Hi
May i know i 2 avoid Income Tax.I am getting 1,20,000PA
and a house rent of 5000PM,and profit from Agriculture
Income of 80,000.Is agriculture Income taken into
consideration.If so how 2 calculate further & how much will
b the Income TaxI will b getting.
- 8 Answers
- 9685 Views
- SAT InfoTech, I also Faced
- E-Mail Answers
Answers were Sorted based on User's Feedback
Answer / shilpalatha
Hi,
you cannot avoid tax but, you can reduce it by payinfg
towards insurance policy etc,agricultural income is taken
into consideration but it is exempted upto 50000
| Is This Answer Correct ? | 9 Yes | 1 No |
Answer / jkulothunganchola
Hi
Actual Rce Annual Income 120,000.00
Acctual P. M HRA 5,000.00 Metro Pali City 50%
Of Basic
Other Wise 40% of Basic
Other Wise 24000/- Govt Emep
Annual Income - HRA = Total Income
Note. Agriculture income ( Omitted By Direct Tax Laws )
Act 1987
| Is This Answer Correct ? | 7 Yes | 0 No |
Answer / venkatesh
your income is not the taxable income i.e. upto 1,50,000
Exempt from tax
| Is This Answer Correct ? | 4 Yes | 1 No |
Tax Avoiding is not legal term according to Income Tax Act.
if a person is avoiding income tax then he/she is liable to
Penalties and prosecution under income tax, Correct term
for this is TAX PLANNING which is correctly calculated by
many people here
| Is This Answer Correct ? | 2 Yes | 0 No |
U R MONTHLY SALARY IS =10000 PM
AND HRA RECEIVED = 5000 PM
IF UR HOME IS SAME CITY MEANS
ALL AMOUNT IS TAXABLE
EXAMPLES : 10000+5000=15000 PM IS TAXABLE AMOUNT IN CASE
OFFICE AND HOME IN SAME CITY
TOTAL TAXABLE INCOME=15000*12=180000
150000RS = NIL
(180000-150000)= 30000*10%
= 3000 RS TAX AMOUNT
AND AGRICULTURE INCOME IS FULLY EXEMPTED.
| Is This Answer Correct ? | 3 Yes | 2 No |
Answer / sonal
hey guys he is saying house rent he gets not hra why
everyone is calculating hra ...did he said dat plz
understand the question.
| Is This Answer Correct ? | 0 Yes | 1 No |
your income is 120000 pa
h ra is 5000*12
= 60000
40% on basic expmted - 48000/-
50% metro city_________
taxable income 72000/-
add: agr. income 80000/-
--------
total tax.incom 152000/-
icome tax @10% on 2000*10%= 200
expemtin agr.incomeis 80000*10%=8000
so your are not liable to pay tax
| Is This Answer Correct ? | 0 Yes | 2 No |
Ganesh & Gopal joined a firm drawing salary of Rs 25000 per month.After serving 3 yrs ,they started business of their own in partnership,contributing Rs200000(expected life 10 yrs,bought spare parts worth Rs 33000 from Kundu on credit.Office supplies were purchased for cash.Initially they were very busy in conducting their business operations but by the end of the 1st year,31/12/2005 they were disappointed when they found their bank balances.Following is the summary of their bank statement. Receipts: Share Capital Rs 250000 Collections from Customers 412000 Payments: Equipment 200000 Salaries of Assistants 88000 Rent advance for 2 yrs 96000 On-year ins. Policy on equipment 12000 Office stationery 27000 Payment to Kundu 29000 Withdrawals of Ganesh 90000 Withdrawals of Gopal 90000 Closing balance c/d 30000 ----------- Total : 6,62,000 Still amount receivable from customers for services to them amounted to Rs 30,000 & closing balance of office stationery is Rs2000,spare parts Rs2600 were utilised by the end of the year .Prepare trial balance with the available information and show total. Also what is the net profit.
WHAT IS FBT & LIMIT OF FBT
Is 'H'Form can be issued against local sale?
What are the basic and additional conditions for resident and ordinarily resident (ror)?
what is FBT & where it is used?
If We received Purchase bill for Rs. 67320 2% CST ( Ta Rs. 1320 on Assessable value of Rs. 66000/- ) against Form C but while making payment we had paid as per 12.50 % Tax amount i.e. 8250 . Total paid Rs. 74250/- then is it necessary to give Form C to the party?
Is there any change in the section 80DD for the financial year 2009-10
How to Calculate the ESI,PF?it is basic Salary or Gross Salary?
97 Answers ACME, Airtel, ESI, FMCG, GOMS, Goyal Group, Goyal Motors, Gurukul, HCCBPL Hindustan Coca-Cola Beverages Private Limited, InfraTech, Kalanikethan, Nagarjuna Construction, Orchid Manpower, Srishti infrabuild, Wipro,
A Accounts Manager of a Company ask You have complete knowledge about income tax. The question is that What things involve in complete income tax
assume we have a loss for the last finacial year ,when we are calculating income tax for this year how would be affected last year loss
WHAT IS DEFERRED TAX LIABILITIES.AND WITH EXMPLE DEFERRED TAX ACCOUNTING?
i am vasan , how to exampt tds .if am below 140000/-
Audit 
