A retired person having pension 260000.bank interest 35000. Have a house self occupied & some portion rented out. Rent 120000 per annum. What is the tax liability? Whether adv tax paid is necessary( senior Citizen). Pls reply urgently. What to show in itr 1 at income from other sources?
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Itr calculation
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refer this link for step to step guide for filling it 1
IN YOUR CASE
SALARY INCOME-2,60,000
RENTAL INCOME:- 84,000 (AFTER ADJUSTING 30% STANDARD DEDUCTION)
OTHER SOURCE:- 35000 and add int on saving account if any and claim ddeduction u/s 80TTA (ACTUAL INT. OR RS.10000 WHICHEVER IS LESS)
ASSUMING THERE IS NO OTHER DEUCTION TAX LIAB IS RS. 2987/-
FOR DETAIL FOLLOW ABOVE LINK, IT MAY HELP YOU...
IN YOUR CASE
SALARY INCOME-2,60,000
RENTAL INCOME:- 84,000 (AFTER ADJUSTING 30% STANDARD DEDUCTION)
OTHER SOURCE:- 35000 and add int on saving account if any and claim ddeduction u/s 80TTA (ACTUAL INT. OR RS.10000 WHICHEVER IS LESS)
ASSUMING THERE IS NO OTHER DEUCTION TAX LIAB IS RS. 2987/-
FOR DETAIL FOLLOW ABOVE LINK, IT MAY HELP YOU...
advance tax not required, you can pay self assessment tax now for the current AY.
Thanks Sanjeet jee for your prompt replay. I have one doubt. The total income after deduction is Rs 369000.. so how the tax liability becomes Rs 2987. Kindly clarify.
Another doubt. What to show in Itr income from self occupied house property or let out property.
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