary income and royalty income

Tax queries 692 views 4 replies

I am an individual.I have salary income and royalty income as well.TDS deducted on royalty income is 10% and Tax deducted on salary income is 20%.Can anybody tell,how to compute tax liability in this case.whether GTI will iclude both the income and then tax will be calculated and slab rate will apply or both will be separately calculated.Please help

Replies (4)

The tax liability will be calculated on all the incomes at one go and tax liability will be accordingly determined. From the tax liability TDS made on royalty & salary will be reduced and baalnce tax liabiliyt if any remaining would be requried to be paid before filing the retunr of income.

no need to calculate tax liability seperately for royalty and salary.

Thanks but still i have one confusion.If tax liability will be determined in one go,then on salary income i am paying 20% and on royalty income i am paying 10%.but if the overall tax liability comes in the slab rate of 20%.does it mean that i have to pay the 10% more tax.can i show some expenditures on royalty income just to pay only 10% what has been deducted u/s 194j.please help.

TDS on salary sould not be deducted as percentage......your employeer must calculate an estimate of Income tax liability for the full year and deduct TDS accordingly u /s 92b....

 

On royalty income TDS is deductible at the rate of 10% and not 20%...you must provide correct pan number to your deductor....

And in case of salary,

while calculating estimated tax liability, add total royalty receivable with salary to get gti...calculate tax on such amount as per slabs applicable..

form above deduct TDS payable on royalty at 10%....the balance amount will be your income tax liability for the year...

divide that with 12 to get your tds deductible per month from salary


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register