Dear sir I am 32 years old, i want start to submit my income tax returns from this year. I am owning one house and some residential sites in my town since year 2002, its total asset cost is nearly 70.0 lacks. I am going to submit returns first time for the financial year 2016-2017. My income in 2016-17 is rupees 4.75 Lacks. How much tax i Have to pay for the year 2016-17 and assets value 70.0 Lacks which i am owning since the year 2002. regards Esaar
Hii
on assets no tax is payable and on income its depends on slabs and savings , in your case do you have any life insurance , health insurance , school fee of children (if married) etc. if you have these savings/exp then you have to pay less tax
For Financial Year 2016-17 Basic exemption limit is Rs. 2.5 Lakhs (plus 50000 u/s 87A , if income upto 5 Lakhs) thus for you effective limit is 3 Lakhs and in case of no savings 10% on 1.75 lakh i.e. 17500+525( cess@3%)= 18025 is tax payable
Hello Essar,
Is this your salary or your profit ???
Do you have any tax saving investments ???
If this is your final taxable income, the the tax payable shall be around Rs.18000-Rs.18,500/-
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, FCA, LLB, CERT. FAFP
Hi Esaar
There is no tax liability in respect of the assets owned by you.
For the income earned in FY 2016-17, tax comes to around Rs.18000 (assuming there are no investments, LIC, etc.)
Return for FY 2015-16 can also be filed as a late return if you had any income that needs to be disclosed.
We may help you with return filing.
Hi Essar,
Income tax is charged not on the assets value but the income earned. You need to pay tax on rental income if any from the house and other receipts what you have got. If you want I can assist you.
The source of investment in assets needs to be properly explained, though there is no tax liability on the assets. Only your income is taxable. The tax liability depends upon the nature of your income, such as salary / profession/business etc. and the deductions you can claim u/s 80C. Your tax liability may be around Rs 25K.
Hello,
I assume your taxable salary is Rs.475000/- and there are no deductions claimable. The amount of tax will be Rs. 17,500/- plus cess plus interest for non payment of advance tax.
Trust the above clarifies.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LL.B
