Taxation – Direct and Indirect – Compute total tax liability and monthly deduction for TDS

30 Apr

Compute total tax liability and monthly deduction for TDS.

Taxation – Direct and Indirect

1. Ms. Ankita completed her MBA from DAVV, Indore. She joined an enterprise as an Accounts Manager at a CTC of Rs 650000. She invested Rs 150000 in PPF and paid mediclaim for herself Rs 15000 using cash as a mode of payment. Discuss and compute her tax liability assuming she is residential individual for the Assessment year 2019-20.

2. Ms. Urrjja is running successfully the business of supplying &selling woolens on the digital platform. She is keen to understand how business expenses are allowed under the Indian Income Tax Act 1961. However, these days she is more concerned about whether there is any provision under the Act which allows claiming deductions in relation to residuary expenses.

As a knowledgeable person in taxation, how will you address the worry of Ms. Urrjja. Is there any provision under the IT Act which allows to claim deductions of residual expenses? If yes, how can she avail the benefit of the said provision for her business?

3. Mr. Mohan, aged 65 years, derives Rs 7.5 lacs as salary from Amiir PanWala & Company for the year ended 31.03.2019. He supplies the following information to the accounts department of the employer. (Applicable Assessment year 2019-20)

Loss from one of the Self – occupied propertyRs 200000
Loss from let out house propertyRs 360000
Interest from Flexi Fixed DepositsRs 150000

a. Explain and examine the applicability of TDS provision.

b. Compute total tax liability and monthly deduction for TDS.

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