Income tax
This query is : Resolved
19 December 2007
how much tax do abc has to pay if profit is btwn 20-25 lac. also note -
1) shpr has already deducted tds of rs. 1.50/2.0 lac while making payment to xyz
2) advance tax paid is 75000/-
3) expenses wl be around 4-10 lac.
so do they hv to pay any more tax?
pl adv.
1) shpr has already deducted tds of rs. 1.50/2.0 lac while making payment to xyz
2) advance tax paid is 75000/-
3) expenses wl be around 4-10 lac.
so do they hv to pay any more tax?
pl adv.
CA. Vineet Grover
(Expert)
19 December 2007
Hi Shruti,
I am not able to understand that after ascertaining the profit how can a concern have expenses. Please make it clear that whether its expenses or brought forward losses in which case MAT shall be applicable.
Going by the higher side of the figures the tax liability shal come to Rs.1.89 Lacs.
The computation is here under:
Gross Profit 25.00
Less: Expenses 10.00
Net Profit 15.00
Tax Liab. 4.64
TDS 2.00
A.Tax 0.75 2.75
Tax Payable 1.89
(Considering the assessee as Compnay / Firm)
Rgds/
Vineet
I am not able to understand that after ascertaining the profit how can a concern have expenses. Please make it clear that whether its expenses or brought forward losses in which case MAT shall be applicable.
Going by the higher side of the figures the tax liability shal come to Rs.1.89 Lacs.
The computation is here under:
Gross Profit 25.00
Less: Expenses 10.00
Net Profit 15.00
Tax Liab. 4.64
TDS 2.00
A.Tax 0.75 2.75
Tax Payable 1.89
(Considering the assessee as Compnay / Firm)
Rgds/
Vineet
19 December 2007
this profit of 20-25 lc is the gross profit w/o taking into consideration any expenses.
pl adv if tax liability changes.
pl adv if tax liability changes.
Ravikumar.G
(Expert)
19 December 2007
If it is a company based on depreciation as per companies act and Income tax act MAT will be applicable. In above case for example IT Depn is 16 laks but companies act depreciation is 8 lakhs the MAT tax will be applied.
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