Calculation of income tax on salary & commission

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Prashant Kumar Gupta (Querist)
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03 January 2013 SALARY INCOME FROM A PVT LTD COMPANY : 1,40,400/- PA
COMMISSION RECEIVED AGAINST SELLING OF VEHICLES : 3,64,000/-
Now how can I calculate Taxable Income.

Can I file ITR 4S

Sunil

Sunil (Expert)
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03 January 2013 1) Commission Income is out of purview of filing presumptive basis since retrospective effect of the day it was enacted. Therefore if you have commission business of 3,64,000, if your business income is above Rs.1,20,000 you must maintain books and file the ITR4 only for individual / sole prop.

2) You have not indicated if the commission is received from the same private limited company. If it is a different concern paying you commission and not your employer, please calculate your profit after all allowable expenses and depreciation etc.

@VaibhavJ

@VaibhavJ (Expert)
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03 January 2013 Hi

Total Income = 504400
Less Basic Exemption = 200000
So balance Rs. 304000 is your taxable income, you can show your investment under chep VI-A for tax saving.

Since you are having salary income, you can not file ITR4S.

Thanks

Prashant Kumar Gupta

Prashant Kumar Gupta (Querist)
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03 January 2013 Hi Vaibhavj
Can u tell me how basic exem is 2,00,000/-

Jaydeep Parakh

Jaydeep Parakh (Expert)
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03 January 2013 It is basic exemp.given by IT Finance Act 2012 to every resident individual.
You need to use ITR 4.

@VaibhavJ

@VaibhavJ (Expert)
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03 January 2013 Yep,

More over if you are preparing your books then yo can pay lesser tax by showing agst expense of your commission income.

Thanks!!

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