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Other deductions for Mobile Developers

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Other deductions for Mobile Developers

For purchase of a health insurance policy a maximum deduction of Rs 15,000 can be claimed under section 80D. Therefore, Aditi can claim the entire premium of Rs 12,000.

Aditi can also claim deduction under section 80TTA for interest on savings bank account of Rs 7,800. Maximum deduction available under this section is Rs 10,000 or interest earned.

TDS deducted Rs 2,000 by previous employer and Rs 1,200 by Bank on Fixed Deposit Interest.

ParticularsAmountAmount
Total Taxable Income7,14,700
Less: Deductions under Section 80C
PF deducted by employer1,200
LIC50,000
ELSS25,000
PPF60,000
1,36,200
Less: Deductions under Section 80D12,000
Less: Deduction under Section 80TTA7,800
Income less deductions5,58,700

 

Tax on total income
up to Rs.2,50,000Nil
Rs.2,50,000 to Rs.5,00,00025,000
Rs.5,58,000 to Rs.5,00,00011,600
Total Tax36,600
Cess1,098
Total tax including cess37,698
Less: TDS3,200
Net tax payable34,498

Total tax payable by Aditi is Rs 34,498. Do note that Aditi has not paid any advance tax and since her tax liability exceeds Rs. 10,000 in one year – Aditi should have paid advance tax. Since no advance tax has been paid by her interest shall be charged under section 234B and 234C.

Other deductions for Mobile Developers

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