SIR,
IF ANNUAL SALARY INCOME IS RS.263500/- , INTREST ON SAVING BANK ACCOUNT RS, 750/- AND RS.40000/- CASH DEPOSIT IN BANK AS OLD CURRENCY IN FINANCIAL YEAR 2016-17 AND IN CASE OF FEMALE WHAT IS TAX LIABILITY AND WHAT IS TOTAL INCOME.
AND WHAT IS THE EFFECT ON EFILLING IN CASE OF OLD CURRENCY DEPOSIT IN BANK
Cash deposits of Rs. 40K is not income....... not taxable.......
Sav Bank interest of Rs.750/- is deductible u/s. 80TTA.
Tax over Rs. 263500/- of about 1350/- is non payable as rebate u/s. 87A...
Zero tax liability........
Return filing mandatory......... No adverse effect envisaged for such cash deposits.
AS PER SLAB AMOUNT OVER 2.5 LACK IS NOT TAXABLE IN CASE OF LADIES FOR FINANCIAL YEAR 2016-17
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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