Please find income from other sources taxable

dir fee;taxable

agric income from other than india ;taxable

rent so;taxable

interest; taxable  but u will have 80 tta deduction within the conditions.

Hi PriyaRajak! Can you please tell me what section tells that?

Its not that rent is taxable only if total rental exceeds 180,000 but its that if the limit is exceeded then there shall be deduction of tax at source u/s 194-I

As for interest on deposits, the deduction is available only in respect of saving accounts interest on non term deposits.

Thanks for the answer! Please Answer this,

Input Tax credit is = 3,500 [73,500 X5% / 105%]

Cost of material excluding = 70,000

Let selling price be x, so profit = 0.3x

70,000 + .03x = x

x= 100,000

This is the selling price excluding VAT

Apply appropriate VAT rate to this , presuming it to be 5% only since you said sold the SAME (means raw material was sold)

so output tax 5000

Payable after adjusting credit = 1500