I was working in a company till 1.5 years back and have filed my IT returns for the last 5 years. After resigning last 1.5 years back I dont have any fixed job and I have earned through wages by working on temporary basis. Also I have made a profit of Rs. 19000 last financial year thru equity and trading thru some recognised stock exchange. My total income comes to 130000 and I have paid LIC Mediclaim=160000 and have saved in PPF 10000 Im a man shall I have to pay any tax this time?
RE:Can any one guide me please?
by kaushick mallick on Jul 27, 2008 12:12 PM Permalink
As the total income considering the share trading profit comes to Rs130000/- and after deduction under section 80E of Rs.25000/- [10000/- for PPF under section 80C and 15000 under section 80D for Mediclaim premium], your total taxable income comes to Rs.105000/- which is below the threshold limit of Rs.110000/- for paying any Income Tax - you do not have to pay tax.
RE:Can any one guide me please?
by Phatik Das on Jul 27, 2008 12:58 PM Permalink
I am a pensioner, age 62.I am drawing 84000 as pension, rs.4000x12=48000 as post office mis,and rs 30,000 as bank interst ie total income is 1,62,000. I have invested Rs 50,000 in lic deposits under under section 80c? Should I have to pay tax anymore? what is the maximum tax rebatat allowed? Thank you sir for yr awaiting sugession and reply
RE:Can any one guide me please?
by TaxNovice on Jul 27, 2008 10:08 AM Permalink
err: LIC & Mediclaim=16000 and have saved in PPF 10000 Im a man shall I have to pay any tax this time?
