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Posted in Finance, Income Tax, India.
Comment posted on Income Tax Calculator for 2010-11 by Shivanna G M.
Thank u and can u able to give description?
By Pankaj Batra – May 25, 2013
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i had purchased a house 6 years back on loan much away from my city of job and availed exemption both on house loan and HRA and showed notional rent income for the free house. 3 years back, i again purchased a house but didnot avail any exemption against this. Now, my loan payments for the previous purchase house is over on 31/3/2011. Can i now avail loan exemption on this second house,alongwith HRA .
@Vibhor Earlier also you would have been able to claim tax benefit for both loans and HRA, if both houses are not at a commutable distance from work place. Now also you can claim loan interest exemption for second house if you show it not self occupied and on rent.
please find tax calculation for for financial year 2010-11
My total earnings 531347 loss from the property -69857 home loan income from others -2088 profit from business – 461342 loss from salary – 36197 deduction under chapter 6A 111193 total taxable income 318577 non taxable income 150000/-
now i have given 1 lac rupees loan to my relative so where should i mentioned that amount.Please help with the section to be mentioned here so that i can mentioned that and save that tax amount. Please conform the the exact section amount for following things
1 lac rupees loan given and 70000 rupees taken from friend
@Shree The income tax calculator provided here does not fit into computation for income from business. Tax computation from business is a complex matter with expenses deduction and depreciation etc.
Also, income tax would be computed on income and loan given to anybody else need not to be mentioned in calculator. There is no tax saving on amount which you have given as loan to somebody else.
Amount taken from friend as gift would become taxable, but taken on loan won’t make it taxable if you are paying back the amount.
In above case, there is taxable amount 158,000 in that i want to show a loan taken from friend for which paying outstanding money to him and given some amount gift to parents so can i show this amount in above slab and under which section it will go(please tell me about the section thanks
@Shree There is no tax benefit on repaying principal amount of loan taken from friend. There is also no tax benefit of giving gifts to parents.
Is there any way to show that because i do not have any money now and my 60,000 tds has been stuck at income tax. i was contract employee XYZ COMPANY and based on above mentioned slab rs. 18,000 will be deducted.Please show some way to save my money.It is hard earned money.Please give some information about sections in which i can save it tds year=2012-2011
@Chinmay If you have income from business, you can show profit/loss accounts and deduct expenses for running business like marketing, petrol bills, internet/telephone bills etc. Get help from a tax professional or CA to make your returns.
I am getting form 16A i am contract employee and not getting any benifit like pf ,hra and all of some XYZ COMPANY and so can i show it as income from businees or salary only?. Generally it should come under business because not getting HRA,medical, or any other benifits.If yes then do i have to show that my firm is register with some other details or not required
@Chinmay As you got form-16A, it would be income from business/profession. You would need to file returns with ITR4. Firm details is not required, you can file returns as an individual.
Hi, I want to show marketing, petrol bills, internet/telephone bills and tution fees ,expenses for technology upgradation etc.
under 80c- i shown home loan and intrest worth rs.111193 under which clause above expenses will fall thanks
@Chinmay There is no deduction/exemption available for such bills. These can be shown under different expense heads under profit/loss accounts in ITR4. As its complex, you may need consulting of a CA/tax professional.
Final question, If i will show some losses like flood in native place due to which reconstruction of house, or some other business deal losses or bills etc. for 158,000(which is taxable as shown) so that this taxable income comes under loss creidit still i have to pay tax for the same.If not then under which section thanks
@Chinmay Flood in native place and reconstruction of house expenses cannot be added to business losses. These expenses are personal in nature and not done for business.
Hai I am Shivanna now i go to file last year return i.e 2010-11, my salary income is 1,20,00 and other income is 47000 total income is Rs.167000 and paid LIC premium is Rs.7405 so please find my net income & any tax is applicabale
@Shivana As after 80C deduction, your income is below taxable range, there won’t be any income tax payable.
I am male & age 37 my total income is Rs 504727/= total HRA Rs 28800/= Hill allowance Rs 6480/= Saving Rs 100000/= Total CPF (employ after 2009) Rs 42673/= & Govt share Rs 85346/= no other income,saving & allowances pls help me calculate the tax
@Praveen Please use income tax calculator excel for tax computation.
i have a gross salary of 368000 and i declared 70113 under 80 c 3012 under sec 80d pro tax 2400, exempt hra 43000 even though my employer deducted Rs.12000 tax. Can Some one guide me how to calculate tax in my case
@Srikanth Please download latest income tax calculator from this page: http://www.pankajbatra.com/india/income-tax-calculator-india-2010-2011-2012 and compute your income tax.
Hi!I wrk in kolkata my monthly income is Rs.23000/-after deduction i get Rs.22870/- plus I have got a anual Bonus of Rs.37800/-.I have a LIC Rs.12171/-&anual rent of Rs.36000/-what should be my tax ammount.
@Avijit Please download income tax calculator and compute taxes yourself. It can be download from this page: http://www.pankajbatra.com/india/income-tax-calculator-india-2010-2011-2012/
dear sir i want know how to deduct income tax? according April-2012 rules.
@Rajendra Check this page: http://www.pankajbatra.com/finance/income-tax-calculator-2012-2013-2014/
Question is not answered some other business deal losses(invested in project got loss) or bills i.e marketing, petrol bills, internet/telephone bills and tution fees ,expenses for technology upgradation so that this taxable income comes under loss creidit still i have to pay tax for the same.If not then under which section
please refer this income tax link under whihc it says, gift amount is not taxable http://www.incometaxreturnindia.in/Income_Tax_on_gifts.htm thanks
@Chinmay This is the last time I am responding to you. As you have so many questions, confusions please meet a CA and get your queries answered by paying him his fees.
This is a forum for people who wants to get their simple queries solved and not for finding ways to tax evasion.
If you have earned income, you are liable to pay income tax on same. If you don’t wish to pay taxes, its your wish and in case scrutiny happens you may be caught by IT department.
Hi, i have ddoubt on below mentioned link please refer this income tax link under whihc it says, gift amount is not taxable http://www.incometaxreturnindia.in/Income_Tax_on_gifts.htm thanks
@Chinmay Whats the doubt here. There is no income tax on “receiving” gifts from relatives. And if gifts are received from not a relative and amount is more than 50,000 its taxable.
In your case you are giving gift and not receiving it. After paying income tax on your income, you may gift amount to anybody.
I submitted the return through efiling for 2010-2011 year but i do not have xml sheet or soft copy now. From where can u get this? i called cpc bangalore but they said they can not give .How will i get that.It is very urgent for please help me in this.
@Chinmay If you had filed returns you should have kept XML and excel sheet with you. Now only ITR-V can be taken out from income tax e-filing website.
Can I show my USA visit expenditure in F.Y.2010-11, if I file REVISED return? This expenditure is done from my interest I recd from my freinds & Bank
@A B Rane There is no deduction/exemption available for USA visit expenditure.
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