Calculation u\s 44ad
Guest
I m Contractor Of Sweeping Service. My Gross Tootal Income Approx 80 lakh. Plz Tell Me What Is My Total tax Liablity By Given Below Detail
turn over-80 lakh
lic- 40 thousand
salary- 2 lakh
plz calculate my total tax liablity
Thanks
Accordingly, you will have to maintain books of accounts and also get the same audited.
For computing your tax liability you will need to compute income from business as under:
Income Rs. 80 lakhs
Less: Expenses
You have not provided details of expenses incurred. Reduce ALL the expenses incurred by you from the income of Rs. 80 lakhs and then give the final figure.
Guest
You have provided the details for which FY?
Guest
TURNOVER 59 LAKH
SALARY 2 LAKH
LIC 40 THOUSAND
Guest
Income from business (59 lakh*8%) 4,72,000
Less: LIC Rs. 40,000
Taxable Income Rs. 4,32,000
Tax 44,500 including cess of 3%.
Guest
Accordingly, it is deemed that the salary expense has been allowed while computing the profits.
Guest
Guest
Income Rs. 4,32,000 less: exemption Rs. 2 lakhs.
On balance Rs. 2,32,000 tax @ 10% is Rs. 23,200.
Cess @ 3% is Rs. 696
Total is Rs. 23,896 rounded off to Rs. 23,900
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Firm - ITR 5
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