In which section i should taxed it
This query is : Resolved
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
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'.
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
- About TDS & Income Tax
- Section 194JA & JB Income which ITR Form to use
- Pass word to open justification report for Q1 for FY 2026-27
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Tax on Deemed Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Booth for sales promotion
- Type of Capital Gain
- Banking Related Issue
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
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
