Income tax on pgbp
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 January 2014
Dear sir
My client tornover is 1800000.8 % is 144000 is business income.His lic is 25000.How much he must pay income tax for a.y 2013-14. I think it will be 1957.
My client tornover is 1800000.8 % is 144000 is business income.His lic is 25000.How much he must pay income tax for a.y 2013-14. I think it will be 1957.
CA.Sourabh Sethia
(Expert)
09 January 2014
for AY 2013-14 Tax will be NIL
as the Exemption Limit is Rs.2 Lacs (i.e upto 2 lacs no Tax)
& your client's income is
GTI=144000
Total Income=119000 (144000-25000)
as the Exemption Limit is Rs.2 Lacs (i.e upto 2 lacs no Tax)
& your client's income is
GTI=144000
Total Income=119000 (144000-25000)
Nikhil Kaushik
(Expert)
09 January 2014
there wont be any tax...how did you arrive at 1957???
the income is below exemption limit.
the income is below exemption limit.
CA.Sourabh Sethia
(Expert)
09 January 2014
he has deducted Rs.100000 as the basic limit
on the balance Rs.19000
he has taken 10%
i.e Rs.1900 and Ed+SHEC=57 (1900*3%)
Total Tax= 1957
on the balance Rs.19000
he has taken 10%
i.e Rs.1900 and Ed+SHEC=57 (1900*3%)
Total Tax= 1957
Nikhil Kaushik
(Expert)
09 January 2014
well what to do in such a case. Dear Rajiv, please note that exemption is Rs 2 lakhs for less than 60. and Rs 2.5 lakhs for above 60 years age.
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