Plz clear

This query is : Resolved

Guest

Guest (Querist)

03 May 2012 gud afternoon experts

only tell me that supoose a men have a Shop of car service .and gross turn over approx 6 lakh.than how he will fill their return my means is that with slab rate or other plz
some experts are say that u will fill return with slab rate.
and some say that with profit show 8%

Amol S Joglekar

Amol S Joglekar (Expert)
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04 May 2012 Choice is with the assessee ( or Consultant) The assessee can go by 8% profit OR prepare income & expenditure A/c and offer the same to taxation. Choice is yours. You may even change the option year by year subject to however the turnover limit. (60 lakh)

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Guest

Guest (Querist)

04 May 2012 thanks for reply sir sir can u calulate my tax liablity my detail given below

total turnover-6 lakh
income - 15000
plz sir calculate my liablity

Guest

Guest (Querist)

04 May 2012 wht happen sir

Amol S Joglekar

Amol S Joglekar (Expert)
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04 May 2012 No tax liability if total income is INR 15000/- (For a turnover of 6 lakh if income is 15k..... 2.5%.... not a good thing to digest.)

Guest

Guest (Querist)

04 May 2012 means sir. this is my income of lic

Amol S Joglekar

Amol S Joglekar (Expert)
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04 May 2012 8% of 6 lakh is 48000 + 15000 LIC income = 63000 is total income. So no tax for the year 2011-12