Dear Chartered Accountants and knowledgeable persons
1.what is mean by C/D and B/d in final accounts , why we are using this in final accounts and where we have to use please clearly explain me.
2. what is mean by AMT in income tax concept who all are eligible to get that any threshold limit
3.As per income tax ,Tax payable concept for an example if the total income RS 6,50,000 means what is the percentage of tax rate and how to calculate tax payable I need a calculation please explain me
Answer need my dear persons
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3 Doubts plse help me
Replies (9)
Hello,
1.C/d means carried down
B/d means brought down
It is used in all ledger a/c as all the accounts are not closed when it is opened.
There is some balance to be payable or receivable in such a/c.
So the closing balance of such a/c is carried forwarded to next a/c and it is brought forwarded from such a/c.
2. AMT means Alternate Minimum Tax as per section 115 JC of the income tax Act , applicable to NON corporate entities @ 18.5 % , please refer section 115JC of the income tax Act.
3. 0- 250000 Income - Nil Tax
250000 to 500000 - 5% Tax
500000 to 750000- 20 %Tax
As per old tax regime
So total tax on 650000/- is Rs 42,500/-
3. 0- 250000 Income - Nil Tax
250000 to 500000 - 5% Tax
500000 to 750000- 20 %Tax
As per old tax regime
So total tax on 650000/- is Rs 42,500/-
NOT AMT BUT MAT .
SEC 115JC APPLICABILITY SEPERATE
SEC 115JC APPLICABILITY SEPERATE
@ Sabyasachi Mukherjee
MAT is applicable to Corporate entities section 115 JB
AMT is applicable to NON corporate entities section 115 JC .
@ Thank you Prasad nillugal sir , sir so total tax is 6,50,000 means you have told RS 42500 ,so how could you please kindly give me a computation for my understanding
6,50,000/- Total income
250000/- No Tax ,
2 lac fifty thousand- tax @ 5 % = 12'500
1 lac fifty thousand - tax @ 20%= 30000
-----------
Total. 42'500
250000/- No Tax ,
2 lac fifty thousand- tax @ 5 % = 12'500
1 lac fifty thousand - tax @ 20%= 30000
-----------
Total. 42'500
@ sir here 1,50,000 means ??
5 Lac less 6 lac fifty ( last slab ) , you income is 1 lLac fifty so 20,%of 1lac fifty is 30000/-.
Mr X having housing loan
@ Prasad nillugal sir ,thanking you
principal 85,061.09
towards interest 159018.92
in balance sheet on liabilities side under loan s whether I have to show with interest or only principal amount ???
plse help me
@ Prasad nillugal sir ,thanking you
principal 85,061.09
towards interest 159018.92
in balance sheet on liabilities side under loan s whether I have to show with interest or only principal amount ???
plse help me
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