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wrong calculation of Income gain or loss on Final lettable value

We gave input values in Final lettable value and Ded. interest u/s 24 under wholly let out property in IT0584 ,system is generating deduction under any other income, but we are not getting correct amount.

Calculation

Final

lettable value or Net Annual value 29000

LessStandard

deduction 30% on NAV 8700

20300

Interest on

loan 205888

Income -185588

But system in giving income gain or losst Rs. 176888/- .

Difference between amount calculated outside and by the system is Rs.8700/-

Like to know where we are going wrong or need to change any system configuration.

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3 Answers

  • avatar image
    Former Member
    Oct 21, 2015 at 06:08 AM

    Dear ,

    Send me screen shot of input please

    BMs

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  • avatar image
    Former Member
    Oct 23, 2015 at 07:31 AM

    Hi Sriivas,

    As per your data, you have maintained Final Lettable Value (/3O1) = 29000.

    Deduction under sec24 (/3O9) = 205888.

    Function INIOS reads internal table IOS and coverts them in /3O series wage type and add therm to IT table. Deduction amount will be multiplied by -1 which means amount under deduction 24 wil be multiplied by -1.

    Then in function INTAX wage type /131 (Any other Income is computed), this wage type will be computed based on processing class 70 and cumulation class 31.

    so now as per your records /131 = /3O1 + /3O9 = 29000 + (-205888) = -176888.

    Regards

    Saroj

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    • Hi Saroj

      Your explanation on calculation of Income from House property seems to be fine ,but system should provide correct amount as given by our Tax auditor

      Income from House property as given by Tax consultant to be Rs.185588/- ,where as system is providing Rs.176888/-

      Calculation

      Final

      lettable value or Net Annual value 29000

      LessStandard

      deduction 30% on NAV 8700

      20300

      Interest on

      loan 205888

      Income -185588

      We need to give tax exemption as given by our tax consultant ,Please provide solution as we need consider tax exemption in this month payroll.

      srinivas

  • Oct 24, 2015 at 06:36 PM

    Hi,

    To avail 30% standard deduction, you may have to enter 30% of final lettable value in Deduc-Repairs u/s 24 or Deduc-Others u/s24 field in IT-584 and check whether SAP is calculating 30% deduction.

    regards,

    Bala.

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    • Hi,

      Please show the screen shots of the following tables/logs for better understanding:

      1) IOS table (output log of function P0584)

      2) output log of INIOS function - this will have 3O series wage types.

      3) V_t511k table - constant REP24.

      I hope, you are using above standard configuration for calculation of income from other sources.

      Please also enter 30% value Rs.8700 in infotype 584 (as I mentioned previously).

      regards,

      Bala.