Tax Query (Plz help)

Alternatively invest as follows.

Rs. 10000                   LIC

Rs. 26000                   FD with Bank

Ok thanks a lot for spending your time and solving my query

I Would like to know if there are any more investment made do i add up in the list below in the sheet which you  have provided so that  later i get the exact tax laibility figure

Also mail me you email so if any further query related to same i will get in touch with you

it is ratan_deep1 @ yahoo.co.in.

regards,

ratan

I Would like to know if there are any more investment made do i add up in the list below in the sheet which you  have provided so that  later i get the exact tax laibility figure


 

yes, any investment made further shall be included in the sheet sent to u for exact tax liability.

regards,

ratan

Thnk you very much

If he is not paying any amount towards House Rent & Conveyance Allowance then Whole HRA will be taxable therefore computation will be as follow :

           Gross Total Income                      =   286000

Less: Ded. 80C(10074+10000+5000)  =  25074

           Net Total Income                            =   260926

          Net Total Income (Rounding-off)  =  260930

Therefore Tax Liability will be   =  (260930-160000)*10/100 = 10093

Total Tax Liability                      =    10093+10093*3/100  =  10396

Net Total Tax Liability (Rounding-off)                 =          10400  (NET TAX LIBALITY TO BE PAY)

***Please note that is he has paying House Rent then computation will be according to Sec 10(13A) of Income Tax Rules.

arnt we talking about ay 2009-10?? for a/y 09-10 basic exemption limit is 150000 and not 160000.

I know it, bt plz dn't get confused actually we are discuss here for the a.y. 10-11. Plz refer salary sheet as given in the discussion.

regards,

ratan

My dear friends you all are mistaken. The Exemption limit for Individuals and HUF's is Rs. 150000 for the A.Y. 2009-10 & Rs. 160000 for the A.Y. 2010-11.......................

GROSS TOTAL INOCME =286000

DED U/S 80C                    = 25074

TOTAL INCOME               = 260930(ROUNDED OFF TO NEAREST 10 )

TAX ON TOTAL INCOME = 10093(260930-16000)*10%

ADDITONAL SURCHARGE ON ABOVE=303 

NET TAX LIABILITY =10400

 

If it is for A.Y. 2009-10 Than Basic Exmption would  be  Rs. 150000/- not  Rs. 160000/- .

Hi,

One of my friends prepares animations/cartoons for advertising agencies. Is she required to register for service tax, and as what - as a service provider or as an input service distributor.

Please advice.

Regards,

Deepti

Income from salary Rs. 286000 Less: Conveyance allowance (Rs. 800*12) Rs. 9600 Less: House Rent Allowance: Rs. 45000 Total Taxable Income: Rs. 231400 Less: Deduction U/s 80 C LIC premuim - Rs. 10074 PPF - Rs. 10000 Mutual Fund Rs.5000 Taxable Income Rs. 206326 Tax on above Income Rs. 206326-160000*10/100= 4633 add: Education Cess 3% of Rs. 4633 139 Total Tax Rs. 4772.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
30 October 2026
Asst Manager Accounts

Goodwin Pumps India Pvt Ltd

Chengalpattu

CA Inter

View Details
Company
ARTICLESHIP 29 October 2026
Article Assistant (CA Inter / CMA Inter) - Thrissur

Varma Raja & Associates

Thrissur

CA Inter

View Details
Company
ARTICLESHIP 08 October 2026
ARTICLE TRAINEE

S.B.G. & CO. CHARTERED ACCOUNTANTS

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 17 October 2026
Articled Assistant

RRPM & Associates LLP

Chennai

CA Inter

View Details
Company
Featured 27 October 2026
semi-qualified CA

Saini Pati Shah & Co LLP, Chartered Accountants

Mumbai

CA Final

View Details
Company
21 October 2026
CA INTER/ BCOM WITH EXPERIENCE

CA S KUMAR GUPTA & CO

Amritsar

CA Inter

View Details
Company
Featured ARTICLESHIP 28 October 2026
CA- Inter and Articles

N N V Satish & Co.,

Hyderabad

CA Inter

View Details