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Taxable income calculation for ay - 2013-2014

Dibyendu (Consultant) (162 Points)

19 June 2013

It would be great if anyone help me to compute Taxable Income from the below details. I need this to pay Self assesment TAX and submit ITR2

TOTAL TAXABLE INCOME FROM SALARY(INCOME) = 575189.00 (After deducting HRA, Conveyance, i.e INCOME CHARGEABLE UNDER THE HEAD SLARY)

FORM - 16 TDS on the above = 27783.00

GROSS RECEIPT on renting my CAR = 345608.00

EXPENSE for the above = 220000

INCOME from the CAR = 125608.00

FORM - 16 A TDS on the above=3485.00

SavingBank Interest=5600.00

Savings 80C=1,00,000

Medical Prem. 80D=5,452

If anyone can provide the computation in excel or word doc, it would be really helpful.

Thanks and regards,

Dibyendu Kolkata

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11 Replies

Sachin Rajput (account exe) (593 Points)
Replied 19 June 2013

Please let me know your saving and HRA (if any).. which u show in your form 16 .. so that i can calculate your tax.

CA Ramsai N (Fresher) (594 Points)
Replied 19 June 2013

Income from salary		575189

Income from Business
Gross income	345806
Less::Expenses allowable	220000
		125806

Income from OthreSources
Saving bank interest		5600

Gross Total Income		706595

Deductions
80TTA(Max 10,000)		5600

Net Taxable income		700995

Tax
up to 2L		0
From 2L to 5L @ 10%		30,000
From 5L to 10L @ 20%		40199
		70199
Cess @ 3%		2106
Total tax liability		72305
Less::TDS (16 and 16A)		31268
Net tax payable		41037

1 Like

Dibyendu (Consultant) (162 Points)
Replied 19 June 2013

Dear Mr Sachin,

Plz find the modified one. I missed to mention 80C and 80D. Please have a look once again please.

Thanks and regards,

Dibyendu

Dear Mr Ramsai Neelam,

Thanks for your prompt help. I ma sorry, I miised to mention 80C and 80D in earlier. Could you please reconsider once again.

+++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++

TOTAL TAXABLE INCOME FROM SALARY(INCOME) = 575189.00 (After deducting HRA, Conveyance, i.e INCOME CHARGEABLE UNDER THE HEAD SLARY)

FORM - 16 TDS on the above = 27783.00

GROSS RECEIPT on renting my CAR = 345608.00

EXPENSE for the above = 220000

INCOME from the CAR = 125608.00

FORM - 16 A TDS on the above=3485.00

SavingBank Interest=5600.00 Savings

80C=1,00,000 Medical Prem.

80D=5,452

TOTAL TAXABLE INCOME FROM SALARY(INCOME) = 575189.00 (After deducting HRA, Conveyance, i.e INCOME CHARGEABLE UNDER THE HEAD SLARY) FORM - 16 TDS on the above = 27783.00 GROSS RECEIPT on renting my CAR = 345608.00 EXPENSE for the above = 220000 INCOME from the CAR = 125608.00 FORM - 16 A TDS on the above=3485.00 SavingBank Interest=5600.00 Savings 80C=1,00,000 Medical Prem. 80D=5,452

Read more at: /forum/taxable-income-calculation-for-ay-2013-2014-253326.asp

Thansk and regards,

Dibyendu

Sachin Rajput (account exe) (593 Points)
Replied 19 June 2013

Tax Computaion for F.y 2012-13


Income from Salary	575189
Income from car	125608
other income	5600
Gross total income	706397

Less Deducation u/s80 TTA	5600
Less Deducation u/s 80C	100000
Less Deducation u/s 80D	5452

Taxable income	595345

Tax payble on Rs. 595345	49069
Education cess	1472
Less TDS(16 & 16A)	31268
Tax payble	19273

Attached File : 622297 1189405 tax computation.xlsx downloaded: 813 times

CA Ramsai N (Fresher) (594 Points)
Replied 19 June 2013

Income from salary		575189

Income from Business
Gross income	345608
Less::Expenses allowable	220000
		125608

Income from OthreSources
Saving bank interest		5600

Gross Total Income		706397

Deductions
80TTA(Max 10,000)	5600
80C (Max 1L)	100000
80D (Max 15K)	5452
		111052

Net Taxable income		595345

Tax
up to 2L		0
From 2L to 5L @ 10%		30,000
From 5L to 10L @ 20%		19069
		49069
Cess @ 3%		1472
Total tax liability		50541
Less::TDS (16 and 16A)		31268
Net tax payable		19273

Dibyendu (Consultant) (162 Points)
Replied 19 June 2013

Lots of thanks to Mr. Sachin Rajput and Mr. Ramsai Neelam.

Best regards,

Dibyendu

Dibyendu (Consultant) (162 Points)
Replied 19 June 2013

Hello, I have raised this issue earlier but have NOT got clear idea? Can anyone explain please. I have income form Salary. Also I rented my CAR in a govt office. I receive payment after TDS(194C).

This should be treated as income from other sources. so filing thru ITR2. Now the confusion, GROSS received for the CAR should be kept in either of the two in ITR2.

1.c Rental income from machinery, ...

or 1.d Others, Gross(excluding income from owing racehorses)

Can anyone please explain in the context of ITR2.

Thanks and regards, Dibyendu

CA Ramsai N (Fresher) (594 Points)
Replied 19 June 2013

Originally posted by : Dibyendu
	Hello, I have raised this issue earlier but have NOT got clear idea? Can anyone explain please. I have income form Salary. Also I rented my CAR in a govt office. I receive payment after TDS(194C). This should be treated as income from other sources. so filing thru ITR2. Now the confusion, GROSS received for the CAR should be kept in either of the two in ITR2. 1.c Rental income from machinery, ... or 1.d Others, Gross(excluding income from owing racehorses) Can anyone please explain in the context of ITR2. Thanks and regards, Dibyendu

you can show under 1.d others

1 Like

shivam gupta (Student) (142 Points)
Replied 19 June 2013

Brother Dont forget to take Depreciation even if the Income of Car is Assessed under Other Sources. Depreciation of 30% will be allowed on such car as it would have been allowed in case income is assessed under PGBP (car is used in business of running them on Hire)