Tax query
This query is : Resolved
Guest
Guest
(Querist)
25 May 2012
good afternoon to all experts
sir can you calculate that what will be my total tax liablity
turn over - 15000000
salary- 500000
depriciation 10000
than sir can calculate my tax liablity for the fy. 2012-2013.if my turn over upto 100 lakh than i will calculate tax @ 8% and u/s 44ad but sir turnover above 100 lakh. so plz help me sir
sir can you calculate that what will be my total tax liablity
turn over - 15000000
salary- 500000
depriciation 10000
than sir can calculate my tax liablity for the fy. 2012-2013.if my turn over upto 100 lakh than i will calculate tax @ 8% and u/s 44ad but sir turnover above 100 lakh. so plz help me sir
25 May 2012
Since your turnover exceeds Rs. 100 lakhs, you are NOT eligible for benefit u/s 44AD.
You will have to maintain books of accounts and also get your accounts audited.
Your income will be computed as per the normal provisions of the Act as follows:
Turnover less: expenses
So your income will be calculated as under:
Turnover 1,50,00,000
Less: Salary 5,00,000
Less: Depreciation 10,000
Business Income = Rs. 1,49,90,000
You will have to maintain books of accounts and also get your accounts audited.
Your income will be computed as per the normal provisions of the Act as follows:
Turnover less: expenses
So your income will be calculated as under:
Turnover 1,50,00,000
Less: Salary 5,00,000
Less: Depreciation 10,000
Business Income = Rs. 1,49,90,000
Guest
Guest
(Querist)
25 May 2012
This tax i will paid means this amt i will calculate tax 8%
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