Mr. Mohan, aged 65 years, derives Rs 7.5 lacs as salary from Amiir PanWala & Company
for the year ended 31.03.2019. He supplies the following information to the accounts
department of the employer. (Applicable Assessment year 2019-20)
Particulars Amount
Loss from one of the Self - occupied
property
Rs 200000
Loss from let out house property Rs 360000
Interest from Flexi Fixed Deposits Rs 150000
a. Explain and examine the applicability of TDS provision
b. Compute total tax liability and monthly deduction for TDS
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TDS provision and tax liability
Replies (7)
Computation of income
salary income - 750000
other sources - 150000
house property loss - (-)560000 (restricted to 200000 u/s. 71)
total income - 700000
standard deduction - 40000
taxable income - 660000
tax payable - 44500
vessel @ 4% - 1780
total tax payable - 46280
tds per month - 3857
salary income - 750000
other sources - 150000
house property loss - (-)560000 (restricted to 200000 u/s. 71)
total income - 700000
standard deduction - 40000
taxable income - 660000
tax payable - 44500
vessel @ 4% - 1780
total tax payable - 46280
tds per month - 3857
There is a standard deduction of 40000 from the income from salary. for AY 19-20
I too considered standard deduction of 40000 for computing taxable income sir
Why no Deduction under section 80TTB?
Also tax calculation is wrong as he is senior citizen
Deduction shall be allowed only to a senior citizen with regard to interest income from banks/cooperative bank/ cooperative society/post office and further it may be in connection with time deposits/saving bank account or any other deposits. Deduction shall be allowed upto such income but maximum ` 50,000.
As senior citizen,
NET taxable income - 610000
tax payable - 32000
cess @ 4% - 1280
total tax payable - 33280
Can you post a detailed calculation for this question if possible
Agree with Mr. Sudhanshu and Mr. Suyash... Sorry I didn't notice assessee's age
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