Other income along with salary income

Non- Tax limits for F.Y. 2009-10 is Rs. 160000/-

your tax may be reduced to nil subject to your savings. Moreever u need not to submit proof of shop earnings to the department.

U cn fill the details in your return of income.

regards,

ratan

Dear Ratan,

My total income crossed, 160000/-, i.e., 150000+50000=200000/-,

Dear Mr. Sreenivas,

U cn claim deduction of P.F as well as transport allowance as well as HRA too..

Could u tell me your savings.

regards,

ratan

Ratan,

i told you after all deductions, 150000+50000/- = 200000/- (rent,transport,pf,lic,tution fee,donations etc)

ok . then ur tax liability will be as under

200000-160000 = 40000*10%    =Rs. 4000

add: education cess       3%                      120

net tax liability                                             4120

 moreever u cn claim expenses towards your shop income to reduce your tax liability.

Hope ur doubt will be cleared.

regards,

ratan

hi 

you have liable to pay tax 

Gross Total Income Rs.150000+50000= 200000/-

Upto 

160000                       Nil tax

160000 to 300000   10% tax

Remaining balance amount is 40000 is taxable at rate of 10%

hence you have you deduction of Relating to Chapter VI A you can avoid the tax 

As well as you stay the house is own house or rented house

Own house means you have any loan relating to Housing loan Interest and principal you can able to claim

Rented house means you have to claim HRA

80C , LIC, NSC, Mutual funds, Tax Saver Bonds, PF also claim U/s 80C allowed upto limit Rs. l lacs

80D upto 15000 

further doubts mail me jmoneykandan @ gmail.com

MY DEAR YOU R REQUIRE TO FILE RETURN IN ITR-4 TO INCOME TAX DEPTT.  AND YOUR TAX LIABILITY IS RS. 4120 INCLIDING CESS....

Yeah, U need to file ur return in FORM ITR 4- Make sure that u have arived ur business income of Rs.50,000/- after making necessary adjustments as per provisions of the Income tax act. If that is so, ur tax liability will be Rs.4,120/-

Regards

Radhika

Dear Friend

AS per ur query you need to file ITR -4 which is for Business Income and Salary also + others

For Salary you have Form 16

For Business Income prepare B/Sheet and P and L Account or file under not preparing Accounts. and 50000 rs income is after deducting all expenses.

your total Taxable Income is 200000/-

Dear Pls also check your deduction must not be above from Rs. 100000 and calculation of HRA and others

if its fine then your tax liability is 4000+80+40 = 4120/- upto July 31,2010

Regards

Dear Mr. Srinivas,

As per your details

your salary income - 150000

Income from shop -    50000

Total                            200000

Up to 160000          NIl

160000-300000      10.3% (including cess)

it comes to 200000-160000 = 40000

                                                   40000*10.3% = 4120

So your payable tax is Rs. 4120

Regards

Shaker

Asst Manger - Accounts