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
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