Matter of professional return (Income Tax)

This query is : Resolved

RAJIV

( Author )
22 June 2012

good morning sir,
sir i want to know profession income tax return.supoose a lawyer total income for the f.y 2011-2012.
total income - 7 lakh.
expanses salary to employee- 1 lakh
lic- 1 lakh
madiclaim -15000
which form i will fill itr 2
what will my tax liablity

Siddhartha Bhardwaj

( Expert )
22 June 2012

1. He will file ITR 4 as income is taxable under the head Income from Business or Profession.

2. The total income comes to Rs. 4,85,000
Tax thereon comes to Rs. 30,500. Cess @ 3% is Rs. 915.
Total tax liability comes to Rs. 31,415.

RAJIV

( Author )
23 June 2012

TODAY ARE YOU IN DEHRADUN OR BHI,TAL

Siddhartha Bhardwaj

( Expert )
23 June 2012

I am in Dehradun only.

RAJIV

( Author )
23 June 2012

please reply my query about wct

Siddhartha Bhardwaj

( Expert )
23 June 2012

I will have to look it up. Not sure about that. Will reply if I find out something.

RAJIV

( Author )
23 June 2012

can you reply my only this query.
we can give following facilities to our employee in our fectory
1-madical facilities 15000
2-transport allowances-9600
but sir if we submit full amount bill than we can avail the benfit of these facilities . sir no other facilities expect above facilities. that we can not submit any bill to get the benfit of it

Siddhartha Bhardwaj

( Expert )
23 June 2012

I am unable to understand your query. Kindly clarify.

RAJIV

( Author )
23 June 2012

if i will submit bill of 15000 of medical facilities. than i can avail the benefit of medical reimbursement. but sir no other facilities i can give to employee where no other bill submitted by them and they can avail the benfit of whole amount of facilities. sir please try to understand

Siddhartha Bhardwaj

( Expert )
23 June 2012

You can give telephone reimbursement, petrol reimbursement, vehicle maintenance reimbursement.

But for these, the employee will have to submit bills.

Other allowance for which employee does not have to submit any bill is conveyance allowance.

RAJIV

( Author )
23 June 2012

are you from uttarakhand than you can teel me about new rate on cfl after budget. sir cfl rate was 13.5%. but after budget the rate is 4.5 % . sir can you tell me that which date they will applicable

RAJIV

( Author )
23 June 2012

YOU DONT KNOW ABOUT THIS . YOU ARE FROM UTTARAKHAND THAN I ASK YOU

Siddhartha Bhardwaj

( Expert )
23 June 2012

I am not sure about the applicable date.

RAJIV

( Author )
23 June 2012

thanks sir for give your valuable time