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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.
| Particulars | Amount | Amount |
|---|---|---|
| Total Taxable Income | 7,14,700 | |
| Less: Deductions under Section 80C | ||
| PF deducted by employer | 1,200 | |
| LIC | 50,000 | |
| ELSS | 25,000 | |
| PPF | 60,000 | |
| 1,36,200 | ||
| Less: Deductions under Section 80D | 12,000 | |
| Less: Deduction under Section 80TTA | 7,800 | |
| Income less deductions | 5,58,700 |
| Tax on total income | |
| up to Rs.2,50,000 | Nil |
| Rs.2,50,000 to Rs.5,00,000 | 25,000 |
| Rs.5,58,000 to Rs.5,00,000 | 11,600 |
| Total Tax | 36,600 |
| Cess | 1,098 |
| Total tax including cess | 37,698 |
| Less: TDS | 3,200 |
| Net tax payable | 34,498 |
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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