Tax calculation
This query is : Resolved
10 October 2011
Dear Sir,
a person having 56Lak of turnover during fin year 2010-2011
but he didnt file his itr on 30.09.11, his profit from business income showing 2.5Lak
i want to know how much tax along with all interest he should deposit in next month itr filling (his business is proprietorship )
Thanks
Krishna
a person having 56Lak of turnover during fin year 2010-2011
but he didnt file his itr on 30.09.11, his profit from business income showing 2.5Lak
i want to know how much tax along with all interest he should deposit in next month itr filling (his business is proprietorship )
Thanks
Krishna
10 October 2011
Assuming that the assessee is male individual,not a senor citizen ,due date is 30/09/2011 and has not availed tax savings covered under 80C, 80D etc, the tax liability would appear as follows:-
Income tax 9,000/-, Cess 270/-, Interst u/s 234A 92/-, thus aggregating to 9,362/-.
Income tax 9,000/-, Cess 270/-, Interst u/s 234A 92/-, thus aggregating to 9,362/-.
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10 October 2011
If the assessee has 56 lakhs turnover then he has to either show his income u/s 44ad or get his accounts audited and as the last date of audit was 30/09/2011 therefor he has to pay .5% penalty for late audit.
If he does not go for audit then he has to show his NP @8%.
If he does not go for audit then he has to show his NP @8%.
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