regarding tax calculation
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
25 February 2010
I have some confusion till now regarding tax calculation.
1) Tax can be paid twice?…ie. if i earn Rs. 550,000 p.a. so how much amount i have to pay as tax?
2) How to get exemption from tax if my income is more than 5,00,000?
3) HOw much penalty can be levied if an assesse fails to pay tax on time?
1) Tax can be paid twice?…ie. if i earn Rs. 550,000 p.a. so how much amount i have to pay as tax?
2) How to get exemption from tax if my income is more than 5,00,000?
3) HOw much penalty can be levied if an assesse fails to pay tax on time?
26 February 2010
If you earn 550000 then upto 160000 no tax, after that if you invest upto 100000 as per section 80C then no tax on that 100000.
so you will pay no tax upto 260000.
after that you have to pay Rs. 34000 as tax, if no other deduction/exemptions available to you. (I have assumed that you asked it for individual assessee.)
so you will pay no tax upto 260000.
after that you have to pay Rs. 34000 as tax, if no other deduction/exemptions available to you. (I have assumed that you asked it for individual assessee.)
Message likes :
1 times
02 March 2010
penalty would be Rs 5000
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Off Market debit and credit transaction
- Itr 1 processing
- Showing Gift from relative in ITR for this year
- Short Term Capital gain on shares bought and sold after 2018 onwards
- INCOME TAX ON REDEVELOPEMENT OF FLAT
- Share accounting-->fifo - capital gain - period as per fifo?
- Form 10E u/s 89(1). Need clarification because experts opinions differ !!!!
- ITR 2 Short Term gain & Long term gain
- ITR returnFY25-26
- ITR selection for salaries and capital gain less than L
- Difference in tax comparison report
- Gst invoice numbering and delivery challan numbering
- Sales amount in Gstr1
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
