80TTA

Interest Earned on Both Savings and FD

Saving Bank Interest

Maximum 10000 Deduction,

Total Interest Earned whether FD or Savings is Income from Other Sources

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Suppose My Salary Income is 30000 per month

What is My Income from Salary

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Suppose My Salary Income is 30000 per month

Also I have Interest Income is 5000 per annum of Savings Account

What is My Income from Salary

Also what is my Gross Total income

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Suppose My Salary Income is 30000 per month

Also I have Interest Income is 5000 per annum of Savings Account

What is My Income from Salary

Also what is my Gross Total income and Net Total Income

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Suppose My Salary Income is 30000 per month

Also I have Interest Income is 15000 per annum of Savings Account

What is My Income from Salary

Also what is my Gross Total income and Net Total Income

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Suppose My Salary Income is 30000 per month

Also I have Interest Income is 15000 per annum of Savings Account+8000 on FD Account

What is My Income from Salary

Also what is my Gross Total income and Net Total Income

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Q1 Calculate Gross Total Income,Deductions and Net total Income in following Cases

Particulars Case 1 Case 2 Case 3 Case 4
Income from Salaries 400000 400000 400000 400000
Interest Income        
On FD 3000 13000 30000 0
On Savings 2000 12000 0 40000
Total 5000 25000 30000 40000
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80D

Medical Insurance( Family 25000 + Parents 25000)

(Family 25000 + Parents 25000)( If Senior Citizen Then 30000)

(If Senior Citizen Then 30000)(Included In Above 5000 For Medical Lab Test)

(Included In Above 5000 For Medical Lab Test)

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Q2 Calculate Gross Total Income,Deductions and Net total Income in following Cases

Particulars Case 1 Case 2 Case 3 Case 4
Income from Salaries 400000 400000 400000 400000
Medical Insurance Made        
Self 8000 10000 10000 30000
Wife 8000 10000 10000 30000
Children 0 10000 10000 30000
Father (Senior Citizen) 0 0 30000 60000
TOTAL 16000 30000 60000 150000
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80C

  1. Life Insurance Premium
  2. Mutual Fund
  3. EPF ( Employee Contribution to PF (Normally 12% Of Basic + Da )
  4. PPF(Public Provident Funds)
  5. NSC (National Saving Certificates)
  6. KVP/IVP (Kisan Vikas Patra)
  7. FD>5Yrs 
  8. Tuition Fees Of Children
  9. Housing Loan :( Principal Interest Repaid only)

Maximum Deduction is 150000 for Section 80C

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Q3

Particulars Case 1 Case 2 Case 3 Case 4
Monthly Flat Salary 20000 35000 80000 200000

Employees has no Savings,However his PF Deducted @ 12%

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Mixed question for all section

Particular Amount
Basic Salary p.m 60000
Special Pay p.m 40000
Uniform Allowance p.m 2000
(Declaration Given)  
Transport Allowance p.m 2500
   
  Annual Income
Free Alto Car and Driver Given by Co  
Car Cost 350000
Car cc 1000
Driver Salary p.m 8000
(for Partly official Partly personal)  
   
ANNUAL SAVINGS  
EPF 12%
Life Insurance 10000
   
Medical insurance   
Self 11000
Spuse 11000
Mother 11000
Father (Senior Citizen) 11000
  44000
   
Donation to PM Relief fund 3000
Donation to Temple 2000
  5000
   
Interest income   
on FD 3000
On Savings 14000
  17000

SALARY

Particulars Amt Recd Exmpt Taxable
Basic Salary p.m 60000 0 60000
Special Pay p.m 40000 0 40000
Uniform Allowance p.m 2000 2000 0
Transport Allowance p.m 2500 0 2500
Car     600
Driver     900
Total 104500 2000 104000
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If we Repay Housing Loan EMI

In case of Self Occupied Property,

 We can claim loss from House Property of Maximum 200,000 of Interest Amount

Also,we can claim Deduction of Principal Amount under Section 80C

(Max Deduction of 80C is 150000)

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Q4 Suppose in last question

Housing Loan int repaid Amount
Principal 160000
Interest 260000
Total 420000
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  1. Tax Practical
  2. Practical Payroll (TDS Salary,PF,ESI)
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CA Maninder Singh
CA Maninder Singh is a Chartered Accountant for the past 8 years. He provides courses for Practical Accounts, Taxation and Efiling at teachoo.com .