Matter of calculation
This query is : Resolved
Guest
Guest
(Querist)
03 April 2012
gud afternoon to all experts.
my query is that i m a trabsport. and i have 5 truck .sir plz what will my tax liablity. my detail is given below.
total truck - 5
salary per year-200000
lic-70000
madiclaim-10000
plz tell me what will be total tax liablity
my query is that i m a trabsport. and i have 5 truck .sir plz what will my tax liablity. my detail is given below.
total truck - 5
salary per year-200000
lic-70000
madiclaim-10000
plz tell me what will be total tax liablity
03 April 2012
is it your own business. if yes than it is not salary but the business income.
If you are a proprietor than the individual slab rates will apply.
Under union budget 2012, individuals are exempt upto Rs.200000
If you are a proprietor than the individual slab rates will apply.
Under union budget 2012, individuals are exempt upto Rs.200000
03 April 2012
is it your own business. if yes than it is not salary but the business income.
If you are a proprietor than the individual slab rates will apply.
Under union budget 2012, individuals are exempt upto Rs.200000
If you are a proprietor than the individual slab rates will apply.
Under union budget 2012, individuals are exempt upto Rs.200000
03 April 2012
Is the salary your income or have you paid the salary to drivers?
Income under the head Business (Section 44AE)
5*5,000*12 3,00,000
Less: Deduction u/s 80C (LIP) 70,000
Less: Mediclaim 10,000
Taxable Income 2,20,000
Tax 2,000
Add: EC & SHEC 60
Total tax liability 2,060
If salary is your income then taxable income shall be Rs. 4,20,000. Tax shall be Rs. 22,660/-.
Income under the head Business (Section 44AE)
5*5,000*12 3,00,000
Less: Deduction u/s 80C (LIP) 70,000
Less: Mediclaim 10,000
Taxable Income 2,20,000
Tax 2,000
Add: EC & SHEC 60
Total tax liability 2,060
If salary is your income then taxable income shall be Rs. 4,20,000. Tax shall be Rs. 22,660/-.
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