How to calculate tax
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2014
Dear All,
My question is that a proprietor ship co. have net profit Rs. 3,12,000/- in f.y. 13-14. so how to calculate income tax on same amount please reply as soon as.
Thanks
My question is that a proprietor ship co. have net profit Rs. 3,12,000/- in f.y. 13-14. so how to calculate income tax on same amount please reply as soon as.
Thanks
28 July 2014
Tax will be Rs. 9,476/- (including EC & SHEC)
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 July 2014
Dear Siddhartha Bhardraj,
please explain that how calculate this amount 9476.(tax)
please explain that how calculate this amount 9476.(tax)
28 July 2014
Up to Rs. 2 lakhs - Nil
On balance Rs. 1,12,000 @ 10% = Rs. 11,200
Less Rebate u/s 87A = Rs. 2,000
Net tax = Rs. 9,200
Add: Cess @ 3% = Rs. 276
Tax Payable = Rs. 9,476
On balance Rs. 1,12,000 @ 10% = Rs. 11,200
Less Rebate u/s 87A = Rs. 2,000
Net tax = Rs. 9,200
Add: Cess @ 3% = Rs. 276
Tax Payable = Rs. 9,476
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
- EPF ECR NEW FILE SEP 17TH 2026
- SECTION 393(3) TAX ON CASH WITHDRAWAL
- Capitalgain tax purposes for valuation report compulsory
- Oct 2025 Invoices
- Clarification Requested: Gift → NRO → NRE → Overseas Transfer - USA/CANDA (FEMA & Tax Compliance)
- Under marginal scheme
- Import of Software Service.
- TDS on Fixed Assets purchased
- TAX AUDIT ON PROFESSIONAL INCOME
- GST on Renting godown to KFCSC for Storage of Raagi
- Capital Gail Exemption Certificate
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- 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
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
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
