where is petrol expense included while computing the tax?



Pls help me how to compute the income tax .
It will be helpful if some one can show me steps to calculate tax

Following are the details
Sex: Woman
Salary 3.6 lacs/annum
Savings
8000 LIC
10000 -reliance insurance
8000 -pf
6000 -medical bills
Petrol bills – 10,000

1 ) Under what section pertol expence are included and upto what amount I can submit the bills ?

where is petrol expense included while computing the tax?
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One Reply to “where is petrol expense included while computing the tax?”

  1. Petrol or any business expense is allowed u/s 37, however you can’t claim it unless you have some sort of business income… (like in this case giving car on hire, or any other income)

    Your income is Rs.3,34,000 360000-26000(VI A deductions, assuming Pf contribution is not included in salary of 3.6 lacs)

    Rates Applicable:

    Ladies other than Senior Citizens
    Up to 145000-No Tax
    145001 to 150000-10%
    150001to250000-20%
    250001and above-30%

    Tax Liability.

    0+500+20000+25200
    =Rs. 45,700

    Add 3 % education Cess: i.e. Rs. 1371/-

    Total Tax Liability
    =45700+1371
    =Rs. 47,071/- less any TDS deducted by the employer

    Medical Bills are also not alllowed against salary income, however medical insurance is allowed upto Rs.10000 to non-senior citizens.

    Other friends please rectify my mistakes if any.

    thanks.





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