Regarding for filing a tax

Originally posted by : saxenasaral
	Hi Guys, Refer income tax calculation in my case if total pension 2,25,243 for FY 2011-2012 (ASSEMENT YEAR 2012-2013) then what is total income..? and also what is gross total income in my case , please let me know..? ..If total SB account A/C intrest is 52,777 for FY 2011-2012, as self is senior citizen what are less deductions in my case to calculate income tax..?..to calculate income tax and how much I have to pay Tax..? Also should please explain should I file income tax return for assment year 2012-2013 or not..?please reply in detail..!!

Gross total income and total income will be Rs.225243 only. If your SB Interest is 52777 then the gross total income and total income will also raise accordingly i.e. 278020

If you are a senior citizen then you have exemption upto rs.240000.  On the balance of Rs.38020 you will have to pay 10% tax which will be 3802 + cess of 3%

Please if some one could explain in more detail that will make understanding more clear..!!  for senir citizen it is 2,40,000 or 2,50,000 please clarify this first ...? and what is total income please explain what is total gross income ..? what is the difference between the two , please clarify..!!

U HAVE NOT PROVIDED UR TAX SAVING DETAILS,i.e,REGARDING 80C TO 80U,AND 80G IF U HAVE ANY

U EARNED SB INTEREST OF 52777,SO BANK MIGHT HAVE DEDUCTED SOME AMOUNT AS TDS ,,HOW MUCH

for sb interest there wont be any tax deductions.

Sir, I would suggest you to meet a CA near your place so they can consider all the details of yours and give you the right advice.

The total income from all the 5 heads i.e; salaries, house property, business & profession, capital gains and other sources; is called gross total income. Further if you have deducted some amount as tax savings u/s 80C to 80 U the Income arrived is called net total income. 

The exempted limit for senior citizens is 2,50,000/-

Based on details provided by you, computation of your your total income and tax thereon is given hereunder:

Further, in case you have any other income or investment which eligible for deduction under Section 80C to 80U of income tax  please let us know to consider in computation of your taxable income and tax thereon. Hope the things are now clear.                                                             

Originally posted by : CA. Sandeep Kumar Singh
	Based on details provided by you, computation of your your total income and tax thereon is given hereunder: Income from Salary (Pension income) (A) 2,25,243.00 Income from SB Intt. (B)     52,777.00 Gross Total Income [C = (A+B)] 2,78,020.00 Deduction U/S 80 C to 80 U (D) 0.00 Taxable Income [E = (C-D)] 2,78,020.00 Exemption for Senior Citizen (F) 2,50,000.00 Balance Taxable Income [G = (E-F)] 28,020.00 Tax on Taxable Income  2,802.00 Ed. Cess 84.00 Total Tax and Ed. Cess 2,886.00 Further, in case you have any other income or investment which eligible for deduction under Section 80C to 80U of income tax  please let us know to consider in computation of your taxable income and tax thereon. Hope the things are now clear.

use above computation and fill ITR 1

show income from salary as above and interest amount in income from other sources

and also check AS26 from income tax website for TDS detail which is deducted from interest income :)

Deduct TDS from total tax and pay remaining amount of tax