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Calculating taxable income Mobile Developers

Calculating taxable income Mobile Developers

Aditi’s freelancing income is Rs 5,27,400. But total taxable income is the sum of income from the following heads:

Income from Salaries
This includes any income of salary or other payments received by virtue of an employment. Aditi’s one month’s salary of Rs 52,000 was credited to her account and PF of Rs 1,200 and TDS of Rs 2,000 was also deducted before she quit her job at the end of April 2014.
Income from House Property
Aditi owns a one bedroom apartment and has given it on rent to 2 students who pay her Rs 15,000 in total. She also paid property tax of Rs.15,000 to the local authorities. From total rental income from the house, property tax paid is allowed to be deducted.
Income from Freelancing/Business and Profession
Income from freelancing (business or profession) as calculated is Rs 5,27,400 for Aditi.
Income from Capital Gains
Aditi did not sell any capital asset in FY 2014-15.

TDS: The Indian Payment Gateway charged Aditi Rs. 24,000 as commission fees in the month of March. Aditi has made a payment of Rs. 24,000 to the Payment Gateway for its services. According to law, Aditi has to deduct TDS on this payment.

Calculating taxable income Mobile Developers

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