What is the taxable income for the tax year 2011?

mehfooz255416
Posts: 2
Joined: Sat Nov 26, 2011 3:54 pm

What is the taxable income for the tax year 2011?

Postby mehfooz255416 » Sat Nov 26, 2011 3:59 pm

My annual income statement 2011 are as follows:

Salary income Rs:590490.
Recognized provident fund Employer's contribution Rs:28044.
Recognized provident fund Employees contribution Rs:28044.
Employer's Rs:122834.00 profit rate @ 14%.
Employee's Rs:122834.00.
Interest credit on Recognized provident fund account balance Rs:877385.82.

What is the taxable income for the tax year 2011?

noman
Posts: 7
Joined: Fri May 07, 2010 12:56 pm

Re: What is the taxable income for the tax year 2011?

Postby noman » Thu Dec 01, 2011 2:19 pm

Salary Rs. 590,490 is taxable

P. Fund

Employer contribution is exempt upto 10% of Basic salary or Rs. 100,000 whichever is less, so exempt
No treatment for employee's contribution
Interest is exempt upto 1/3rd of Basic or 16% of P Fund Balance Amount (Employer + Employee) whicever is less, so in your case Rs. 140,382/- (16% of balance) is exempt and remaining Rs. 105,286 is taxalbe (if profit amount is double of 122,834).


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