Income tax for my online earnings.

This query is : Resolved

Rahul Singh (Querist)
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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!

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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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.
.

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