Income tax for my online earnings.
This query is : Resolved
09 June 2013
Hello,
I'm earning more than Rs. 10 lac p.a. through Google AdSense on my wordpress site. I've never paid any tax earlier and confused about how much to pay for my income. I'd also love if you can help me in minimizing tax by showing some suitable deductions. Thanks!
I'm earning more than Rs. 10 lac p.a. through Google AdSense on my wordpress site. I've never paid any tax earlier and confused about how much to pay for my income. I'd also love if you can help me in minimizing tax by showing some suitable deductions. Thanks!
09 June 2013
You have to show your income under the head Income from Business & Profession.
.
Prepare an Income & Expenditure A/c in which against, your Gross Receipts , you can claim depreciation on assets used in your business, electricity expenses, Repair Maintenance and other expenses if there be any. Also prepare a balance sheet showing your Capital & Liabilities and Assets.
.
You can save tax by investing amount under the savings schemes prescribed U/s 80C & 80D.
.
Tax is payable on the basis of slabs. For AY 2013-14
(means for income of FY 2012-13) applicable slabs are as under -
1. First Rs. 200000: NIL
2. From Rs. 200000 to 500000: 10% of the amount exceeding Rs 200000
3. From Rs. 500000 to 1000000: Rs. 30000+ 20% of the amount exceeding 500000.
4. Suppose your tax amount comes to Rs.100000/- you have to pay 2% Education Cess i.e. Rs 2000 and 1% Sec & H Sec. Education Cess i.e. Rs.1000.
.
.
Prepare an Income & Expenditure A/c in which against, your Gross Receipts , you can claim depreciation on assets used in your business, electricity expenses, Repair Maintenance and other expenses if there be any. Also prepare a balance sheet showing your Capital & Liabilities and Assets.
.
You can save tax by investing amount under the savings schemes prescribed U/s 80C & 80D.
.
Tax is payable on the basis of slabs. For AY 2013-14
(means for income of FY 2012-13) applicable slabs are as under -
1. First Rs. 200000: NIL
2. From Rs. 200000 to 500000: 10% of the amount exceeding Rs 200000
3. From Rs. 500000 to 1000000: Rs. 30000+ 20% of the amount exceeding 500000.
4. Suppose your tax amount comes to Rs.100000/- you have to pay 2% Education Cess i.e. Rs 2000 and 1% Sec & H Sec. Education Cess i.e. Rs.1000.
.
Message likes :
1 times
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
- Is any professional CA is here please reply
- Reopen of assessment proceeding
- Experts need help
- Putting a heading on received mail
- Rental income gst and it purpose
- EPF FULL & FINAL RULES IN 2026
- Reprocessing of rectification order AY 2025-26
- FTS Taxable under 115A
- Gift Received from nonblood relative
- Foreign lottery ticket bought online from India: legality, tax and consequences
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- STATUTORY AUDIT OF A SMALL PRIVATE COMPANY INCORPORATED ON 28.03.2025
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
- How to pay remaining amount of TDS after due date?
- Resigning a auditor from the company for misconduct
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
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
