Tax for professional charges
This query is : Resolved
21 May 2015
I need help from experts, I am a doctor, how can I calculate tax rates? everymonth my monthly payment from hospital as professional charges (around 1 lakh per month) 10%tds also there, so how wil be the tax calculion??
CA. Brijesh Baranwal
(Expert)
22 May 2015
Tax rate applicable applicable to you will be same as applicable to individuals, as follows (for AY 15-16 and Assuming age below 60 years);
Up to Rs. 2.5 Lakh-Exempt
Rs. 2.5 Lakh-Rs. 5 lakh-10%
Rs. 5 lakh-10lakh-20% and
Above Rs. 10 lakh-30%.
However, you may claim your expenses and other deductions also.
For further queries, please contact; cabrijesh@yahoo.co.in
Up to Rs. 2.5 Lakh-Exempt
Rs. 2.5 Lakh-Rs. 5 lakh-10%
Rs. 5 lakh-10lakh-20% and
Above Rs. 10 lakh-30%.
However, you may claim your expenses and other deductions also.
For further queries, please contact; cabrijesh@yahoo.co.in
Girish Aradhya
(Expert)
22 May 2015
U may have to pay advance tax (3 installments-Sep Dec mar) if ur tax liability exceeds Rs.10000 in a year after considering tds.
22 May 2015
Your Tax liability as under :
Total income 1,00,000 x 12 = 12,00,000
Deduction for LIC and others = 1,00,000
Total income = 11,00,000
Total tax Liabity = 1,59,650
Less : TDS = 10,000 x 12 = 1,20,000
Net liability = 39,650
If advance tax not paid than you need to pay interest U/s. 234 B & C of income tax act.
Total income 1,00,000 x 12 = 12,00,000
Deduction for LIC and others = 1,00,000
Total income = 11,00,000
Total tax Liabity = 1,59,650
Less : TDS = 10,000 x 12 = 1,20,000
Net liability = 39,650
If advance tax not paid than you need to pay interest U/s. 234 B & C of income tax act.
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