Commissions tax
This query is : Open
15 December 2016
I am a service dealer for Hero two wheeler.i sell the vehicles of my main dealer.he gives incentive or commission for me very quarter by paying tds tax in194h.All sale is show in his books I am not all consider for the sale.finally what i want to know at the end of year how much tax I must pay to the INcome tax dept if I am in 30slab.Ex:-if get 1000000/- in the name of commissions
15 December 2016
If you receive overall Ten lakhs commission you can claim expenses incurred on sale and any marketing exps.
If you want declare entire ten lakh commission income. If you have no other income than you will be under maximum 20% slab,also eligible to claim VIA deduction.
Upto 250000 Nil
Upto 500000 10% Rs.25000/-
From 500001 to 1000000 20%Rs.100000/-
So income tax will be 125000+ 3% cess.
If you want declare entire ten lakh commission income. If you have no other income than you will be under maximum 20% slab,also eligible to claim VIA deduction.
Upto 250000 Nil
Upto 500000 10% Rs.25000/-
From 500001 to 1000000 20%Rs.100000/-
So income tax will be 125000+ 3% cess.
16 December 2016
Thank u sir
16 December 2016
Thank u sir
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Reopen of assessment proceeding
- Is any professional CA is here please reply
- EXPORT BILL UNDER LUT FREIGHT CHARGE INCLUED IN INVOICE IT LIABLE TO TAX
- Gift Received from nonblood relative
- Experts need help
- EPF FULL & FINAL RULES IN 2026
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Putting a heading on received mail
- Rental income gst and it purpose
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
