In which section i should taxed it
This query is : Resolved
saurav kumar
(Querist)
06 December 2013
I got a income of Rs 3,00,000 after tds u/s 194c ,How shou;d i pay Income Tax on it
CA DHEERAJ
(Expert)
07 December 2013
YOU FILE RETURN AND CALCULATE YOUR TAX AS PER SLAB RATE AND PAY BALANCE TAX
LIKE
YOUR INCOME IS 300000
ASSUME NO ANY DEDUCTION
TOTAL INCOME 300000
MANCT=200000
SO TAX ON BALANCE INCOME @ 10.30 % ON 100000
i.e. 10300
AND YOUR TDS AMOUNT IS 3000 (300000 @ 1% U/S 194C)
IT MEAN TOTAL TAX PAYBEL BY YOU 10300-3000
rS. 7300/-
LIKE
YOUR INCOME IS 300000
ASSUME NO ANY DEDUCTION
TOTAL INCOME 300000
MANCT=200000
SO TAX ON BALANCE INCOME @ 10.30 % ON 100000
i.e. 10300
AND YOUR TDS AMOUNT IS 3000 (300000 @ 1% U/S 194C)
IT MEAN TOTAL TAX PAYBEL BY YOU 10300-3000
rS. 7300/-
08 December 2013
Sections 28 to 44 which ever applicable has to be considered since income has to be offered under the head 'profits & gains of business or profession'.
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