Is there a possibilty of reducing tax Liability in the given case(enclosed)..
Thanks..
| MR. ABC | |||||||
| FINANCIAL YEAR 2013-14;ASSESSMENT YEAR 2014-15 | |||||||
| STATEMENT SHOWING COMPUTATION OF TOTAL INCOME | |||||||
| Particulars | Amt(In Rs.) | Amt(In Rs.) | |||||
| I. INCOME FROM SALARIES: | |||||||
| Gross Salary received from DEFLimited(including Leave Encashment) | 1,738,000 | ||||||
| Less: i. Allowance exempt u/s 10 | (231,066) | ||||||
| ii. Tax on Employment | (2,095) | 1,504,839 | |||||
| Uncommuted Pension from DEFLimited | 148,592 | 1,653,431 | |||||
| II. INCOME FROM OTHER SOURCES: | |||||||
| a)Dividend received from XYZ Limited-Rs.91,875-Fully Exempt u/s 10(34) | |||||||
| b)Purchase of Property for inadeqate consideration chargeable u/s 56(2)(vii): | |||||||
| Share of Ownership-50 %,Co-Owner- Mrs. RST | |||||||
| Stamp duty value of House Property purchased | 996,150 | ||||||
| Less:Purchase Consideration | (850,000) | 146,150 | |||||
| c)Income from Bank Interest /Public Deposits- | |||||||
| SCB Bank | 56,750 | ||||||
| HDFC Bank | 181,004 | ||||||
| State Bank of India | 21,321 | ||||||
| HDFC Limited | 77,931 | 483,156 | |||||
| GROSS TAXABLE INCOME | 2,136,587 | ||||||
| Less: Deduction under Chapter VI-A: | |||||||
| 80C- | |||||||
| LIC Premium | 100,000 | ||||||
| Tution Fees | 125,000 | ||||||
| Stamp duty paid on purchase of House Property(to the extent of ownership-50%) | 59,779 | ||||||
| 284,779 | |||||||
| But Restricted to | 100,000 | ||||||
| 80 D | 20,000 | ||||||
| 80 G | 3,059 | ||||||
| 80 TTA | 10,000 | (133,059) | |||||
| TAXABLE INCOME | 2,003,528 | ||||||
| INCOME TAX Thereon | 426,058 | ||||||
| Add: Education Cess @ 3% | 12,782 | ||||||
| TAX LIABILITY | 438,840 | ||||||
| Less: Tax Deducted at Source(vide Form 16 /16 A ) | |||||||
| DEF Limited | 276,628 | ||||||
| State Bank of India | 2,133 | ||||||
| HDFC Limited | 7,794 | ||||||
| HDFC Bank | 18,100 | ||||||
| SCB Bank | 5,675 | (310,330) | |||||
| TAX PAYABLE | 128,510 | ||||||
| Details of Losses c/f to Future Years- | |||||||
| Short term capital loss of Rs. 1,14,04,324 pertaining to F.Y. 2011-12(A.Y. 2012-13) | |||||||
Attached File : 143506 1335144 computation.xls downloaded: 160 times
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