Reduce tax liability

Subhendu S Sanyal (B.Com(C.S.),CA FINAL ) (664 Points)

07 July 2014  

Is there a possibilty of reducing tax Liability in the given case(enclosed)..

Thanks..

MR. ABC
FINANCIAL YEAR 2013-14;ASSESSMENT YEAR 2014-15
 STATEMENT SHOWING COMPUTATION OF TOTAL INCOME
Particulars Amt(In Rs.) Amt(In Rs.)
I. INCOME FROM SALARIES:            
 Gross Salary received from DEFLimited(including Leave Encashment) 1,738,000    
      Less: i. Allowance exempt u/s 10   (231,066)    
            ii. Tax on Employment         (2,095)          1,504,839  
    Uncommuted Pension from DEFLimited                 148,592 1,653,431
               
II. INCOME FROM OTHER SOURCES:          
a)Dividend received from XYZ Limited-Rs.91,875-Fully Exempt u/s 10(34)    
b)Purchase of Property for inadeqate consideration chargeable u/s 56(2)(vii):    
Share of Ownership-50 %,Co-Owner- Mrs. RST        
  Stamp duty value of House Property purchased 996,150    
  Less:Purchase Consideration     (850,000) 146,150  
c)Income from Bank Interest /Public Deposits-        
  SCB Bank         56,750  
  HDFC Bank          181,004  
  State Bank of India       21,321  
  HDFC Limited         77,931 483,156
      GROSS TAXABLE INCOME   2,136,587
  Less: Deduction under Chapter VI-A:        
  80C-            
  LIC Premium       100,000    
  Tution Fees       125,000    
  Stamp duty paid on purchase of House Property(to the extent of ownership-50%)   59,779    
          284,779    
  But Restricted to          100,000  
  80 D         20,000  
  80 G         3,059  
  80 TTA         10,000 (133,059)
      TAXABLE INCOME     2,003,528
  INCOME TAX Thereon       426,058  
  Add: Education Cess @ 3%       12,782  
      TAX LIABILITY     438,840
  Less: Tax Deducted at Source(vide Form 16 /16 A )      
  DEF Limited         276,628  
  State Bank of India       2,133  
  HDFC Limited         7,794  
  HDFC Bank          18,100  
  SCB Bank         5,675 (310,330)
      TAX PAYABLE   128,510
 Details of Losses c/f to Future Years-           
Short term capital loss of Rs. 1,14,04,324 pertaining to F.Y. 2011-12(A.Y. 2012-13)