related to tax
This query is : Resolved
15 December 2008
In case we are providing coaching then we will have to pay service tax on the fees we are receiving but i want to know will i have to pay income tax on the total fees i'll receive
15 December 2008
Yes, tax is payable on the Net Profit as per P&L A/c after deducting all expenses and Income as computed under the Income Tax Act
15 December 2008
No. Only Net profit. Not from your Income.
15 December 2008
Income tax will be on the Net Profit as per Profit and Loss account of coaching business. And if this business is your own proprietorship then other income/deductions also needs to be adjusted.
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