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.
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.
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.
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
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Booth for sales promotion
- Type of Capital Gain
- F & O PROFIT REPORTING FOR AY 2026-27
- Average Cost Of High Quality Diamonds
- ITR 4 OR ITR 3 WHICH FORM CHOOSE
- TDS on Rent received on redevelopment of building
- Tax on Deemed Capital Gain
- 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
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
