banner_ad

Matter of calculation

This query is : Resolved 
Profile Image

Guest

Profile Image

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
Profile Image

mithun

Profile Image

mithun (Expert)
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
Profile Image

mithun

Profile Image

mithun (Expert)
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
Profile Image

CA Siddhartha Bhardwaj

Profile Image

CA Siddhartha Bhardwaj (Expert)
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/-.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
14 May 2026
Senior Associate

ABHISHEK SHANKAR AGARWAL & ASSOCIATES

Kolkata

CA

View Details
Company
23 May 2026
Article Assistant

Geeta Manchanda & CO.

New Delhi

CA Inter

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 27 May 2026
CA Article Trainee

Rahul Dang & Associates-Chartered Accountants

Pune

CA Inter

View Details
Company
19 May 2026
Accountant

ca kunjan

Mumbai

CA Inter

View Details
Company
08 May 2026
CHARTERED ACCOUNTANT

SHAH LADHA AND ASSOCIATE

Ahmedabad

CA

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details