Income from Other Sources for Mobile Developers
- Income from Other Sources
- Income from interest on savings account, interest from fixed deposits – this is the residual head of income, incomes which cannot be taxed under any other head of income are taxed here. Aditi has a fixed deposit on which she earned an interest of Rs 12,000. She earned an additional interest of Rs 7,800 on her savings account.
| Particulars | Amount | Amount |
|---|---|---|
| Income from Salary | 52,000 | |
| Income from business and profession | 5,27,400 | |
| Income from house property Rs.15,000*12 | 1,80,000 | |
| Less: Taxes Paid | 15,000 | |
| Net Annual Value | 1,65,000 | |
| Less: Standard deduction 30% | 49,500 | |
| 1,15,500 | ||
| Income from other sources | ||
| Savings bank interest | 7,800 | |
| Fixed deposit interest | 12,000 | |
| 19,800 | ||
| Total taxable income | 7,14,700 |
Total Taxable Income of Aditi is Rs.7,14,700.
VAT: VAT is not applicable in this case since there are no physical goods being sold.
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.
Income from Other Sources for Mobile Developers
CAKART
At CAKART www.cakart.in you will get everything that you need to be successful in your CA CS CMA exam – India’s best faculty video classes (online or in pen drive) most popular books of best authors (ebooks hard copies) best scanners and all exam related information and notifications.Visit www.cakart.in and chat with our counsellors any time. We are happy to help you make successful in your exams.
.
www.cakart.in.
Click Here to download FREE CA CS CMA Text Books.
