Taxable income
This query is : Resolved
15 August 2013
SUPPOSE , I AM THE OWNER OF 4 LORRY WHICH ARE USE FOR GOODS CARRIAGE , ALL LORRY ARE TAKEN BY LOAN ,FOR THAT I AM PAYING RS 60000/ PM AS EMI FOR LOAN ,MY MONTHLY INCOME FROM 4 LORRY RS 100000/ AND OTHER EXPENSES LIKE FUEL ,SALARY ETC RS 25000/ PER MONTH . PLS TELL ME WHAT IS MY TAXABLE INCOME .AND HOW MUCH TAX WILL I PAY FOR AY 2013-14
CA PARAS BAFNA
(Expert)
15 August 2013
Taxable Income = 4 L x Rs. 5000 x Months 12=Rs 240000.
.
Calculate @ Rs 5000 per month per truck.
.
Section 44AE.
.
TAX PAYABLE = NIL ; SUPPOSE YOU ARE A SENIOR CITIZEN.
.
TAX PAYABLE = 4000+120=4120 IF YOU ARE NOT A SENIOR CITIZEN.
.
.
Calculate @ Rs 5000 per month per truck.
.
Section 44AE.
.
TAX PAYABLE = NIL ; SUPPOSE YOU ARE A SENIOR CITIZEN.
.
TAX PAYABLE = 4000+120=4120 IF YOU ARE NOT A SENIOR CITIZEN.
.
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