Need some help on calculating taxable income and ITR filling

POSTED BY Gowtham ON January 11, 2014 8:48 am ONE COMMENT

Hello friends,

I need Some help on calculating taxable income and ITR filling .

1) Till when i can pay my tax for 2013-2014 without fine or interest?

2) There is no EPF from my company side, Is there any other option to do so?

3) Actually I’m not getting salary in a proper way, just depositing in bank acc (I’m not getting pay slip on monthly basis). How to calculate the taxable income?

My salary deposited in bank:(Actual salary:16,500 monthly,in appointment order stated that ,1500 will be deducted if i stay in company guest house.)

Amount deposited in my Account: (Newly started company, lot of confusion in depositing salary plz read fully, Even i’m referring my bank statement for updating the amt here)

Apr:16,500; May:15,000(started to stay in cmp guest house); June:15,000; July:15,000

From August company provided Postpaid SIM with a free limit of Rs.650

AUG:14,282(Rs.718 for Mobile Bill), SEP:14,420; OCT:14,687; NOV:14,517;

From december i got Increment about 5,000.( But the amount is not paid from the Company Bank Account but from another Director Acc.)

DEC: 14,522+ 5000(deposited from director Acc.).

4) Frequently i’m getting Expenses( for me and my contract ppl) through my acc  and also for Purchasing Materials. The Amount will be deposited from company acc (sometimes) and mostly through Accounting Prsn acc. I know some problem is there with kind of transactions, But i dono what exactly. Provide some ideas to so that i’m not paying tax for the amt transacted in my acc for others.

5)Does IT dept Know , How much i have to pay the tax? or else I have to take the entire responsibility to pay tax.  If i’m paying tax amt which i calculated, will IT dept cross verify the amt i paid?

6) I paid Medical expense(operation for Leg fracture) for my father nearly about 25,000, But actual Bill amt is 75,000. Is there any option for getting reduction in taxable income?

7) In Some Article i seen, Parents are Dependent His son , So Son will get reduction in family medical expenses. In Actual , is there any criteria to say that my parents are depend on me. (Note:my father having 6 acres of agricultural land). Is there any Expenses in family will get reduction in income?

8)Actually My father is Farmer having about 6 Acres of land but he never ever paid the tax( No PAN card even). What is the benefit of being a farmer?

One reply on this article “Need some help on calculating taxable income and ITR filling”

  1. ashalanshu says:

    Dear Gowtham, Relax. From the numbers and query punched in by you, in all probability you are out of Tax net. How? Your initial Income was just 15000 Rs. mly or even less and now from Dec 2013, even this 5000 Rs. add on income ‘ll only increase your salary to at best 1.95 to 2L Rs. hence you are out of taxnet.

    Thanks

    Ashal

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