Matter of calculation

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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

mithun

mithun (Expert)
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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

mithun

mithun (Expert)
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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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/-.

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