Taxable income

Efiling 641 views 5 replies

Nithin Peter

OPA

25 Points Joined March 2014

I am currently employed in a firm with a gross income of 14000 per month.

And i have also income from the newspaper agency around 10000 per month.

How income tax is calculated in these sitaution.

Proof for the income from company is salaray slip they are not deducting any tax from the income.

And the proof for the income from the agency is included in bill issused by the newspaper company (Fixed percentage of income, amount of income changes everymonth, but percentage of commission is fixed)

Please help me for getting a solution

Advance thanksto persons who reply

Replies (5)

Guest

Income from salary : Rs 14000*12=168000(Reduce deductible allowances eg conveyance allowance)

Income from other sources: commission: 10000*12=120000 (deduct the related expenses)

bank Interest: ?

Gross total income=288000

Less: Deduction u/s 80C

(This will include LIC premiums, GPF etc -max 1L)

Deduction u/s 80D( medical Insurance-max Rs 15000)

Less: 80TTA(Savings bank interest-max Rs 10000/-)

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Total Income : ******

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If Total income exceeds Rs 2L, calculate 10%on the difference and add 3% as Education cess+Interest.

Amit Kumar

Chief Accounts Officer

183 Points Joined December 2008

PANDIT G WE CAN ALSO CLAIM A REBATE OF RUPEE 2000 FROM TAX PAYABLE AS THE INCOME IS LOWER THAN 500000 RUPEES. UNDER SACTION 87A

Arpit Pachisia

734 Points Joined July 2012

Amit ji, we can claim rebate of Rs.2000 from the next assessment year only, till march 14 basic exemption limit is Rs 2,00,000 only.

Agreed with Madhavi Pandit.

Nithin Peter

OPA

25 Points Joined March 2014

Thanks to all for the reply. I have a doubt that is the agency income is treated as other income or it is treated as the self employment income.

Amit Kumar

Chief Accounts Officer

183 Points Joined December 2008

A new section 87A by Finance bill 2013 has been introduced for Income Tax Deduction of Rs. 2000/- for Assessment Year 2014-15. This rebate can be availed Tax payer/Assessee under section 87A

and arpit ji m talking abount AY 2014-15. and please read the forum again

"I am currently employed in a firm with a gross income of 14000 per month.........." it means this income will be assessed in AY 2014-15.

and if still i m in error then please tell me, as helping each other makes our practice better.