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
Suppose My Salary Income is 30000 per month
What is My Income from Salary
View AnswerParticular | Amount |
Monthly Salary | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
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
View AnswerParticular | Amount |
Monthly Salary | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
Income from Other Sources |
5000 (Total interest Income covered here) |
Gross Total income | 325000 |
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
View AnswerParticular | Amount |
Monthly Salary | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
Income from Other Sources | 5000 |
Gross Total income | 325000 |
Deduction Section 80TTA |
5000 (Deduction of Savings Bank Interest Available of 10000 max (in our case 5000 is Interest,so 5000 Deduction) |
Net Total Income | 320000 |
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
View AnswerParticular | Amount |
Monthly Salary | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
Income from Other Sources | 15000 (Total interest Income covered here) |
Gross Total income | 335000 |
Deduction Section 80TTA |
10000 (Deduction of Savings Bank Interest Available of 10000 max) |
Net Total Income | 325000 |
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
View AnswerParticular | Amount |
Monthly Salary | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
Income from Other Sources | 23000 (Total interest Income covered here) |
Gross Total income | 343000 |
Deduction Section 80TTA | 10000 (Deduction of Savings Bank Interest Available of 10000 max) |
Net Total Income | 333000 |
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 |
Particulars | Case 1 | Case 2 | Case 3 | Case 4 |
Income from Salaries | 400000 | 400000 | 400000 | 400000 |
Less: Standard Deduction | 40000 | 40000 | 40000 | 40000 |
Net Income from Salary | 360000 | 360000 | 360000 | 360000 |
Income from Other Sources | 5000 | 25000 | 30000 | 40000 |
Total Gross Income | 365000 | 385000 | 390000 | 400000 |
Less Deduction - Chapter VIA | ||||
80 TTA | 2000 | 10000 | 0 | 10000 (Deduction of Savings Bank Interest Available of 10000 max) |
Net Total Income | 363000 | 375000 | 390000 | 390000 |
TAX | 5650 | 6250 | 7000 | 7000 |
REBATE | 0 | 0 | 0 | 0 |
NET TAX | 5650 | 6250 | 7000 | 7000 |
CESS | 226 | 250 | 280 | 280 |
TAX+ CESS | 5876 | 6500 | 7280 | 7280 |
80TTB (For senior citizen)
Interest Earned on Both Savings and FD
Saving Bank Interest + FD Interest
Maximum 50000 Deduction,
Total Interest Earned whether FD or Savings is Income from Other Sources
*For senior citizen monthly pension is taxable under Income from salary.
Suppose My Pension Income is 30000 per month
What is My Income from Salary
View AnswerParticular | Amount (For Senior Citizen) |
Monthly Pension | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
Suppose My Pension Income is 30000 per month
Also I have Interest Income is 5000 per annum of Savings Account
And 10000 for FD Interest.
What is My Income from Salary
Also what is my Gross Total income
View AnswerParticular | Amount (For Senior Citizen) |
Monthly Pension | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
Income from Other Sources | 15000 (Total interest Income covered here) |
Gross Total income | 335000 |
Suppose My Pension 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
View AnswerParticular | Amount (For Senior Citizen) |
Monthly Pension | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
Income from Other Sources | 5000 |
Gross Total income | 335000 |
Deduction Section 80TTB |
5000 (Deduction of Savings Bank Interest & FD Interest Available of 50000 max (in our case 5000 is saving bank Interest, so our case 5000 deduction) |
Net Total Income | 325000 |
Suppose My Salary Income is 30000 per month
Also I have Interest Income is 15000 per annum of Savings Account
And 40000 for FD Interest.
What is My Income from Salary
Also what is my Gross Total income and Net Total Income
View AnswerParticular | Amount (For Senior Citizen) |
Monthly Pension | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
Income from Other Sources | 55000 (Total interest Income covered here) |
Gross Total income | 335000 |
Deduction Section 80TTB | 50000 (Deduction of Savings Bank Interest & FD Interest Available of 50000 max. |
Net Total Income | 285000 |
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
View AnswerParticular | Amount (For Senior Citizen) |
Monthly Pension | 30000 |
Income from Salary | 360000 |
Less: Standard Deduction | 40000 |
Net Income from Salary | 320000 |
Income from Other Sources | 23000 (Total interest Income covered here) |
Gross Total income | 343000 |
Deduction Section 80TTB | 23000 (Deduction of Savings Bank Interest & FD Interest Available of 50000 max. |
Net Total Income | 320000 |
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 | 15000 |
On Savings | 2000 | 12000 | 0 | 40000 |
Total | 5000 | 25000 | 30000 | 55000 |
Particulars | Case 1 | Case 2 | Case 3 | Case 4 |
Income from Salaries | 400000 | 400000 | 400000 | 400000 |
Less: Standard Deduction | 40000 | 40000 | 40000 | 40000 |
Net Income from Salary | 360000 | 360000 | 360000 | 360000 |
Income from Other Sources | 5000 | 25000 | 30000 | 55000 |
Total Gross Income | 365000 | 385000 | 390000 | 415000 |
Less Deduction - Chapter VIA | ||||
80 TTB | 5000 | 25000 | 30000 |
50000 (Deduction of Savings Bank Interest & FD Interest Available of 50000 max) |
Net Total Income | 360000 | 360000 | 360000 | 365000 |
TAX | 3000 | 3000 | 3000 | 3250 |
REBATE | 0 | 0 | 0 | 0 |
NET TAX | 3000 | 3000 | 3000 | 3250 |
CESS | 120 | 120 | 120 | 130 |
TAX+ CESS | 3120 | 3120 | 3120 | 3380 |
80D
Medical Insurance( Family 25000 + Parents 25000)
(Family 25000 + Parents 25000)( If Senior Citizen Then 50000)
(Included In Above 5000 For Medical Lab Test)
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 |
Particulars | Case 1 | Case 2 | Case 3 | Case 4 |
Income from Salaries | 400000 | 400000 | 400000 | 400000 |
Less: Standard Deduction | 40000 | 40000 | 40000 | 40000 |
Net Income from Salary | 360000 | 360000 | 360000 | 360000 |
Income from Other Sources | 0 | 0 | 0 | 0 (Interest Income) |
Total Gross Income | 360000 | 360000 | 360000 | 360000 |
Less Deduction - Chapter VIA | ||||
Section 80D | ||||
Family | 16000 | 25000 | 25000 |
25000 (MAX 25000 FOR SELF,WIFE AND CHILDREN) |
Parents | 0 | 0 | 30000 |
50000 (MAX 25000 FOR PARENTS,50000 FOR SENIOR CITIZENS) |
Total 80D | 16000 | 25000 | 55000 | 75000 |
Net Total Income | 344000 | 335000 | 305000 | 285000 |
TAX | 4700 | 4250 | 2750 | 1750 |
REBATE | 2500 | 2500 | 2500 | 1750 |
NET TAX | 2200 | 1750 | 250 | 0 |
CESS | 88 | 70 | 10 | 0 |
TAX+ CESS | 2288 | 1820 | 260 | 0 |
80C
- Life Insurance Premium
- Mutual Fund
- EPF ( Employee Contribution to PF (Normally 12% Of Basic + Da )
- PPF(Public Provident Funds)
- NSC (National Saving Certificates)
- KVP/IVP (Kisan Vikas Patra)
- FD>5Yrs
- Tuition Fees Of Children
- Housing Loan :( Principal Interest Repaid only)
Maximum Deduction is 150000 for Section 80C
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%
View AnswerParticulars | Case 1 | Case 2 | Case 3 | Case 4 |
Income from Salaries | 240000 | 420000 | 960000 | 2400000 |
Less: Standard Deduction | 40000 | 40000 | 40000 | 40000 |
Net Income from Salary | 200000 | 380000 | 920000 | 2360000 |
Income from Other Sources | 0 | 0 | 0 | 0 |
Total Gross Income | 200000 | 380000 | 920000 | 2360000 |
Less Deduction - Chapter VIA | ||||
80C | 28800 | 50400 | 115200 | 150000 |
80D | 0 | 0 | 0 | 0 |
80G | 0 | 0 | 0 | 0 |
80TTA | 0 | 0 | 0 | 0 |
Total Deduction | 28800 | 50400 | 115200 | 150000 |
Net Total Income | 171200 | 329600 | 804800 | 2210000 |
TAX | 0 | 3980 | 73460 | 475500 |
REBATE | 0 | 2500 | 0 | 0 |
NET TAX | 0 | 1480 | 73460 | 475500 |
CESS | 0 | 59 | 2938 | 19020 |
TAX+ CESS | 0 | 1539 | 76398 | 494520 |
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 Received | Exempt | 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 |
For Normal Citizens
Particulars | Amt |
Income from Salaries | 1248000 |
Less Standard Deduction | 40000 |
Net Income From Salary | 1208000 |
Income from Other Sources | 17000 |
Total Gross Income | 1225000 |
Less Deduction - Chapter VIA | |
80C | 96400 |
80D | 44000 |
80G | 4000 |
80TTA | 10000 |
Total Deduction | 154400 |
Net Total Income | 1070600 |
TAX | 133680 |
REBATE | 0 |
NET TAX | 133680 |
CESS | 5347 |
TAX+ CESS | 139027 |
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)
Q4 Suppose in last question
Housing Loan int repaid | Amount |
Principal | 160000 |
Interest | 260000 |
Total | 420000 |
Particulars | Amt |
Income from Salaries | 1248000 |
Less Standard Deduction | 40000 |
Net Income From Salary | 1208000 |
Income From House Property | -200000 |
Income from Other Sources | 17000 |
Total Gross Income | 1025000 |
Less Deduction - Chapter VIA | |
80C(96400+160000) | 150000 |
80D | 44000 |
80G | 4000 |
80TTA | 10000 |
Total Deduction | 208000 |
Net Total Income | 817000 |
TAX | 75900 |
REBATE | 0 |
NET TAX | 75900 |
CESS | 5347 |
TAX+ CESS | 81247 |
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